Snowflake, a leading data cloud company, has recently announced its plans to invest up to $100 million in startups that are developing apps on Snowflake’s cloud. This initiative is part of the company’s new Powered by Snowflake Funding Program.
The program aims to support early-stage startups and is backed by 10 venture capital firms. It represents a significant commitment from Snowflake to foster innovation and growth within the cloud-based app development sector.
In addition to the financial investment, the program will also provide up to $1 million in free Snowflake credits on AWS for startups over a period of four years. This move is expected to further fuel growth and innovation among startups building Snowflake Native Apps.
The announcement was made at Snowflake’s Snowday 2023 event. Stefan Williams, VP Corporate Development and Snowflake Ventures at Snowflake, highlighted the emerging trend of companies looking to bring their apps and application code closer to their data. He expressed optimism that the Powered by Snowflake Funding Program, in partnership with venture capital firms and AWS, will accelerate this new era of software development.
This investment underscores Snowflake’s commitment to nurturing the next generation of cloud-based applications. It will be interesting to see how this initiative shapes the future landscape of cloud-based app development.