Buffett-backed cloud unicorn Snowflake nets $3.4 billion in record-breaking software IPO
in cloud-data warehousing, particularly this year, as the pandemic forced millions of people to work remotely, fueling an already growing trend among businesses to set up networks on web-based platforms.. In total, Snowflake has raised $1.4 billion from investors including Sequoia and ICONIQ Capital.
Snowflake has about 3,100 customers, including 56 clients that contributed about $1 million in a 12-month period. Prior to the company going public, Ray Wang, an analyst from Constellation Research, said:"It's going to be the blockbuster enterprise listing for 2020." Other tech IPOs set to debut this week include video-game software firm Unity, which is set to raise $950 million, and data-software platform Sumo Logic, expected to raise $281 million.
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