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December 6, 2013

Cloud storage firm Box raises $100m

It is anticipated to go public in early 2014.

By CBR Staff Writer

Cloud storage firm Box has raised $100m in funding, increasing its value to $2bn, as it seeks to boost its overseas expansion plans.

Anticipated to go public in early 2014, the California-based firm plans to expand its operations in Japan, Australia and Brazil next year, as well invetsing in its European headquarters in London.

The funding round involved new investors including Itochu Technologies, Macnica and Mitsui & Co of Japan, Spain’s Telefonica and Telstra of Australia, while DST Global, Coatue and earlier Box investors also participated in the round.

Reports noted that the sale of Box’s storage and collaboration software to businesses outside the US could help it to strengthen its financials as it gets ready to go public.

According to the Wall Street Journal, the latest funding nearly doubles Box’s worth since July 2012, when it secured $150m in funding from investors at a valuation of $1.2bn.

The cloud storage firm anticipates its sales to reach $100m this year, twice the sales recorded last year.

Box chief executive Aaron Levie said: "Anytime you’re entering a market that you’re not used to doing business in, if you can partner with somebody who can help you learn the market, understand the market, it’s going to give you a leg up," Levie said.

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