Box today announced a $150 million investment from TPG Growth, the middle market and growth equity investment platform of global investment firm TPG, and Coatue Management, L.L.C. As part of the agreement, TPG Growth will also appoint a director to the Box Board of Directors. Terms of the transaction were not disclosed.

Box claims it has more than 27 million individual users at more than 240,000 businesses globally, including 99% of the Fortune 500.

Box is competing with fast-growing startups like Dropbox, as well as some of the world's biggest technology companies like Microsoft, Google, Apple and Amazon.com.