Box.net, a Palo Alto, Calif.-based provider of an online filing system, has raised $6 million in Series B funding. U.S. Venture Partners led the round, and was joined by return backer Draper Fisher Jurvetson.
Box.net, the web’s first online file system, announced today that it has raised $6 million in a Series B financing led by venture capital firm U.S. Venture Partners, and includes Box.net Series A investor Draper Fisher Jurvetson. The capital will be used to continue company expansion, including the development and marketing of new services and products.
Box.net has more than 1.4 million registered users, and continues to grow as the need to access files anywhere, anytime becomes an integral part of people’s personal and professional lives.
“The exponential growth in data creation has exposed the difficultly of portability and sharing of files. As the premier file system for the web, Box.net solves the problem of sharing, storing and accessing your files from anywhere,” said Aaron Levie, CEO, Box.net. “The financial support from USVP validates the strength of our service and our team. With these funds, we will be able to further develop and expand our offerings.”
As the company accelerates its sales and marketing in 2008, Box.net will continue to develop its Enterprise offering which provides enterprise-class online file storage and collaboration tools. The company plans to expand the reach of its service through strategic partnerships and distribution deals.
“Cloud computing and storage are at the center of major shifts in the way people manage, retrieve and share information. Box.net’s innovative technology and business model have generated significant customer and partner traction in a fast-growing market,” said Mamoon Hamid, who joins Box.net’s board from U.S. Venture Partners. “Consumers are adopting web-based solutions like Box.net and bringing them into the workplace. By making it easier for users to share and collaborate online, Box.net is perfectly positioned as a solution for individuals and companies of all sizes.”
Box.net most recently launched OpenBox in December 2007. The open platform gives users the power to manage their data from a single point, and access both business and personal web-based applications to enhance productivity. Third-party services working with the OpenBox platform include Echosign, Zoho, Scribd, Picnik, Autodesk, Twitter, and others.
About U.S. Venture Partners
U.S. Venture Partners (USVP) is a leading Silicon Valley-based venture capital firm, dedicated to helping entrepreneurs build world-class companies that are leaders in their industry. Since 1981, when it was founded, USVP has raised a total of more than $2.9 billion in nine venture capital funds and invested in more than 390 early stage companies, 74 of which to date have become public companies by IPO. USVP focuses on early stage opportunities in sectors where the Partners have the domain expertise, operating experience and network of relationships to provide meaningful contribution to the success of the enterprise. These sectors include digital communications and networking systems, Internet and eCommerce infrastructure, semiconductors and optical components, enterprise and technical software, and medical devices and biopharmaceuticals. For more information, please visit www.usvp.com.
About Draper Fisher Jurvetson
The Draper Fisher Jurvetson Growth Fund invests in market leading revenue-stage technology companies serving very large markets. Draper Fisher Jurvetson is a leading global venture capital firm with over $5.5 billion in capital commitments across a network of partner funds in 33 cities around the world. DFJ’s mission is to identify, serve and provide capital for extraordinary entrepreneurs anywhere who are determined to change the world. Over the past 20 years, DFJ has been proud to back over 500 companies across many sectors including such industry-changing catalysts as Hotmail (acquired by MSFT), Baidu (BIDU), Skype (acquired by EBAY), EnerNOC (ENOC), Focus Media (FMCN), Mobile 365 (acquired by Sybase), xFire (acquired by Viacom), United online (UNTD), Overture (acquired by YHOO), Interwoven (IWOV), Four11 (acquired by YHOO) and Parametric (PMTC). For more information, please visit www.dfjgrowth.com and www.dfj.com.
About Box.net, Inc.
Founded in March 2005, Box.net (www.box.net) is the first online file system that enables users to share, store, and access files of any type from anywhere. Box.net is the leading online file storage service with more than 1.4 million users, over 1 million files served every day, and more than 1000 developers in the Box Enabled Network. Box.net is the first web-native system for access and collaboration which allows a broad array of functionality. The system is used by individuals, small businesses and Fortune 1000 companies. Box.net was the first internet storage provider to launch an open API in late 2005. In December 2007, the company launched its OpenBox platform, which connects data from Box.net with other applications and services across the web, allowing users to interact with their files in a wide range of web-based services and applications that drive productivity. The open platform permits companies and developers to integrate their applications and services on the Box.net website. Box.net is a privately held company headquartered in Palo Alto, CA.