Dropbox has raised a massive $250 million funding round, valuing the company at $10 billion according to the Wall Street Journal today. The funding is led by a BlackRock fund, according to the WSJ, which cites “two people familiar with the deal” as the source of the report.
This is actually the second time that Dropbox has raised $250 million: It did so before in 2011 in a round including Goldman Sachs, Sequoia, Index Ventures and Accel Partners. Back in November, a rumor about an additional $250 million raise put the valuation of the company at a supposed $8 billion, which our own Alex Wilhelm called a “bargain” at the time.
When news of the raise was first circulating last year, revenue for the cloud storage company was rumored to be in the “hundreds of millions of dollars” range according to BusinessWeek, which helps justify the huge valuation. Other companies in the same ball park in terms of worth pre-IPO include Twitter, which was valued at $10 billion back in May, 2013; Google, which went public with a $2.7 billion valuation; and Box, which is a direct Dropbox competitor and had a valuation of $2 billion when it raised $100 million late last year.
Also included in this round are existing investment partners, the WSJ says, but it’s unclear who exactly was involved at this stage. We’ve reached out to Dropbox to find out more about the reported funding and the backers in the round, and will update if we find out more.
More to come…
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