Dropbox Raises About $250 Million at $10 Billion Valuation BlackRock Is Leading the Deal Alongside Previous Backers
Dropbox Inc. has closed on about $250 million in a funding round that values the online-storage provider at close to $10 billion, according to two people familiar with the deal. A BlackRock Inc. investment fund is leading the deal, which also includes previous backers, said one of these people, who declined to provide more detail. Dropbox wasn't immediately available to comment. At $10 billion, Dropbox is one of the most highly valued companies backed by venture capitalists. The company's valuation has more than doubled since late 2011, when investors valued the San Francisco-based company at $4 billion. The company also got a higher price than expected when it approached investors as recently as November. Dropbox raised $250 million in its 2011 financing from Goldman Sachs and venture-capital firms including Sequoia Capital, Index Ventures and Accel Partners. The Wall Street Journal previously reported that Dropbox had expected sales of more than $200 million in 2013. The company made $116 million in sales in 2012, according to people familiar with the company's financials, more than doubling its $46 million in revenue in 2011. The year before, it nearly quadrupled sales from $12 million.