Cloud storage company, Box, has raised $150 million in funding from global investment firm TPG and hedge fund CoatueManagement, the company said today. Box filed for an IPO earlier this year, but later postponed the plan due to the declining demand for technology stocks.
The new funding, which is rare for a company that already filed for an IPO, puts Box at $2.4 billion in valuation.
As part of the agreement, Box said, TPG Growth will appoint a director to the company's Board of Directors. TPG Growth is also an investor at Airbnb and Uber.
According to the Wall Street Journal, TPG Growth also required Box to sell more shares in case it sells its IPO shares at a lower price. Ratchets are rare provisions. But firms like TPG are now using it more often.
Additionally, Gartner has named Box a leader in Enterprise File Synchronization and Sharing (EFSS).
Under the leadership of CEO Aaron Levie, Box now has 27 million users. Out of the 240,000 businesses using Box, 99 percent of them are Fortune 500 companies, the company said.
"Our mission is to help organizations be more productive, collaborative and competitive by connecting people and their most important information. This focus has been instrumental in building a customer base that includes some of the most influential businesses in the world,” said Aaron Levie, co-founder and CEO, Box. “We’re excited to work with TPG Growth and Coatue as we continue to aggressively invest in our customers, technology, and future growth.”