Box.net Secures $48 Million In New Funding

Online file storage and collaboration software maker Box.net has had a fresh round of funding worth $48 million from new and existing investors.

According to The Wall Street Journal, the funding will allow Box to expand to other countries, double its 140-strong staff and boost the development of its mobile applications.

Box offers web based tools that allow companies and individuals to store files online and collaborate on documents. Its services are being used by 5 million users in 60,000 companies, which also include 73 percent of Fortune 500 companies. Box's clientèle includes Cisco Systems and Panasonic.

Box.net Chief Executive, 26-year-old Aaron Levie, co-founded Box in 2005 while at the University of Southern California. He sees the ease with which individual users and adaptable corporate technology departments take on new software tools through the Web is offering, “gaps that are going to create huge….opportunities for guys like Box.”

The fourth round of funding for Box was led by Meritech Capital Partners, a firm which has also invested in Facebook, NetSuite and Salesforce.com, along with new investors Andreessen Horowitz and Emergence Capital Partners.

Box's existing investors Draper Fisher Jurvetson, Scale Venture Partners and US Venture Partners also took part in the fresh round of funding.