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Cloud Content Management Provider Also Announces Record Business Revenue Growth, 4 Million Users
Palo Alto, CA – April 7, 2010 — Box.net, the leading Cloud Content Management provider, today announced that it has secured $15M in Series C financing led by Scale Venture Partners, bringing the company’s total venture funding to $29.5M since its launch in 2005. Existing investors Draper Fisher Jurvetson and U.S. Venture Partners also participated in this funding round, and Rory O’Driscoll, Managing Director with Scale Venture Partners, has joined Box.net’s Board of Directors.
The company, which also announced record business revenue for Q1 2010, will invest this capital in expanding its technology platform partnerships and bringing a feature-rich Cloud Content Management solution to the enterprise.
“We’re on the verge of a massive shift as IT departments across businesses of all sizes look to cloud-based services as secure, low cost and user friendly alternatives to traditional enterprise software solutions,” said Aaron Levie, Co-founder and CEO of Box.net. “At Box, we’re seeing incredible momentum for our Cloud Content Management platform, driven by a workplace that has exploded beyond the office walls, and a workforce that needs anytime, anywhere access to crucial business content across all kinds of applications and devices. FTP sites, file servers and overly complex SharePoint deployments are no longer cutting it; fueled by this new investment, we’ll continue to disrupt and redefine what has traditionally been a fragmented and cost-prohibitive market, delivering a sophisticated solution that stays true to our core mission of making it easy to manage, collaborate and share all types of content online.”
“For more than ten years, ScaleVP has backed companies that have built fast-growing, successful businesses based on the software-as-a-service model,” said Rory O’Driscoll, Managing Director, Scale Venture Partners. “Box.net has established a leadership position by challenging and redefining traditional enterprise content management, and is poised for aggressive growth going forward. I look forward to working with Aaron and his team as the company continues to build market share across market areas and geographies.”
More than 4 million users and businesses ranging from SMBs to Fortune 100 companies use Box.net’s Cloud Content Management solution to simplify file management, facilitate collaboration and accelerate team productivity. Box.net saw enterprise revenue growth of more than 500% from 2008 to 2009, with momentum continuing into 2010 with a record first quarter – up 300% from Q1 2009 – driven by deals with large enterprises such as the Oprah Winfrey Network, Volvo and Nokia Siemens Networks.
Also in the first quarter, Box.net launched strategic integrations with Google Apps and SAP StreamWork to expand its OpenBox platform, which includes Salesforce.com, LinkedIn, and other key business applications. The company broadened its mobile offering in early 2010 with an enhanced version of its iPhone application, integration with QuickOffice, and was the first to bring Cloud Content Management to Apple’s iPad with the Box App for iPad. In May, Box.net will host Altitude 2010, bringing together c-level executives across all sectors to explore cloud adoption and innovation.
“Cloud Content Management is an exciting new category of software with massive market potential, both as a holistic content management solution for previously under-severed smaller companies, and as a dynamic layer on top of existing ECM services at larger enterprises,” said Larry Hawes, Lead Analyst, Collaboration and Enterprise Social Software, Gilbane Group. “As the fundamental nature of organizations continues to evolve and the demand for user-friendly, web-based sharing options increases, we’ll see a wave of new technologies like Cloud Content Management challenge long-standing approaches to enterprise IT.”
For more information, please visit www.box.net.
About Scale Venture Partners
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