Box Raises One More Round Ahead of IPO
Just as we said it might do last month, Box, the enterprise cloud storage company, has closed another private round of funding intended to tide the company over before it pulls the trigger on its planned initial public offering.
The Wall Street Journal just reported and Re/code has confirmed independently, that Box has closed a $150 million round led by private equity firm TPG and hedge fund Coatue Management.
As sources familiar with the company’s plans told Re/code in June, the company is still determined to float its shares publicly sooner rather than later. The next step in the process will unfold when Box updates its S1 filing with the U.S. Securities and Exchange Commission, a move that could come any day now. (Update: Did we say any day? How about now?)
The March 24 public disclosure of Box’s S1 filing landed shortly after a significant drop in the shares of publicly traded cloud software companies. The decline in the sector, which wiped away nearly a third of the group’s value, derailed Box’s debut, which had been initially anticipated in April.