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  • Dropbox raises $250 Million in Series B of Funding

    November 4th, 2011 No comments

    Dropbox, the San Francisco, Calif. – based company providing services which allow people to quickly upload and share their documents, photos and videos, has recently announced the end of the series B of funding which has brought the company an amount of $250 million. This funding round has been led by Index Ventures with the participation of some new investors from Benchmark Capital, Goldman Sachs, Greylock Partners, Institutional Venture Partners, RIT Capital Partners, and Valiant Capital Partners and of the previous investors from Sequoia Capital, Accel Partners, Hadi and Ali Partovi. By now, Dropbox has managed to raise a total of $257.2 million in funding.

    The money raised in this new round of funding is going to be used in order for the company to manage to accelerate its already rapid pace of growth, in order to make new acquisitions, to establish new strategic partnerships and to increase the size of its team.

    Drew Houston, the co-founder and CEO of the company, stated the following: “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 that depend on Dropbox, and we will continue to make sure that the world’s devices, services, and apps work together seamlessly. We’re thrilled to have such world-class investors joining forces with us.”

    The company intends to simplify the life of its customers around the world by allowing them to upload files such as documents, photos and videos which they can easily share with who they want to. This cloud project has managed to quickly grow due to the increase in demand on the market. At the moment, Dropbox has more than 45 million users from 175 countries around the world who are saving more than one billion files every three days. Moreover, the company intends to triple its user base by the end of this year.

    Danny Rimer, the general partner at Index Ventures, has stated the following: “We are delighted to have led this financing and believe Dropbox has the potential to become an iconic technology company. 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.”

    For this funding round, the company has been valuated at the value of $4 billion. The fact is that the company grew even more after the PR team at Dropbox has decided to use to their advantage the story according to which Steve Jobs and Apple have tried to purchase Dropbox, but the company refused the deal. It is maybe wrong that they have used the person of Steve Jobs in order to attract interest by the means of the interview published in Forbes magazine, but this has actually helped the company grow incredibly quick.

    The company has been founded by Drew Houston and Arash Ferdowsi in 2007.

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