Palo Alto – February 21, 2018 – Cooley advised Snowflake Computing, a data warehouse provider, on raising a $263 million Series E led by Iconiq Capital, Altimeter Capital and newcomer Sequoia Capital. With this round of funding, Snowflake’s pre-money valuation is $1.5 billion. Partners Mark Tanoury and Seth Gottlieb led the Cooley team advising Snowflake on the transaction.
The funding round also included the remainder of Snowflake’s existing funding partners: Capital One Growth Ventures, Madrona Venture Group, Redpoint Ventures, Sutter Hill Ventures and Wing Ventures. According to Snowflake, the new funding will help it execute new and existing strategies, including growing its engineering team, expanding its current operations to address a global surge in demand and continuing to deliver innovations.
“Data is the currency of today’s economy and the data warehouse is the engine of that economy,” said Bob Muglia, CEO of Snowflake, in a news release. “But legacy technologies still hinder organizations from becoming modern, data-driven enterprises. Snowflake’s vision, which began with the data warehouse built for the cloud, has gained significant traction with enterprises across dozens of industries.”
Snowflake is the only data warehouse built for the cloud. Snowflake delivers the performance, concurrency and simplicity needed to store and analyze all of an organization’s data in one location.
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