“Box” Raises $125 Million
Posted by aonenetworks On August 1, 2012
A cloud-storage company focused mostly on the enterprise level market by the name of Box has announced a successful fundraising quarter. In all, the small company raised $125 million, giving it a final valuation of $1.33 billion as of yesterday.
General Atlantic, in partnership with Social+Capital, led the charge in this round of fundraising. Including this fundraiser, Box has managed to nearly double their valuation in less than a year; it was valued at $650 million in late October of 2011.
“Box’s latest round demonstrates that rapidly growing companies with strong revenue models can continue to raise private capital at high valuations,” said CEO Sam Hamadeh of PrivCo, a company that specializes in financial data.
The company plans on spending their good fortune on building bigger, better technology and a new “internal ecosystem.” They also plan to expand to other countries to seek after larger, more profitable customers. The company says there is currently a “revolution” in enterprise-level software, and that they “want to be a part of that revolution.”
“If Microsoft’s vision was to put ‘a computer on every desk and in every home,’ then the vision of Box (and the post-PC movement more broadly) is to get the right information into every individual’s hands,” the company said in a blog post. “We believe that companies with cloud, mobile, and social in their DNA are best positioned to serve the increasingly dynamic needs of today’s enterprises.”
