Box Inc. has raised $100 million from investors at a valuation of $2 billion.
The company, which is based in Los Altos, California, offers online file sharing and cloud content management service to businesses. The company also provides up to 10 GB of free storage for personal accounts and has a mobile version of its service for Android, iOS, BlackBerry, WebOS and Windows Phone devices.
On Thursday, December 5, Box confirmed that it has secured $100 million investments with which it plans to expand its operations outside of the U.S. and will open its first offices in countries like Japan, Brazil and Australia in 2014. The company is also expected to invest significantly in its London office, which is its European headquarters.
"Today, we're excited to announce new strategic partnerships and investments that will help move Box into the next phase of our international expansion. We've signed commercial agreements with Itochu Technology Ventures, Macnica and Mitsui to catalyze Box's entry in Japan. We're working with Telefónica Digital, the innovation arm of one of the largest telecom operators in Europe and Latin America, and Telstra, Australia's leading telecommunications and information services company. These partners, along with DST Global and Coatue, have invested $100M in Box to help bring our content collaboration platform to new markets," per a statement issued by Aaron Levie, CEO of Box.
According to a Wall Street Journal report, the key rival of the company Dropbox Inc., is also trying to expand its reach in new markets and is planning to raise about $250 million at a valuation of $8 billion.
Box, which was launched just eight years ago in 2005, is expecting to sell its storage and collaboration software to businesses outside the U.S. and strengthen its financials as it is said to be preparing to go public in 2014.
A previous Reuters report suggested that Box has already hired Morgan Stanley, Credit Suisse Group AG and J.P. Morgan Chase & Co. to lead the IPO. However, the company has not commented if it plans to go public soon.
The latest funding has increased Box's worth from July 2012, when the company raised around $150 million from investors at a valuation of $1.2 billion.
