Popular cloud storage company Box raised around $312 million from venture capitalists and private equity investors. Box has reportedly picked the bankers for an initial public offering set to take place next year. Box is expected to raise $500 million in the IPO early next year. Morgan Stanley, Credit Suisse, and JPMorgan Chase were chosen to lead the IPO.
Box is on track to surpass $100 million in revenues this year, but their burn rate is around seven figures per month. Box’s largest expense is sales and marketing to get enterprise deals done.
Box is expected to hit 1,000 employees by the end of 2013. Most of Box’s $150 million round of Series E funding led by General Atlantic has not been used yet.