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Box raises $150 million as it puts off IPO

Source: Box

The online storage start-up Box can put off its IPO for a bit longer.

The company has raised $150 million in funding from the hedge fund Coatue Management and the private equity firm TPG, the company announced Monday afternoon.

News of the funding was first reported by the Wall Street Journal, which noted that the funding values Box at about $2.4 billion, slightly more than the company's valuation in December of $2 billion.

Box publicly filed for its IPO in March, but delayed its plans after tech stocks took a hit in April this year. The company says it has 27 million individual users at more than 240,000 businesses.

Bryan Taylor, a partner at TPG, said his firm views Box as thriving on cutting-edge technology. "Box has established a strong leadership position in the transition to the cloud, and we are confident that the company can continue to scale," he said, in a statement.

According to the WSJ report, the company will go public sometime after Labor Day.

By CNBC.com

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