Cloud firm Box raises $US100m

Telstra is among a number of companies to provide capital to startup Box, which has raised $US100 million to fund expansion.

Cloud storage startup Box, launched from a college dorm in 2005, has raised $US100 million ($A110 million) in new capital to help fund a global expansion.

The latest funding gives Box, which competes with firms like Dropbox as well as Google and Microsoft, a value of some $US2 billion, according to the news blog TechCrunch.

Box said in a statement late on Thursday that the new capital comes from Japanese partners Itochu Technology Ventures, Inc, Macnica, and Mitsui USA and MKI; European firm Telefonica; Australia's Telstra, and other investors.

"The combination of cloud and mobile technologies creates an entirely new way of working that will fundamentally reshape the IT industry," said Aaron Levie, co-founder and chief executive of Box.

Levie said in a blog post that the company is "working to support and reach enterprises everywhere in the world".

It currently is offered in 13 languages in addition to English and some 40 per cent of its activity is outside the US market.

"In 2012, we opened our first international office in London," he said.

"Today, we have a team of 90 people throughout Europe... Next up is Japan."

He said Box partners will also help expand into Latin America and Australia.

"The coming year will be an exciting one for Box," he added.

"In addition to expanding our global presence, we'll be doubling down on creating amazing new experiences for end users, solving the most complex IT challenges simply and elegantly, and building a more powerful platform and ecosystem."

Levie founded the company in his dorm at the University of Southern California in 2005 with his friend Dylan Smith, who is chief financial officer.

Box claims more than 20 million users worldwide including 180,000 businesses.


Share

2 min read

Published

Updated

Source: AAP


Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Follow SBS News

Download our apps

Listen to our podcasts

Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS

SBS World News

Take a global view with Australia's most comprehensive world news service

Watch now

Watch the latest news videos from Australia and across the world