- The current funding has come close on the heels of what the company describes as a year of robust growth.
- The present funding was backed by Sixth Street Growth, a global investment firm with over USD 50 billion in assets under management.
- The funds will be utilized for product expansion, business development and sales and marketing.
SnapLogic, a software company that provides a platform for enterprise cloud and big data integration, has raised $165 million in a growth funding round. The current funding has come close on the heels of what the company describes as a year of robust growth. The funds will be utilized to give its product expansion a push, to fuel business development, and sales and marketing.
With this round of funding, SnapLogic has raised USD 371.3 million till date, according to the Crunchbase website, and the company’s valuation stands at USD 1 billion. The enterprise automation company had raised a capital of USD 72 million in a Series G round of funding in October 2019.
The present funding was backed by Sixth Street Growth, a global investment firm with over USD 50 billion in assets under management. With this, the investment firm will become part of Snaplogic’s board, as per the company. The names of other investors have not been disclosed. Previous backers include Arrowroot Capital (which led a previous $72 million round), Golub Capital, Andreessen Horowitz, Vitruvian (which also led a previous round), Capital One, Ignition Partners, Microsoft, and several others.
The current funding is a giant leap for SnapLogic. Back in 2019 when it last raised money, it had an estimated valuation of just over $300 million. Considering the market areas where it’s a big player and the customer size and base, it isn’t surprising that it has raised the bar high. Large businesses are heavily reliant on the company for their data services. Some of its clients include Adobe, Aramark, Drax, Emirates, Qualtrics, Magellan Health, Schneider Electric, Siemens, and Workday among others.
Based in San Mateo, SnapLogic was founded in 2006. It offers the SnapLogic Intelligent Integration Platform, which is an AI-powered Integration Platform-as-a-Service to connect SaaS applications on-premises applications and cloud data sources. The software helps organizations automate day-to-day workflows and business processes.
SnapLogic has said that it would end the current year with record annual bookings without disclosing actual revenue figures. It has also said that it now processes over 2.7 trillion customer documents a month.
“The enterprise automation market is booming, and our latest funding is further validation of our growing momentum and product leadership in that space,” said SnapLogic CEO Gaurav Dhillon, in a statement. “Unlike point-to-point players, our focus on the enterprise will unlock the power of applications, data, and APIs. In the post-pandemic era, our customers will use AI and automation to revolutionize their hybrid workforces. With SnapLogic, hybrid- and multi-cloud enterprises can ensure their massive investments in public and private clouds, SaaS, cloud data warehousing, and APIs will pay off.”
“Modern enterprises are democratizing access to data and applications and empowering business teams to use low-code, self-service technologies to build the solutions they need to work better and faster,” said Michael McGinn, partner and co-head of global investment firm Sixth Street Growth, in a statement. “SnapLogic’s seasoned management team, sound economic model, and sustainable growth plan put it in a great position to capitalize on the thriving Enterprise Automation sector and expanding hybrid workplace trends.”