Head in the Clouds: Dropbox Reportedly Valued at $10 Billion
In its latest round of fundraising, the cloud storage company raised a reported $250 to $400 million at a valuation of $10 billion.
Opinions expressed by Entrepreneur contributors are their own.
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.
Related: Why Tech Valuations Can't Be Too High or Too Low
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."
Dropbox is hardly the only tech company with an eye-popping valuation. Pinterest has an estimated value of $3.8 billion, while Snapchat and Uber are each valued at $3.5 billion.
Related: Dropbox Revamps Business Service, Adds a New Feature