Morning Report: Why IPO when you could just raise another $450 million?
Public cloud stocks didn鈥檛 do too well yesterday, but today, private cloud companies aren鈥檛 feeling the burn.
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A cloud computing company called has bagged in new capital at a $3.95 billion valuation, post-money. The money comes primarily from with participation from previous investors , , and others.
The company raised just nine months ago. And, , it was planning to go public instead of raising again while private. Snowflake has, understandably, pushed that idea to 2020.
Snowflake sells database software that runs on Amazon Web Services and Microsoft Azure, and is moving into data-sharing partnerships. The company expects its revenue to quadruple by the end of the fiscal year and has a customer base of 1000, .
That sounds like a big sales push, and now the company has the money to fund it. As for its 2020 IPO plans, it must hope that yesterday鈥檚 dip doesn鈥檛 become the new normal.
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