Box Adds $150M, Moves Closer to IPO Launch

Cloud storage and file sharing services provider Box has received a $150 million investment from TPG Growth and Coatue Management. The investment comes even as the company prepares for an initial public offering (IPO).

Aaron Levie, Box’s CEO, said he believes the new investment will help his company expand its customer base.

“Our mission is to help organizations be more productive, collaborative and competitive by connecting people and their most important information. This focus has been instrumental in building a customer base that includes some of the most influential businesses in the world,” Levie said in a prepared statement. “We’re excited to work with TPG Growth and Coatue as we continue to aggressively invest in our customers, technology and future growth.”

TPG Growth also will appoint a director to the Box Board of Directors as part of the agreement.

Full terms of the transaction were not disclosed.

Box today has over 27 million users at more than 240,000 businesses globally, including 99 percent of the Fortune 500, and the new investment moves the company closer to launching an initial public offering (IPO).

The cloud storage provider officially filed for a $250 million IPO in March and has pledged to expand its “sales reach through channel and strategic partners.”

Box, however, has not set a date to go public, according to Forbes.

“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,” a Box spokesperson said.

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