Box, a file-storage and management firm, has raised another $150 million from TPG and Coatue, according to the Wall Street Journal. The company had previously raised $414.1 million, making its total funding in excess of $550 million. TechCrunch has confirmed the amount through a source.
Previously, Box filed to go public, with its S-1 document detailing rapid revenue growth. Its top line expanded from $59 million in 2012 to $124 million in 2013. During that period, however, Box’s losses grew as well, from $113 million in 2012 to $169 million in 2013.
The company is widely expected to update its S-1 filing in short order, detailing its fiscal first-quarter results.
Box’s IPO was filed, but never launched as the company ran face first into declining market sentiment. Other companies that have recently gone public have priced modestly, or had a history of GAAP profits. Box, presumably, wants to price aggressively.
The fresh capital will allow Box to put off an offering until it deems the market ready. How long that will take will likely hinge on its updated filing — if Box can show strong revenue growth and slowing losses, investors may be ready to tie the knot soon. If Box shows quick growth, and still-widening losses, it could be problematic for the cloud-based company.
Box faces competition from young companies like Dropbox and giants alike. The cloud storage space is among the hottest fronts of the larger platform wars, and Box wants to keep growing. According to the Journal, the new capital values the company at $2.4 billion, a 20 percent increase on its previous $2 billion valuation that was set when Box raised $100 million last December.Featured Image: Ed Schipul/Flickr UNDER A CC BY 2.0 LICENSE