Start-up Box reportedly in talks for private equity funding
Cloud storage startup Box is in talks with private equity firm TPG Capital for a round of funding as the company looks for cash before restarting its plans for an initial public offering, according to news reports on Friday.
The fundraising discussions started in the past few weeks for TPG and Silicon Valley-based Box, according to The Wall Street Journal‘s sources. Meanwhile, Recode, citing its own anonymous sources, reports that Box could be looking to raise as much as $100 million from TPG and that the potential fundraising could push the IPO back by “a matter of weeks,” closer to the end of summer.
Box filed its preliminary IPO papers three months ago, but later decided to delay the offering until mid-summer after the market showed less than stellar demand for tech stocks. In May, Fortune said the company’s IPO could launch in July, while also noting the possibility that an injection of private equity funds could appear and further delay the move to go public.
“Our plan continues to be to go public when it makes the most sense for Box and the market,” a Box spokeswoman said in a statement. “As always, investing in our customers, technology, and future growth remains our top priority.”
Box’s last funding round in December brought in $100 million and valued the company, which has raised a total of $400 million in venture capital funding, at roughly $2 billion. The company took a net loss of $168.6 million on $124.2 million of revenue for the year ending January 31, 2013.