Dropbox Secures $250 Million Funding, Company Valued at $10 Billion
Dropbox, the 6-year old Silicon Valley startup behind the well known file storage and sharing service, has announced that it secured a $250 million fund from BlackRock and other investors. The provider of online storage services is valued at almost $10 billion, according to sources familiar with the matter. The startup’s valuation has more than doubled in the past 3 years since being valued at about $4 billion in 2011.
Many people expect the company to go public this year. Dropbox has grown dramatically in the past several years among the rise of cloud storage and computing. Other companies, including Microsoft and Amazon have also been making a push into expanding their cloud business.
The company has many other investors including Goldman Sachs, Sequoia Capital, Accel Partners, and Index Ventures.
Dropbox was founded in 2007 by Drew Houston and Arash Ferdowsi, two graduates from the Massachusetts Institute of Technology. The company is rapidly accumulating users by giving them a polished easy-to-use interface that seamlessly syncs files and folders between multiple devices. Dropbox has over 200 million users.
In November, it unveiled what it described as one of the most comprehensive upgrades to its service for businesses, including a feature that allows users to easily maintain both personal and corporate accounts.
Many companies including Box, are also offering simpler services to Dropbox. Box is also preparing to go public as early as 2014 according to multiple reports.