Box Raises $125 Million to Dominate the Enterprise Cloud Storage Space
By on July 31st, 2012

Box, the Dropbox for the enterprise, has raised yet another monster round of funding. It has announced a $125 million investment by General Atlantic Partners, at a rumored valuation of nearly $1.2 billion.

Box is one of the top enterprise cloud storage and collaboration services, and has grown at an explosive rate in the last couple of years. It has been expanding internationally and growing at a scorching pace, with enterprise sales up more than 200% year-over-year in the first half of 2012, and the average deal size almost doubling.

It has been adding data centers across the globe to support its expansion. It has more than 120,000 businesses signed up, and is used by individuals at 92% of the Fortune 500 companies.

Aaron Levie, Co-founder and CEO, Box, said:

“The confluence of cloud, mobile and social technology is transforming how every enterprise and individual manages information today. This new funding allows us to invest aggressively in the talent, technology and global expansion efforts required for Box to sit at the center of this shift and define the next generation of enterprise software.”

General Atlantic led this round with existing investors like Bessemer Venture Partners, DFJ Growth, New Enterprise Associates, SAP Ventures and Scale Venture Partners, as well as new investor Social+Capital Partnership. Gary Reiner, operating partner at GA, will join Box’s board of directors.

Box faces competition not only from other cloud storage startups, but also giants like Microsoft and Google, who are also eying the enterprise file sharing and collaboration space.

With this round, Box has now raised a total of $284 million.

via Box PR

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Author: Pathik Google Profile for Pathik
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Pathik has written and can be contacted at pathik@techie-buzz.com.

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