 "Dropbox reportedly seeking funding at $8 billion valuation")
Dropbox has raised $257 million to date and it looks like it now wants to double that entire amount. Reports have hinted at the fact that the cloud storage service is looking at a massive round of funding which will have the startup valued at a whopping $8 billion.
A report by Businessweek on Monday said that Dropbox was pretty much looking to double the funding it had accrued over the last five years, within one simple round of funding. According to people with the knowledge of the company’s plan said that Dropbox will be looking to raise the $250 million within the next few weeks.
Seeking funds
When asked to comment on this, Dropbox Spokesperson Ana Andreescu said that the company has continued a strong momentum. Within the last year alone, Dropbox has managed to double its user base to 200 million users. It also sports 4 million businesses to its name. The company has been backed by the likes of Y Combinator, Sequoia Capital, Accel Partners as well as U2 members Bono and The Edge.
Dropbox CEO Drew Houston has said that the company has yet to use all of its cash from the last round of financing. However, it looks like Dropbox could use some more cash in order to step on the pedal when it comes to thinking of bigger and better things for the company., especially in the business side of things. Just last week Dropbox unveiled its plans of repackaging its business offering, a move that will help users easily manage their work and personal accounts through the service.
Dropbox has multiple competitors it needs to be a step ahead of all the time. With Microsoft, Google and Amazon all venturing into cloud storage, Dropbox definitely needs funds backing it in order to innovate. Its biggest competitor, however, is the similarly named Box which is run by Aaron Levie.
Box has managed to accrue $312 million to date but has seen a slower consumer growth thanks to its focus on business clients. Even so, Box has been planning for an IPO next year, leaving the ball in Dropbox’s court now. This round of funding should chart out Dropbox’s growth over the next few years.
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