Box gets $150 mln from TPG, Coatue ahead of IPO -WSJ
SAN FRANCISCO, July 7
SAN FRANCISCO, July 7 (Reuters) - Box Inc, the online storage startup that filed to go public months ago, has raised $150 million in funding from private-equity firm TPG and hedge fund Coatue Management, the Wall Street Journal on Monday cited two people familiar with the matter as saying.
The financing values Box at about $2.4 billion and will allow the fast-growing startup to put off an initial public offering, which had already been delayed during a selloff in cloud or Internet software stocks, the Journal reported.
In return, TPG will get a seat on Box's board, the Journal cited the people as saying. Box now intends to make its debut after the Labor Day holiday in September, the newspaper cited one of the people as saying.
The company was not immediately available for comment.
Box, which in its IPO prospectus warned it did not expect to be profitable for the foreseeable future, has grown rapidly by spending heavily to secure clients. It was one of a coterie of companies that rode a migration toward Internet-based storage and services, and at one point was one of the most-anticipated debuts of 2014.
But shares of fellow companies that market Internet-based services began heading downward around the time its prospectus was filed, as investors reassessed lofty valuations. Box's backers include Draper Fisher Jurvetson, Andreessen Horowitz and General Atlantic.
Morgan Stanley advised Box on the financing. (Reporting by San Francisco newsroom)
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