Photo: Business Insider / Matthew Lynley
Box, an enterprise cloud storage provider, is raising another financing round after already raising $162 million that would value it at a whopping $1.2 billion, The Wall Street Journal reports.That would put it in the small, exclusive club of billion-dollar startups in Silicon Valley. It’s yet another enterprise startup to achieve a valuation over $1 billion — showing a lot of excitement over those kinds of startups.
For example, enterprise social network Yammer sold to Microsoft for $1.2 billion last month.
Business Insider first reported the new funding round was approaching when CEO Aaron Levie met with bankers in New York in late May. Box just finished raising $81 million in October last year.
A new funding round would make sense. Box has been on a marketing blitz and spends a ton of money trying to build it up as a hip brand and startup.
Box bought a bunch of billboards along highways and gives away a ton of free online storage space. It also paid $1 million to change its name from Box.net to just “Box.”
We even hear from one source that the company tried to run a Superbowl ad at one point, but ran out of time to produce the ad. We hear it hasn’t ruled out that as an option in the future.
(To be fair, Dropbox, a consumer-oriented competitor, has raised more than $250 million. But Dropbox is also seen to have a bigger brand and a higher valuation than Box.)
Citrix Systems actually tried to buy Box around September last year for a price that was above $500 million, multiple sources familiar with the deal told Business Insider.
Box has a burn of about $1.5 million monthly on about $25 million in revenue annually — although we heard those numbers in November and they could have changed since then. When we reached out, a Box spokesperson said they were not numbers the company publicly commented on.