Fierce competition Box is still financing 150 million US dollars

According to informed sources, Box, a cloud storage provider, has raised $ 150 million through TPG Capital and Coatue Management, valuing it to reach $ 2.4 billion, according to foreign media reports. Box filed a filing with the company earlier this year for an initial public offering.

Informed sources said the company will be announced as soon as local time on Tuesday the new financing. TPG will receive a Box Board seat. Box conducted a valuation of $ 2 billion last December when it raised funds.

Because of the downturn in the IPO market, Box earlier announced a suspension of its IPO program, so the funds could bring some additional time to the company, giving the company greater flexibility in deciding when to go public. This round of financing also shows that investors in private markets are willing to raise the value of Box, but this also puts some pressure on the latter, requiring them to succeed later in the market.

Box submitted a document in March this year, hoping to raise 250 million U.S. dollars through IPO. The company also disclosed that for the fiscal year ended January, sales and marketing expenses reached $ 171.2 million, a substantial increase of 73%, 38% more than its revenue. The data led investors to worry about the long-term viability of Box's business model, leaving the company to wait for a better market environment to implement the IPO plan.

Fierce competition

Last month, a Box spokesman said the company's plan "remains on the market at the right time for Box and the market."

Box was founded by Levi and Dylan Smith in 2005, when two were still college students. Box is currently competing with fast-growing start-ups such as Dropbox and the world's largest technology companies like Microsoft, Google, Apple and Amazon. Like its rivals, Box's businesses span a wide range of industries, from manufacturing to finance to media.

TPG has also supported other mid-to-late-tech startups such as Airbnb, the home rental company, and Uber. (Chu Shen)