1. Box.Net, Inc.
The “Private Company Valuation Report” by VC Experts is aimed at providing specific deal terms and
estimated post-money valuations for the venture-backed company. Included in the report are national,
regional, and industry averages, company comparisons, investment rounds with deal terms, price per share,
estimated fully diluted shares, and valuation trends. VC Experts has compiled this intense level of data from
Federal and State regulatory filings as well as strategic partners to aid in better transparency of private
company information.
Table of Contents
Box.Net, Inc.
Key Management
Investors (current and historic)
Comparable Private Companies
Investment Rounds
Valuation Trends
Methodology for Cost of Capital Benchmark
Methodology for Valuation Ticker
Fair Market Value per Common Share
Box.Net, Inc.
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2. Box.Net, Inc.
Box.net provides an online storage solution. The Company offers a cloud content management service to
hold Documents, Photos, Music Files, and Video Clips. Box. net enables users to share, store, and access
files of any type from anywhere. Comparable companies include Searchandise Commerce, Inc., Fluensee,
Inc., Partsearch Technologies, Inc., ViVOtech, Inc..
Address: 220 Portage Avenue, Palo Alto CA 94306
Geographic Region: Silicon Valley
Industry: Business Products and Services
SIC Codes: 7374 - Computer Processing and Data Preparation and Processing Services
NAICS Codes: 518210 - Data Processing, Hosting, and Related Services
Legal Counsel: Perkins Coie LLP
Company Website: http://www.box.net
Key Management Investors (current Comparable Private
and historic) Companies
Dylan Smith, Chief Financial
Officer
Andreessen Horowitz Fluensee, Inc.
Bessemer Venture Partners Intechra LLC (AKA: Intechra
Draper Fisher Jurvetson (FKA: Holding Corporation)
Draper Associates) Partsearch Technologies, Inc.
New Enterprise Associates
SAP Ventures
Undisclosed Firm
U.S. Venture Partners
Scale Venture Partners (FKA: BA
Venture Partners)
Accel Partners
Emergence Capital Partners, L.L.C.
Meritech Capital Partners
Investment Data - Preferred
Investment Investment Round Est. Fully Diluted Preferred Price Per
Valuation
Date Amount Number Shares Share
2011-10-11 30.0 9 $657,307,629 72,504,895 $9.07
Round: Series D National: 14%, Regional: 14%, Industry: 10%
Direction: Up Round National: 52%, Regional: 55%, Industry: 57%
Liquidation Pref.: Pari Passu National: 45%, Regional: 50%, Industry: 51%
Liq. Multiple: 0 - 1x National: 92%, Regional: 92%, Industry: 94%
Stock Type: Participating Preferred National: 44%, Regional: 39%, Industry: 33%
Capped Participation: Yes National: 43%, Regional: 52%, Industry: 48%
Anti-Dilution: Weighted Average National: 95%, Regional: 97%, Industry: 98%
Redemption: Yes National: 34%, Regional: 20%, Industry: 25%
Cumulative Dividends: No National: 80%, Regional: 92%, Industry: 85%
2011-08-12 18.67 8 $551,048,385 68,611,747 $8.03
Round: Series D National: 13%, Regional: 13%, Industry: 9%
Direction: Up Round National: 50%, Regional: 53%, Industry: 56%
Liquidation Pref.: Pari Passu National: 45%, Regional: 49%, Industry: 50%
Liq. Multiple: 0 - 1x National: 92%, Regional: 92%, Industry: 94%
Stock Type: Participating Preferred National: 44%, Regional: 40%, Industry: 33%
Capped Participation: Yes National: 39%, Regional: 48%, Industry: 41%
Anti-Dilution: Weighted Average National: 95%, Regional: 97%, Industry: 98%
Redemption: Yes National: 34%, Regional: 19%, Industry: 25%
Cumulative Dividends: No National: 80%, Regional: 92%, Industry: 85%
2011-02-24 38.0 7 $208,296,152 65,876,894 $3.16
Round: Series D National: 15%, Regional: 13%, Industry: 13%
Direction: Up Round National: 44%, Regional: 50%, Industry: 49%
Liquidation Pref.: Pari Passu National: 43%, Regional: 47%, Industry: 48%
Liq. Multiple: 0 - 1x National: 89%, Regional: 90%, Industry: 92%
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3. Stock Type: Participating Preferred National: 51%, Regional: 42%, Industry: 42%
Capped Participation: Yes National: 41%, Regional: 51%, Industry: 46%
Anti-Dilution: Weighted Average National: 93%, Regional: 95%, Industry: 98%
