Sunday, November 15, 2009

Box DotNet

(Post: English)
"Aaron Levie and Dylan Smith started in 2005, when they were both college sophomores, as a tool to collaborate on projects with fellow students."

The pair - childhood friends from Seattle - soon saw business potential in an online platform to let companies share information securely.

Nine months after launching, they both left school (they were at University of Southern California and Duke, respectively) and moved to the Bay Area to work on the company full time, with an initial $350,000 investment from Mark Cuban. (His stake has since been bought out).

The service, targeted toward companies with fewer than 100 employees, has 3 million users representing 50,000 businesses.

Individuals can try a limited version for free, but businesses pay $15 per user per month for the premium version.

The company,, now based in Palo Alto, has 50 employees and has raised $14.5 million in venture capital from Draper Fisher Jurvetson and U.S. Venture Partners.

The firm is not yet profitable, though Levie says revenue is in the 'mid-to-high single millions', and he expects it to turn a profit soon.

The Company:
What It Does: Online collaboration tool
Founders: Aaron Levie, 24, and Dylan Smith, 24
Based: Palo Alto, California, USA

Source: BusinessWeek

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