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Online storage startup Box valued at $2.4bn in latest round

8 Jul 2014

boxxxxOnline-storage startup Box has secured a $150m investment from private equity firm TPG Capital and hedge fund Coatue Management.

The latest funding round values that company, which has already filed for an IPO, at $2.4bn, an increase from the $2bn valuation in its previous round people familiar with the matter told the Wall Street Journal.

Box plans to go public before the end of the year but not until after the Labor Day, said one of the sources.

TPG invested in the company via its TPG Growth fund and Morgan Stanley advised Box on the deal.

Back in March Box filed to raise $250m via an IPO despite warning investors it did not expect to be profitable “for the foreseeable future”.

The company posted net losses of $50.3m, $112.6m and $168.6m for the 12 months ending December 2011, January 2013 and January 2014 respectively.

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