Box.net closes $48M funding round

The company will use the money in part to boost its hosted content management application technology and grow its sales team

In yet another sign of cloud-hosted software's momentum in the business market, Box.net, which makes a software-as-a-service content management application, announced on Thursday that it has closed a $US48 million funding round.

The round was led by Meritech Capital Partners and also featured Andreessen-Horowitz and Emergence Capital Partners. Existing Box.net backers include Draper Fisher Jurvetson, Scale Venture Partners and US Ventures Partners

The company, founded in 2005, plans to use the money to boost technology development of its application, grow its sales team, expand internationally and implement new data centers, CEO Aaron Levie said.

"The single largest area of investment will be on our product, our technology. Also, to support the largest CIOs we need a sophisticated and mature sales organization, so we'll invest heavily on our sales capacity," he said. "So we'll be investing in scaling up our business and supporting the needs of large organizations."

Box.net's content management application competes at the high end with products like Microsoft's SharePoint and EMC's Documentum, and at a lower level with companies like Dropbox and SugarSync.

In January, Box.net unveiled a major redesign of its application's user interface and added new collaboration features and real-time notification capabilities.

The Palo Alto, California, company currently has about 140 employees, up from 125 at the end of 2010 and from 65 in 2009. The company expects to double its staff in the coming 12 to 18 months.

Box.net's application is used by about 5 million end users in 60,000 companies, including T-Mobile, Discovery Networks, DreamWorks, Cisco and Dell.

Join the PC World newsletter!

Error: Please check your email address.

Tags applicationsdocument managementsoftwareBox.netcollaborationSoftware as a servicecloud computinginternet

Our Back to Business guide highlights the best products for you to boost your productivity at home, on the road, at the office, or in the classroom.

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Juan Carlos Perez

IDG News Service
Show Comments

Most Popular Reviews

Latest News Articles

Resources

PCW Evaluation Team

Azadeh Williams

HP OfficeJet Pro 8730

A smarter way to print for busy small business owners, combining speedy printing with scanning and copying, making it easier to produce high quality documents and images at a touch of a button.

Andrew Grant

HP OfficeJet Pro 8730

I've had a multifunction printer in the office going on 10 years now. It was a neat bit of kit back in the day -- print, copy, scan, fax -- when printing over WiFi felt a bit like magic. It’s seen better days though and an upgrade’s well overdue. This HP OfficeJet Pro 8730 looks like it ticks all the same boxes: print, copy, scan, and fax. (Really? Does anyone fax anything any more? I guess it's good to know the facility’s there, just in case.) Printing over WiFi is more-or- less standard these days.

Ed Dawson

HP OfficeJet Pro 8730

As a freelance writer who is always on the go, I like my technology to be both efficient and effective so I can do my job well. The HP OfficeJet Pro 8730 Inkjet Printer ticks all the boxes in terms of form factor, performance and user interface.

Michael Hargreaves

Windows 10 for Business / Dell XPS 13

I’d happily recommend this touchscreen laptop and Windows 10 as a great way to get serious work done at a desk or on the road.

Aysha Strobbe

Windows 10 / HP Spectre x360

Ultimately, I think the Windows 10 environment is excellent for me as it caters for so many different uses. The inclusion of the Xbox app is also great for when you need some downtime too!

Mark Escubio

Windows 10 / Lenovo Yoga 910

For me, the Xbox Play Anywhere is a great new feature as it allows you to play your current Xbox games with higher resolutions and better graphics without forking out extra cash for another copy. Although available titles are still scarce, but I’m sure it will grow in time.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?