The data and cloud-based services provider will invest in startups developing software based on its own apps.
Snowflake, a US data cloud company, has announced the launch of a new fund that will invest in the next generation of early-stage software startups that use Snowflake apps.
Several venture capital firms have partnered in the fund, called Powered by Snowflake Funding Program, including Anthos Capital, Altimeter Capital and Snowflake’s venture capital unit, Snowflake Ventures. Amazon Web Services (AWS), a subsidiary of the ecommerce company, will provide $1m in free Snowflake credits on AWS for four years.
Howard Wright, vice president and global head of startups at AWS, said in a statement: “AWS is thrilled to contribute to the Powered by Snowflake Funding Program and make it easier for builders to connect the dots between enterprises and their customers to deliver even better products and services.”
Founded in 2020, Snowflake Ventures invests in IT-based startups focused on AI, data engineering and data governance. The firm has invested in more than 43 companies and has 36 startups in its portfolio, including data aggregator BMLL and secure data provider Samooha.
“Snowflake Native App Framework will make it easier than ever for startups to build, deploy, and monetise enterprise apps,” said Stefan Williams, vice president of corporate development at Snowflake Ventures. “With our venture capital partners and AWS, the Powered by Snowflake Funding Program will accelerate this new era of software development.”