Box.net Seeks $35 Million More for Cloud Storage Funding
Box (AKA Box.net) has been spending a lot of time and effort positioning itself as the channel-friendly cloud storage and file sharing company. And now Reuters says Box is seeking an additional $35 million in funding from venture capitalists to keep the momentum going. But where’s the potential money going?
To be perfectly honest, there’s a lot we don’t know. Reuters is basing its claim on a financial filing Box made this week, and apparently Box.net didn’t answer calls for comment. But what’s for certain is Box has already raised $18.7 million of that $35 million target from seven unnamed investors.
Earlier this year, Box.net completed a $48 million round of funding, and in early 2010 it raised $15 million in venture capital. Between those high-profile rounds, a few smaller rounds and the amount already raised this time out, Box stands at $112.6 million in total funding from firms including Meritech Capital Partners, Andreessen Horowitz, Emergence Capital Partners, Draper Fisher Jurvetson, Scale Venture Partners and US Venture Partners, Reuters reports.
Back in February 2011, Box said the funding was going toward international expansion, headcount growth, mobile business development and, most notably for Talkin’ Cloud readers, partner acquisition. That last goal was most definitely met with the launch of a two-tier Box cloud storage partner program at the end of June.
Until Box makes an official announcement (if ever), we can only speculate. But my guess is the company is only going to ramp up its friendship with Google and attendant rivalry with Microsoft Office 365, which includes winning over even more of the channel.
Separately, Talkin’ Cloud is watching Box.net closely for alleged changes in its cloud partner program. Some Box.net partners allege that Box.net has introduced minimum sales requirements for partners to earn recurring revenues. We’re investigating the claims now.
Additional insights from Joe Panettieri.