Scuttlebutt: After Raising $159 Million, This Startup Is Eyeing Even More Money

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Photo: Business Insider / Matthew Lynley

Aaron Levie, CEO of cloud storage provider Box, was in New York last week to meet with bankers.The meeting was described as a “standard meeting with bankers,” and is not related to the company’s initial public offering.

But we’re hearing that Levie was in town because he’s eyeing another funding round, though he just finished raising $81 million in October last year. Box has raised nearly $160 million altogether.

One source stressed to us that the talks were very preliminary and the company might not actually end up raising additional money.

The round and timing 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 space.

It also paid $1 million to change its name from 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.)

Box has a burn of about $1.5 million monthly — though we heard that number in November and it could have risen since then — on about $25 million in revenue annually.

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