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Venture-backed data storage company Box Inc eyes $250m from IPO

25 Mar 2014

cardboard boxVenture capital-backed data storage provider Box Inc aims to raise $250m through an IPO despite warning investors its does not expect to be profitable “for the foreseeable future”.

The IPO comes three months after Box raised $100m from investors to give it a $2bn valuation, with the capital slated for expanding the business outside of the US.

Box said in a filing with the US securities regulator that it had experience significant growth since being founded in 2005, but heavy re-investment meant it had net losses of $50.3m, $112.6m and $168.6m for the 12 months ending December 2011, January 2013 and January 2014 respectively.

Those losses came on revenues of $21.1m, $58.8m and $124.2m respectively, representing year-on-year growth of 179 per cent and 111 per cent.

Box is currently working to launch new offices in Japan, Australia and Brazil and to make significant investments in its European headquarters in London.

The last financing round was backed by Mitsui Global Investment, Itochu Technology Ventures, Macnica, Digital Sky Technologies and existing investors Draper Fisher Jurvetson and the Social + Capital Partnership.

Andreessen Horowitz, Bessemer Venture Partners, General Atlantic and New Enterprise Associates did not participate according to Forbes.

The company asked some of its existing investors not to take part to make room for new investors, it added.

Last year General Atlantic invested $100m in Box as part of a $125m funding round.

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