Head in the Clouds: Dropbox Reportedly Valued at $10 Billion
Move over, Pinterest and Snapchat. Dropbox is reportedly sporting a $10 billion price tag, making it one of the most highly-valued venture-backed companies in the world.
In its latest round of fundraising led by BlackRock -- and with participation by existing investors -- the San Francisco-headquartered file hosting service raised somewhere between $250 to $400 million at a valuation of $10 billion, according to reports. The company has raised a total of $507 million since its founding.
New funds will accelerate Dropbox's avowed push into the corporate realm, where it sells security and other premium features to the roughly 4 million businesses that currently use its service, reports The Wall Street Journal. The company posted over $200 million in sales for 2013 -- almost double the $116 million it saw in 2012, sources said. The latest round of funding also reignited chatter on Wall Street about the company's expected IPO this year.
Even Dropbox's competitors -- namely Box, which raised $100 million in December to garner a $2 billion valuation -- are praising its latest feat. Box's co-founder and CEO, Aaron Levie, tweeted, "Congrats @drewhouston [Dropbox's founder and CEO]! One small step for the cloud, one giant leap for boxes."