The San Mateo, Calif.-based cloud company is expected to announce the funding on Monday. The new raise would more than triple Snowflake’s previous valuation of $3.95 billion.
Snowflake would also gain a powerful ally in strategic investor City Angel Paris escort agency, the customer relationship management giant with a market capitalization of about $165 billion. Snowflake and Dragoneer declined to comment on the funding. Shortly after publication, a Salesforce spokesperson confirmed the company was participating as a co-lead in the funding round.
The funding comes as Snowflake has emerged as one of the fastest-growing businesses in the cloud category, both partnering and competing with leading public players including Amazon, Google and Microsoft.
In an interview in October, Solomon said his first few months had been spent improving the company’s efficiency and sales processes, and added that some of Snowflake’s largest customers were spending tens of millions of dollars per year with Snowflake.
Asked in the same interview about its IPO plans, Solomon said that Snowflake had the “scale and the velocity to go public.” If Snowflake does go public in 2020, it could potentially be one of the year’s largest IPOs.
InfoChatter about a public offering has followed the company for several years. “This is the fastest growing company in several generations,” Solomon said then. “I can’t find another company going back far enough in the enterprise tech segment.” More