Why this venture capitalist took a bet on Snowflake

Snowflake's stock has been on a tear since its IPO just three months ago. On Tuesday, it surpassed IBM in terms of market cap and is currently up well over 200% from its IPO. Peter Wagner, founding partner at Wing Venture Capital, was a seed investor in Snowflake. He joined "Squawk Box" on Wednesday to discuss what he saw in the company that he thought was so promising.