Cloud firm Box.net seeks $35 million in new funding

Cloud-storage and file-sharing company Box.net (Palo Alto, Calif., U.S.A.) is raising $35 million in new funding, according to a recent filing. The company — which focuses on providing Internet-based document storage for business users — has already raised $18.7 million through a group of seven unidentified backers.

The company completed a $48 million funding round in February on top of $15 million round last year and several earlier, smaller rounds. The new financing brings Box.net’s total funding to $112.6 million.


Cloud-storage and file-sharing company Box.net (Palo Alto, Calif., U.S.A.) is raising $35 million in new funding, according to a recent filing. The company — which focuses on providing Internet-based document storage for business users — has already raised $18.7 million through a group of seven unidentified backers.

The company completed a $48 million funding round in February on top of $15 million round last year and several earlier, smaller rounds. The new financing brings Box.net’s total funding to $112.6 million.

Current backers include Meritech Capital Partners, Andreessen Horowitz, Emergence Capital Partners, Draper Fisher Jurvetson, Scale Venture Partners, and US Venture Partners.

Venture-capital backers are placing increasing chunks of cash in cloud-computing companies as businesses and consumers step up their use of remote storage. Major companies such as Amazon.com Inc, Google Inc, and Apple Inc are also making sizable investments in the area.

Box.net officials didn’t respond to requests for comment. At the time of their last funding round, they said they planned to use the cash to hire staff, expand the mobile base, line up new partners and expand overseas. The company is also in the process of moving to larger headquarters in Los Altos, California.

(Reporting by Sarah McBride, editing by Gerald E. McCormick)