Investments, News

Dropbox raises USD 250 Mn in Series C round

Image: TechCrunch

Dropbox, the San Francisco based cloud storage company has recently raised USD 250 Mn at a valuation of USD 10 Bn. The investment was led by a fund managed by BlackRock Inc and others.

Including the latest round, till date the company has raised over USD 500 Mn funding. The first seed round of USD 1.2 Mn was raised in 2007, later followed by USD 6 Mn Series A in 2008 and USD 250 Mn Series B in 2011.

It is backed by investors such as Y Combinator, Sequoia Capital, Accel Partners, Index Ventures, Goldman Sachs, Greylock Partners and more.

Founded in 2007 by MIT graduates Drew Houston and Arash Ferdowsi, Dropbox strives at making it easier for people to access and share their stuff and provide an interface that syncs files across multiple devices and operating systems.

In the last six years, the company has achieved massive growth raising its valuation from USD 4 Bn in 2011 to current USD 10 Bn. with over USD 100 Mn acquisitions, it has acquired companies like Cove, Audiogalaxy & Snapjoy in 2012 while Tapengage, Mailbox, Endorse, Foundry Hiring and Sold in 2013.

The company claims to process over a billion files per day with over 200 million users, but just over 300 total employees. Also, as per the reports, it is planning to go public later this year.

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