We knew it was in the works, and now Dropbox has confirmed that it has raised a massive round of funding. The company has landed $250 million in Series B financing (bringing its total of capital raised to $257.2 million). Last we heard the round values Dropbox at $4 billion.
Index Ventures led the round, with participation from a stellar list of new investors (Benchmark Capital, Goldman Sachs, Greylock Partners, Institutional Venture Partners, RIT Capital Partners and Valiant Capital Partners). Early backers Sequoia Capital, Accel Partners, and Hadi and Ali Partovi also participated in the round. Founded in 2007, Dropbox was initially jump-started at Y Combinator.
Dropbox says it now has more than 45 million users saving one billion files every three days, and that it is poised to triple its user base this year.
The fresh money will be used for acquisitions, strategic partnerships and the recruitment of new people, the company said in a statement.
Dropbox Raises $250 Million in Series B Funding
More than 45 Million Users Saving One Billion Files Every Three Days
Dropbox, a service that lets people bring their documents, photos and videos everywhere and share them easily, announced today that it has completed a $250 million Series B financing. The company will use the funds to accelerate its rapid growth, make acquisitions, pursue strategic partnerships, and grow the team. Dropbox has more than 45 million users saving one billion files every three days, and is on track to triple its user base in 2011.
The financing was led by Index Ventures and includes participation from new investors Benchmark Capital, Goldman Sachs, Greylock Partners, Institutional Venture Partners, RIT Capital Partners, and Valiant Capital Partners. Early investors Sequoia Capital, Accel Partners, and Hadi and Ali Partovi also participated. Dropbox has received a total of $257.2 million in funding.
“Our goal has always been to build a service that hundreds of millions of people would love and trust. We’re inspired by the consumers and businesses who depend on Dropbox, and we will continue to make sure that the world’s devices, services, and apps work together seamlessly,” said Drew Houston, co-founder and CEO of Dropbox. “We’re thrilled to have such world-class investors joining forces with us.”
“We are delighted to have led this financing and believe Dropbox has the potential to become an iconic technology company,” said Danny Rimer, general partner at Index Ventures. “Over the past four years, Dropbox’s talented team has created a great service with a very strong business model, and we look forward to helping the company build upon this outstanding foundation.”
The mission of Dropbox is to simplify life for people around the world. Dropbox lets people bring their docs, photos and videos everywhere and share them easily. The service has more than 45 million users in 175 countries saving one billion files every three days. Dropbox was founded in San Francisco in 2007 by Drew Houston and Arash Ferdowsi and has received a total of $257.2 million in funding.
Dropbox was founded in 2007 by Drew Houston and Arash Ferdowsi. Frustrated by working from multiple computers, Drew was inspired to create a service that would let people bring all their files anywhere, with no need to email around attachments. Drew created a demo of Dropbox and showed it to fellow MIT student Arash Ferdowsi, who dropped out with only one semester left to help make Dropbox a reality. Guiding their decisions was a relentless focus on crafting a...