Dropbox seeks more funding at whopping $8B valuation
Drop box CEO Drew Houston.
File-web hosting provider Drop box has raised $257 million to this point, and it’s taking a look to double that whole amount in a big round of funding that values the startup at $eight billion, Business week pronounced Monday.
Drop box has been a tech industry darling because its Y Combinatory days in 2007, and has automatically found itself on checklist after list forecasting the following big tech IPO within the wake of Twitter’s prior this month. Drop box CEO and co-founder Drew Houston has large ambitions too, likening his firm to Microsoft within the ’90s for its means to cater to everyday customers and corporate shoppers.
So while Drop box has yet to use all of its cash from its final financing round, this subsequent round of funding at $250 million could further its industry plans — which it revamped closing week — and preserve the company hovering.
Alternatively, the information is not going to bode smartly for the Silicon Valley detractors. Whereas more winning than Snap chat by default, Drop box is but every other company alongside the likes of sq., Interest, Airing, and other maturing startups milking what some fear to be a tremendous bubble sure to burst.
however at more than 200 million person users and 4 million businesses, Drop box has a tried-and-proper industry edition that could very well take it earlier this huge funding spherical and toward its eventual IPO, although Houston has been adamant on holding small print of that timeline under wraps.
“What we will say is that with over 200 million users and 4 million companies, Drop box has persisted [a] strong momentum,” Ana Andreessen, a Drop box spokeswoman, informed Business week’s Ashlee Vance.
That momentum has original Drop box into slightly of a startup superhero. It has grown its consumer base 10 occasions over in the ultimate three years, and is incomes hundreds of tens of millions of bucks a yr in revenue while venturing into the acquisition sport with good snatches like e mail optimization app Mailbox.
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Its biggest competitor is the extra enterprise-targeted field, run through the equally young and bold Aaron Levee. Box has raised greater than $300 million, which got its leap on Drop box with the aid of two years yet did not rocket in growth due partially to its industry-side focus. Field is eyeing a 2014 IPO, leaving it doubtful whether or not or now not Drop box’s seize-up game within the endeavor space and power funding hunt will hamper its lofty ambitions.