Cloud-storage company Box raises $125 million
The funding values the company at $1.33 billion, and Box says it's using the money to expand in response to an enterprise-software "revolution."
its blog today, giving Box a valuation of $1.33 billion., a cloud-storage company focused on the business market, has raised $125 million in its latest round of funding, the company posted on
The round was led by General Atlantic, with participation from Social+Capital Partnership, according to PrivCo, a research firm that specializes in private companies' financial data.
PrivCo said its data indicates that this round doubles Box's valuation in the last 9 months. It was valued at $650 million in October 2011.
"Box's latest round demonstrates that rapidly growing companies with strong revenue models can continue to raise private capital at high valuations," PrivCo CEO Sam Hamadeh said in a statement.
Gary Reiner, an investment partner at General Atlantic and former CIO at General Electric, joins Box's board of directors, Box co-founder and CEO Aaron Levie wrote in the blog.
The company will put the money toward building new technology and a bigger ecosystem, expanding to more countries and supporting larger customers. Levie wrote there is currently a "revolution" in enterprise software.
"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," he wrote. "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."