Box Is Offering $40M To Startups Building On Box’s Platform
Box, the cloud storage company, has always set itself apart from rival companies like Dropbox, OneDrive and Google Drive by letting developers create things on top of its underlying service.
“This is where we’re seeing business models emerge,” said Box CEO Aaron Levie at the company’s BoxDev event in San Francisco.
Keeping the trend alive and to entice more users to adopt Box as a development platform, the company announced a $40 million fund for startups which are building their companies on top of the Box service. The deal has been made in partnership with Bessemer Venture Partners and Emergence Capital Partners.
If Box manages to pull this off and ends up with a great number of developers on board, the company can manage to get a pretty large slice of the market.
To rule in the software market, users are the primary source of credibility. If Box want your service to be used extensively, the smartest way is to make people use apps that are built on its foundation. And apps will only be made using Box if startups are attracted towards it one way or the other.
Bessemer and Emergence are all up for the funding as they care about investing in companies that show true promising potential.
Bessemer partner Byron Deeter described Box’s platform as “the best that’s out there,” and that there’s “no need to reinvent the wheel.”
Emergence partner Jason Green agreed, saying that when it came to investing in enterprise startups, “I’d much rather be investing in companies solving feature problems.”