Redemption: Yes National: 41%, Regional: 20%, Industry: 35%
Cumulative Dividends: No National: 75%, Regional: 93%, Industry: 80%
2010-06-30 7.9 6 $66,581,789 52,017,022 $1.28
Round: Series C National: 24%, Regional: 25%, Industry: 21%
Direction: Up Round National: 35%, Regional: 41%, Industry: 42%
Liquidation Pref.: Pari Passu National: 35%, Regional: 37%, Industry: 40%
Liq. Multiple: 0 - 1x National: 87%, Regional: 91%, Industry: 91%
Stock Type: Participating Preferred National: 55%, Regional: 45%, Industry: 47%
Capped Participation: Yes National: 40%, Regional: 45%, Industry: 41%
Anti-Dilution: Weighted Average National: 91%, Regional: 95%, Industry: 93%
Redemption: Yes National: 39%, Regional: 19%, Industry: 33%
Cumulative Dividends: No National: 79%, Regional: 92%, Industry: 82%
2010-03-31 7.1 5 $55,944,991 44,755,992 $1.28
Round: Series C National: 24%, Regional: 25%, Industry: 21%
Direction: Up Round National: 35%, Regional: 41%, Industry: 42%
Liquidation Pref.: Pari Passu National: 35%, Regional: 37%, Industry: 40%
Liq. Multiple: 0 - 1x National: 87%, Regional: 91%, Industry: 91%
Stock Type: Participating Preferred National: 55%, Regional: 45%, Industry: 47%
Capped Participation: Yes National: 40%, Regional: 45%, Industry: 41%
Anti-Dilution: Weighted Average National: 91%, Regional: 95%, Industry: 93%
Redemption: Yes National: 39%, Regional: 19%, Industry: 33%
Cumulative Dividends: No National: 79%, Regional: 92%, Industry: 82%
Valuation Trend
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4. Valuation Trend
Valuation Trend
800M 10
600M 7.5
Post-Money Valuation
Price Per Share
400M 5
200M 2.5
0M 0
2010-03-31 2010-03-31 2010-06-30 2011-02-24 2011-08-12 2011-10-11
Post-Money Valuation Price Per Share
Highcharts.com
Methodology for Cost of Capital Benchmark
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5. Methodology for Cost of Capital Benchmark
The Cost of Capital Benchmark Chart presents a metric of the company's cost of capital based on whether
the deal terms included in its recent financing rounds were "company friendly" or "investor friendly", with
comparisons to East Coast and West Coast averages. For example, if the company issues a security with a
liquidation multiple of two, a cumulative dividend, and full ratchet anti-dilution protection, while the average
security issued by other companies in its region at that time had a liquidation multiple of one, no dividend,
and weighted average anti-dilution protection, the Cost of Capital Chart would likely show a higher cost of
capital for that financing round in relation to regional averages.
Cost of Capital Benchmark
Relative Cost of Capital
2007 2008 2009 2010 2011
East Coast West Coast Box.Net, Inc.
Highcharts.com
Methodology for Valuation Ticker
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6. Methodology for Valuation Ticker
The Valuation Ticker Chart presents the estimated movement of the company's valuation over a year-long
period since its last financing round, based on a basket of publicly traded stocks in its industry sector. For
example, if the company's valuation at the time of its last financing round was $100 million, and within a year
the value of publicly traded stocks in its industry sector have increased 30 percent, the chart will show the
value of the company increasing to $130 million. Thus, the Valuation Ticker Chart provides you a more up-to-
date estimate of the company''s valuation than you would get by looking at the valuation of its last financing
round alone.
Valuation Ticker
1200M
1100M
1000M
900M
Est. Post-Money Valuation: $687,241,274
800M
700M
600M
From 10/11/2011 to 11/30/2011
Box.Net, Inc.
Highcharts.com
Total Estimated Fully Diluted Shares as of 2011-10-11: 72,504,895
Fair Market Value per Common Share
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7. Fair Market Value per Common Share
Filing Date Shares Price Per Share
2010-07-26 3,029,030 $0.290000
2009-04-28 1,353,740 $0.240000
2009-02-04 30,000 $0.240000
2007-06-11 118,125 $0.200000
2007-03-12 30,000 $0.200000
2007-01-26 1,387,100 $0.200000
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