More Money, No Problem: Dropbox Raises Another $250M Round, Says Report
Amid rumors that the company is eyeing a 2014 IPO, Dropbox raised another $250 million round of financing, according to the Wall Street Journal. The outlet reports that people familiar with the deal say that the BlackRock fund led the round.
While the company has yet to confirm the news, if it's true, it puts the company's valuation around $10 billion, according to the Journal. Not bad for a company started at a bus station in 2007.
This is the second $250 million funding round for Dropbox, which saw the same amount in its Series B round, led by Goldman Sachs and Sequoia Capital in 2011. At least one investor may have pushed for the additional funding as a way to throw a bone to existing shareholders, according to an earlier Journal story.
Since its founding, the startup has seen somewhat steady growth. Its 2013 revenue, according to unnamed sources in the Journal, was more than $200 million, up from $116 million the year before.
Many have speculated that Dropbox will go public this year as the competition in the cloud storage space--from heavyweights like Amazon and Microsoft, not mention the other cloud computing darling, Box--continues to heat up. But Dropbox hasn't had any trouble raising money, and has been pretty aggressively expanding its B2B business. It recently launched Dropbox for Business, which included a partnership with Dell.
The only snag in the company's recent history: Dropbox's technical stability was questioned, after a massive service outage last weekend left users without access to the cloud for more than two days.
To top off the big day for founder Drew Houston, he received a shout out from an unlikely source: Box founder Aaron Levie.
Congrats @drewhouston ! One small step for the cloud, one giant leap for boxes.--Aaron Levie (@levie) January 17, 2014
An inquiry to Dropbox was not immediately returned.
Check back for more updates.
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