Box Raises $125 Million in Funding
Cloud technology company Box announced today that it raised $125 million in funding led by General Atlantic.
“At Box, our focus is to build the simplest way that businesses can store, manage and access their data or business content from anywhere,” says Box CEO Aaron Levie. “The investment is going to be going into a bunch areas to ensure that we can reach all of the world’s largest enterprises no matter where they are and with the right technology to solve their problems.”
The content-sharing platform also announced Gary Reiner—the operating partner at General Atlantic and former CIO at General Electric— will join its board of directors.
Levie stressed that Reiner’s experience with a large corporation like GE will be beneficial to Box as the company continues to grow and expand. Reiner’s appointment comes on the heels of Dana Evans’—former VeriSign CFO—appointment to the board.
“I think this partnership really came about because of how much change is happening in the landscape and how we are building up to capture and capitalize on that change,” adds Levie.
Box’s windfall investment follows a period of record growth--sales increasing 200% year-over-year. The company recently opened a London office. Levie says much of the investment will go toward further global expansion and continuing to build out Box’s platform.
Launched in 2005, Box also saw sales double in average size over the first half of 2012 in conjunction with its rapidly expanding consumer base. Box serves many large companies including DreamWorks, Netflix and Proctor & Gamble.
Bessemer Venture Partners, DFJ Growth, New Enterprise Associates, SAP Ventures and Scale Venture Partners and Social+Capital also contributed to the investment.