Content-sharing site Box.net has wrapped up its Series D expansion round, having raised $81 million. As peHUB.com previously reported, Salesforce.com and New Enterprise Associates have joined the round, along with Bessemer Venture Partners and previous investors Andreessen Horowitz and Draper Fisher Jurvetson Growth. Box has now raised more $162 million in total capital. CEO and co-founder Aaron Levie has a blog post about the funding here.
Box Closes $81 Million Investment to Build Next-Gen Enterprise Ecosystem
Bessemer Venture Partners, NEA, salesforce.com, and SAP Ventures Join Prior Investors in Series D Expansion Round
PALO ALTO, CA — October 11, 2011 — Box today announced that it has raised $81 million in additional capital to help enterprises worldwide move information and collaboration to the cloud, and build a powerful ecosystem of next-generation enterprise applications. Strategic investors salesforce.com and SAP Ventures participated in the Series D Expansion round, along with Bessemer Venture Partners, NEA, and prior investors including Andreessen Horowitz and Draper Fisher Jurvetson Growth. The new investment brings Box’s total capital raised to $162 million.
Box is one of the fastest-growing enterprise applications of all time, with 7 million individuals and 100,000 businesses using its service to share and manage content in the cloud, and 250,000 new users joining each month. The company has experienced tremendous traction in the enterprise, with adoption in 77 percent of the Fortune 500, and large deployments with companies including AAA, Amylin Pharmaceuticals, and McAfee, as well as an 18,000-seat deal with Procter & Gamble. Box has also rapidly scaled its team from 125 to nearly 300 employees in 2011 to date, including key senior hires from companies such as Cisco, EMC, Microsoft, NetSuite, and Oracle.
“Businesses of all sizes are moving their information and collaboration to the cloud, and with this new capital we’ll support their transition by continuing to aggressively out-innovate legacy players like Microsoft,” said Aaron Levie, co-founder and CEO of Box. “We’re redefining how enterprises share and manage content on Box, while also building a powerful, open ecosystem of partners and developers to help our customers get more value and flexibility from their information than ever before possible.”
In November, Box plans to launch /bin (the Box Innovation Network), a major initiative designed to support and grow an ecosystem of next-generation enterprise applications that bring new value to enterprise information. The program will drive innovation in what has been a historically slow moving market by providing funding, consulting and other resources to developers that are passionate about transforming the way people work. Today, Box integrates with 120 applications, including leading cloud solutions including Salesforce, SAP® StreamWork™, Google Apps and NetSuite. Box will also use the new capital to expand its international presence, and to further build out its infrastructure in the U.S., opening a third data center in 2012.
“Box is poised to redefine the content management and collaboration industry by challenging the enterprise status quo and building a powerful, open ecosystem of partners,” said Byron Deeter, partner at Bessemer Venture Partners. “The market potential for Box is massive. The company has already inspired one hundred thousand businesses to rethink the way they share and manage content, and they are just getting started.”
The consumerization of the enterprise is driving entirely new technology usage and buying patterns, and Box has established itself as a leader in the wave of solutions emerging to support the new way that people work,” said Kittu Kolluri, general partner at NEA. “Box has built a compelling solution that marries ease of use with enterprise-class security and management that delights users and IT leaders alike.”
Box is helping organizations make better decisions faster by bringing new innovation to business information,” said Jai Das, managing director, SAP Ventures. “As an investor and partner, we’re excited about how Box is reinventing content management and collaboration, and look forward to working with them to make customers more productive.”
About Bessemer Venture Partners
Bessemer Venture Partners is a global venture capital firm with offices in Silicon Valley, Cambridge, Mass., New York, Mumbai and Herzliya, Israel. One of the longest standing venture capital practices in the United States, BVP has partnered as an active, hands-on investor in Ciena, LinkedIn, Celtel, Blue Nile, Skype, Staples and Yelp. More than 100 BVP-funded companies have gone public on exchanges in Canada, India, the U.K. and the United States.
Bessemer has been a leader in Cloud Computing for more than a decade, investing in early pioneers in this high-growth market segment such as Postini, Trigo, Cyota, and Verisign. BVP’s current SaaS portfolio has almost three dozen companies including Adap.tv, Broadsoft (NASDAQ: BSFT), Cornerstone OnDemand (NASDAQ: CSOD), Eloqua, LinkedIn (NYSE: LNKD), Shopify, Twilio, and Wix. Learn more at www.bvp.com and www.bvp.com/cloud
New Enterprise Associates, Inc. (NEA) is a leading venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With approximately $11 billion in committed capital, NEA invests in information technology, healthcare and energy technology companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record of successful investing includes more than 170 portfolio company IPOs and more than 280 acquisitions, including investments in technology leaders like Data Domain, CareerBuilder, Diapers.com, Fusion-io, Groupon, Juniper, Macromedia, Salesforce.com, and TiVo. In the U.S., NEA has offices in the Washington, D.C. metropolitan area; Menlo Park, California; and New York City. In addition, New Enterprise Associates (India) Pvt. Ltd. has offices in Bangalore and Mumbai, India and New Enterprise Associates (Beijing), Ltd. has offices in Beijing and Shanghai, China. For additional information, visit www.nea.com.
About SAP Ventures
SAP Ventures partners with outstanding entrepreneurs worldwide to build industry-leading businesses. We are funded by SAP AG (NYSE: SAP), the market leader in enterprise application software, and we leverage the relationship with SAP and its ecosystem for the benefit of portfolio companies. SAP Ventures invests in technology businesses that serve enterprises as customers or have enterprises as go-to market partners as well as companies that service consumers in their professional lives. Over the last 15 years, SAP Ventures has supported more than 100 companies on five continents. Past investments include Commerce One, Greenplum, MySQL, Red Hat, and WebEx. Current portfolio companies include Alfresco, Alteryx, Control4, Endeca, iYogi, LinkedIn, OnDeck, OpenX, SAVO, Spring Wireless, Tealeaf, Tremor Media, and Zend. For more information, visit www.sapventures.com.
Founded in 2005, Box provides a secure content sharing platform that both users and IT love and adopt. Content on Box can be shared internally and externally, accessed through iPad, iPhone, Android and PlayBook applications, and extended to partner applications such as Google Apps, NetSuite and Salesforce. Headquartered in Palo Alto, CA, Box is a privately held company and is backed by venture capital firms Andreessen Horowitz, Bessemer Venture Partners, Draper Fisher Jurvetson, Emergence Capital Partners, Meritech Capital Partners, NEA, Scale Venture Partners, and U.S. Venture Partners, and strategic investors salesforce.com and SAP.
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