SAN FRANCISCO, July 7 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
Morgan Stanley advised Box on the financing.
(Reporting by San Francisco newsroom)