Dropbox seeks USD250 million in third funding round
Online storage company Dropbox said that it was seeking a funding of USD250 million in a round that would value it at over USD8 billion.
The New York Times said that, if successful, Dropbox's latest funding round would more than double the company's valuation.
Dropbox last took on money in its Series B funding round in October 2011. It raised USD250 million from top-tiered investors including Benchmark, Goldman Sachs and Sequoia Capital, based on a profile by CrunchBase. Dropbox had a valuation of USD4 billion then.
It was not immediately clear who was prepared to invest in the web storage company at a sky-high valuation. However, venture capital firms with billions of dollars to spend are looking to commit late-stage capital into well-positioned companies, which are likely to go public or be sold in the near future, NY Times said.
According to the report, Dropbox will be using the proceeds from the funding round to increase its workforce and market its services as it gears its focus to the enterprise.
The NY Times also said that a capital infusion would give Dropbox the ability to continue acquiring smaller companies. Early this year, it acquired the email app Mailbox for USD100 million, CrunchBase said.