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July 8 (Bloomberg) -- Box Inc. almost doubled revenue in its most recent quarter as it raised $150 million from TPG Capital and Coatue Management LLC to give it more flexibility in when to hold an initial public offering.

The cloud-storage provider’s sales for the three months ended April 30 rose to $45.3 million from $23.4 million a year earlier, according to a filing yesterday with the U.S. Securities and Exchange Commission. Box’s net loss widened slightly to $38.5 million from $34 million, as the company’s spending on sales and marketing increased 40 percent to $47.4 million, slightly more than it generated in revenue.

Box, led by Chief Executive Office Aaron Levie, filed its updated financials as it tries to figure out when to go public. The Los Altos, California-based company filed for an IPO in March, yet delayed a road show with investors amid a bumpy stock market performance for technology shares. Some investors had also questioned Box’s long-term viability because it is unprofitable and is spending heavily.

The filing showed Box made some improvement in cutting down on the rate of spending. In March, the company had disclosed that its marketing costs for the fiscal year 2013 climbed 73 percent to $171.2 million, 38 percent more than its generated revenue.

Yet as the company keeps investing to expand, Box’s cash and cash equivalents deteriorated, declining to $79.3 million by April 30 from $108.9 million as of Jan. 31.

More Time

The money raised from TPG and Coatue buys Box time on its IPO, which may now take place at the earliest after the Sept. 1 Labor Day holiday in the U.S., according to a person with direct knowledge of the situation.

Box sold TPG and Coatue 3.75 million redeemable convertible preferred stock each at $20-a-share, according to the filing.

The round values Box at $2.4 billion, up from the $2 billion valuation of its last financing in December, according to people with knowledge of the situation. TPG, a Fort Worth, Texas-based private-equity firm, will also get a seat on Box’s board, said the people, who asked not to be identified because the talks are private.

The financing indicates investors remains willing to bid up Box’s value in the private market, which creates more pressure on the company to hold a successful IPO at a later date.

The Wall Street Journal reported earlier yesterday on the fundraising and new timing of Box’s IPO.

College Roots

Founded in 2005 by Levie and Dylan Smith while the two were still college students, Box is competing with fast-growing startups like Dropbox Inc., as well as some of the world’s biggest technology companies like Microsoft Corp., Google Inc., Apple Inc. and Inc. Like its competitors, it’s going after a wide range of industries, from manufacturing to finance and media, where employees are sharing documents and data on a multitude of devices.

TPG, led by David Bonderman, also has backed other late-stage technology startups such as home-rental company Airbnb Inc. and the car-booking mobile application Uber Technologies Inc.

To contact the reporter on this story: Serena Saitto in New York at

To contact the editors responsible for this story: Pui-Wing Tam at Ben Livesey

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