Box.com raises another $150M, bumping estimated value to $2.4B

Summary:UPDATED x2: The delayed IPO for the enterprise cloud darling looks more promising following another round of last-minute funding.

Box.com's long-awaited initial public offering could be nigh -- and on more solid footing -- based on a new report.

The enterprise cloud storage provider has raised another $150 million in funding with help from private equity investment firm TPG and global public equity investment firm Coatue Management, according to The Wall Street Journal.

The extra cash flow should help tide things over until Box goes public, which has been delayed to what looks like this fall at the earliest now.

The Los Altos, Calif.-based company filed the S-1 paperwork with the U.S. Securities and Exchange Commission back in March. Morgan Stanley, Credit Suisse, and JPMorgan Chase have all been tapped as lead underwriters.

Describing itself as "emerging growth company," Box is following Twitter's path and headed to the New York Stock Exchange under the ticker symbol, "BOX," initially hoping to raise $250 million.

Box’s estimated worth has been pegged between $1.2 billion and $3 billion, based on a Wall Street Journal assessment back in December. That was amid completing a Series F round of venture capital fundraising, garnering $100 million.

Monday's WSJ report suggests that the valuation now stands closer to $2.4 billion.

Anticipation for this particular IPO had been growing steadily over the last year since co-founder and CEO Aaron Levie revealed plans to Bloomberg in January 2013. Rumors started to pick up during the fall of 2013 , reaching a fever pitch at the end of January 2014 with speculation over a secret filing.

A few weeks prior to the S-1 release this past spring , Bloomberg then reported Box was planning to double its revenue this year to more than $200 million.

Box's revenue climbed 111 percent year-over-year to $124.2 million by the end of January 2014, according to the S-1 filing.

But there have been some notable net losses along the way: $50.3 million, $112.6 million and $168.6 million year-over-year for the 12-month time frames ending December 31, 2011, January 31, 2013 and 2014, respectively.

ZDNet reached out to Box.com for comment, and we will update this post once we hear back.

UPDATE: A Box representative responded to our request but declined to comment at this time.

UPDATE 2: Box confirmed the $150 million investment by TPG and Coatue in a press release on Monday afternoon. A Box spokesperson provided the following statement to ZDNet:

Our plan continues to be to go public when it makes the most sense for Box and the market. As always, investing in our customers, technology, and future growth remains our top priority. TPG and Coatue have great track records with growth companies like Box and we're excited to work with them as we execute on our strategy.

Topics: Enterprise 2.0, Cloud, Enterprise Software, Start-Ups, Tech Industry

About

Rachel King is a staff writer for CBS Interactive based in San Francisco, covering business and enterprise technology for ZDNet, CNET and SmartPlanet. She has previously worked for The Business Insider, FastCompany.com, CNN's San Francisco bureau and the U.S. Department of State. Rachel has also written for MainStreet.com, Irish Americ... Full Bio

zdnet_core.socialButton.googleLabel Contact Disclosure

Kick off your day with ZDNet's daily email newsletter. It's the freshest tech news and opinion, served hot. Get it.

Related Stories

The best of ZDNet, delivered

You have been successfully signed up. To sign up for more newsletters or to manage your account, visit the Newsletter Subscription Center.
Subscription failed.