Industry News Desk
Box Gets a $125 Million Round
Most of the new money – $100 million, in fact – is coming from General Atlantic
By: Maureen O'Gara
Aug. 1, 2012 08:00 AM
Box, the cloud storage and file-sharing start-up, has gotten a massive $125 million E round. That makes roughly $284 million since Box started in 2005.
Most of the new money - $100 million, in fact - is coming from General Atlantic, which is also contributing one of the operating partners, former GE CIO Gary Reiner, to the Box board. Reiner is also on HP's board.
It's believed Box was valued at $1.2 billion as the Wall Street Journal suggested last week. It's expected to go public next year, but could delay to burnish its P&L.
Current Box investors Bessemer Venture Partners, DFJ Growth, New Enterprise Associates, SAP Ventures and Scale Venture Partners, as well as new investor Social+Capital Partnership also kicked in. All Things Digital thinks there are also two undisclosed institutional investors.
The new money is supposed to fund the company's push into the enterprise, its global expansion, its talent search and its R&D. At the confluence of cloud, mobile and social technology Box has visions of defining the next generation of enterprise software.
It has, of course, quite a bit of competition in that regard including Microsoft's SkyDrive, Google's Drive and Dropbox.
Box says its enterprise sales were up 200% in the first half, with the average deal size nearly doubled. It claims Procter & Gamble, DreamWorks, AAA, McAfee, Netflix and Random House among the 120,000 businesses and individuals using Box. How many of the supposedly 11 million active users are paying for the service is a secret.
It's now started pushing into Europe from a new office in London and has opened a third data center in Las Vegas.
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