Box Secures Another $150M in VC Funding, Holds Off IPO
This latest round of funding should keep Box operating as a private company for months longer than previously had been anticipated.Box, a popular Web-based storage service that has 4 million consumer and 180,000 business customers but has yet to make a profit after nine years in business, breathed a sigh of relief July 7 when it obtained a $150 million venture capital boost from private equity firm TPG. The Los Altos, Calif.-based Web services company, which offers collaboration tools and other enterprise apps in addition to its signature online storage, has been talking about going public for more than a year. In fact, it had aimed for April of this year to do it but abandoned the idea. However, this latest round of funding should keep Box operating as a private company for several months longer than previously had been anticipated. The Wall Street Journal has reported that the company is planning to post its initial public offering sometime this fall. The company, though sales have been good, hasn't seen black ink yet. In its required Securities and Exchange Commission S-1 filing earlier this year, Box showed a net loss of $168 million from the fiscal year that ended Jan. 31.
The company has been spending money pretty liberally the last few years, acquiring some companies and moving into a large new office building in one of the most fashionable towns in Silicon Valley. Its latest buy -- on June 16 -- was 2-year-old Streem, a San Francisco-based startup that has developed a new way to effectively "stream" cloud content--any type of application--to users' desktops.