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Box continues global expansion with £80m in additional funding

Cloud content start-up Box has announced that it has raised a hefty $125 million (£80 million) in its latest round of fundraising to add to the $162 million (£103 million) or so the file-sharing service has already drummed up.

Box was valued at roughly $600 million (£380 million) in the earlier round, when the company was seen as a hot commodity in the acquisition market for various tech giants looking to shore up their cloud portfolios in a changing market for enterprise IT.

But now that Box has a valuation north of $1 billion (£639 million), the company almost certainly isn't for sale, Forbes reported.

"We're at the beginning of a transformative and discontinuous shift in the enterprise landscape," Box co-founder and CEO Aaron Levie wrote on the company blog, comparing the current "confluence of mobile, social, and cloud technology" to the "transition from mainframes to minicomputers in the '60s and '70s."

Box's $125 million (£80 million) fundraising campaign was led primarily by General Atlantic (GA) and new investor Social+Capital Partnership, according to research firm PrivCo.

"Box's latest round demonstrates that rapidly growing companies with strong revenue models can continue to raise private capital at high valuations," PrivCo CEO Sam Hamadeh said in a statement.

Box also welcomed Gary Reiner, a GA investment partner and former General Electric CIO, to its board of directors.

Levie said the start-up plans to invest heavily in "creating an amazing end-user experience with all-new ways to interact with and collaborate on content" while continuing to support existing customers and build up mobile platforms.

"We have an exciting slate of upcoming technology with more innovation in the next few quarters than in our entire company's history," he added.

Just this year, Box has unveiled a number of products, beginning in March with the Box OneCloud, an iOS and Android application that rolls more than 30 different apps, including Quickoffice, PDF Expert, and PaperPort, into one, allowing a user to store various apps' data in the same place.

Box upgraded its enterprise customers in May with more mobile security, advanced search tools, and multiple email domain support, among other new features added to its enterprise offering. Cloud storage was added to the Windows Phone platform earlier this month when Box unwrapped its Microsoft-friendly mobile app.

"If Microsoft's vision was to put 'a computer on every desk and in every home,' then the vision of Box (and the post-PC movement more broadly) is to get the right information into every individual's hands," Levie said.

Box raised a total $27 million (£17 million) in 2011, PrivCo reported. Since its founding in 2005, the company has hauled in $284.2 million (£182 million) in funding.