Box.net Lands Funding, Expands Offering

Virtual Storage Company Closes Series A Round and Attracts 500,000 Users

PALO ALTO, Calif.--(BUSINESS WIRE)--Box.net, a leading provider of free and premium web-based file storage and sharing, announced today that it has raised $1.5 million in a Series A investment from venture capital firm Draper Fisher Jurvetson (DFJ), led by DFJ partner Josh Stein.

“We’ve registered over 500,000 users in under 7 months, affirming our belief that there is a largely unanswered consumer need for simple yet flexible web-accessible storage”

“The rapid adoption of online storage, as well as the growing trend of online communities, makes this investment decision attractive for all parties, including our customers, partners, and investors,” says Chief Executive Officer Aaron Levie. “We’re excited about working with DFJ to expand our service and enter into new markets that can leverage our storage and sharing functionality.”

In addition to this initial round of funding, Box.net proves its value proposition as it reaches a milestone of 500,000 registered users. The online storage platform has fueled the demand for file accessibility beyond the typical desktop and removable devices.

“We’ve registered over 500,000 users in under 7 months, affirming our belief that there is a largely unanswered consumer need for simple yet flexible web-accessible storage,” says Chief Financial Officer Dylan Smith.

In addition to providing simple online storage, Box.net's unique platform allows users to upload, access, share, and collaborate on their files within third-party applications and devices. A 'Box-enabled' network showcasing these integrations will be launched in November. Registered Box.net users can already access their personal files from sites and services like Netvibes, Goowy, Pageflakes, Google Homepage, and Live.com.

Media outlets in the music and film industries will soon be able to utilize Box.net to distribute and promote digital assets to consumers. The web-based storage platform will pursue partnerships that capitalize on Box.net’s interactive and extensible service.

About Box.net

Box.net (http://www.box.net) provides virtual storage space on the Internet. The company allows individuals and small businesses to store, share, and access files from anywhere. Box.net’s unique platform provides the ability for third-party applications, content providers, and device manufacturers to utilize its storage and sharing functions. Box.net is a privately held company headquartered in Palo Alto, CA.