Box, the online storage company started by a pair of Mercer Island High School graduates, is seeking additional funding from private equity firm TPG to tide the company over before its initial public offering, according to a report by the Wall Street Journal.
The company filed for its IPO on March 24, right after the market for tech stocks began to soften. An additional funding boost would give the rapidly growing cloud storage service some additional breathing room to choose when it wants to set its IPO date.
Other tech companies have since had successful IPOs, but uncertainty remains about how much Wall Street is interested in cloud storage firms like Box. The company reported a $168.6 million loss for its 2013 fiscal year, on revenues of $142.2 million, so it’s possible that Box could start feeling a squeeze if it keeps going without an infusion of funding.
The company lost $112 million for its 2012 fiscal year.
According to the report, Box’s management has cut its marketing budget in order to make sure that its cash hoard lasts for as long as possible.
Still, the company has a number of high-profile enterprise contracts, including General Electric. If those companies stick around for the long haul, they’ll provide a strong revenue foundation for Box to build on.
Here’s Box’s SEC filing.
Update: A Box spokesperson provided GeekWire with the following statement via email: “Our plan continues to be to go public when it makes the most sense for Box and the market. As always, investing in our customers, technology, and future growth remains our top priority.”