Grazed from Globe and Mail. Author: Editorial Staff.
Business-software company Box has won $81-million in funding to expand its business, illustrating investors’ continued appreciation for start-up companies that tap into the cloud.
The new funding almost doubles Palo Alto, California-based Box’s previous round, $48-million raised in February. New backers included strategic investors salesforce.com and SAP Ventures, along with Bessemer Venture Partners and NEA. Prior investors, including Andreessen Horowitz and Draper Fisher, also joined in the round…
Box, formerly known as Box.net, plans to use the funds for expansion, with a goal of doubling employees to about 600, Chief Executive Aaron Levie told Reuters. In a program dubbed the Box Innovation Network, it also plans to start funding and consulting developers working on applications that work with Box, much as apps from Google Apps, salesforce.com and others do now.
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Business-software company Box has won $81-million in funding to expand its business, illustrating investors’ continued appreciation for start-up companies that tap into the cloud.