(Adds Box's Q1 results and confirmation of financing)
SAN FRANCISCO, July 7 Box Inc has raised $150
million in funding from private-equity firm TPG and hedge fund
Coatue Management as the fast-growing online storage startup
advances toward an initial public offering.
The financing round values Box at about $2.4 billion, the
Journal on Monday cited people familiar with the matter as
saying. In return, TPG gets a seat on Box's board, the startup
said in a statement.
Box posted a near-doubling in first quarter revenue to $45.3
million, underscoring the torrid pace of expansion that at one
point had made Box one of this year's most-anticipated tech
In an amended prospectus filed on Monday, Box said its net
loss for the first three months widened to $38.55 million, from
$34.12 million a year earlier.
The startup, which had warned it did not expect to be
profitable for the foreseeable future, grew 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 now claims some 27 million individual users
scattered across 240,000 businesses globally.
But the company had put its IPO plans on hold as 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 now intends to make its debut after the Labor Day
holiday in September, the Wall Street Journal cited people
familiar with the matter as saying.
Its other backers include Draper Fisher Jurvetson,
Andreessen Horowitz and General Atlantic.
(Reporting by San Francisco newsroom; editing by Andrew Hay)