Box raises $125 million at $1.2 billion valuation - Business Insider

Box.net

In 2005, Aaron Levie entered a college business plan competition. One year later, he launched an enterprise file sharing and storing company called Box.

Today, Box has raised a big $125 million growth round according to AllThingsD's Arik Hesseldahl.The company is now worth $1.2 billion. Not bad for a 27-year-old CEO.

Business Insider first reported the financing in May.

Box has raised $284 million to date -- about $30 million more than its file sharing and storing competitor Dropbox which has a $4 billion valuation and an equally young founder, 29-year-old Drew Houston.

General Atlantic, a Facebook investor, led Box's funding round. Social + Capital Partnership, an investment firm started by early Facebook employee Chamath Palihapitiya, also participated along with two other institutional investors.

Gary Reiner, General Electric's former CIO and current operating partner at GA is joining Box's board.

Box has about 500 employees and is reportedly gearing up for an IPO during 2013. But both CEO Aaron Levie and General Atlantic say an IPO isn't on their minds just yet.

"We can do way more as a private company than we can as a public company,? Levie tells AllThingsD. ?Taking this round gives us the foundation to build the foundation we need.?

For more on Box, check out our interview with Aaron Levie: This 26-Year Old Founder Is Raising $100 Million To Take On Giants Like Microsoft >

For more billion-dollar startups, check out: The (Near) Billion-Dollar Club: The 11 Most Valuable Startups In New York >

Source: http://www.businessinsider.com/box-raises-125-million-at-12-billion-valuation-2012-7

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