Dropbox gets $250m funding boost

19/10/2011

Dropbox has raised $250m in Series B funding, as the firm looks to expand its file-sharing services. San Francisco-based startup Dropbox was founded in 2007 by Drew Houston and Arash Ferdowsi. The firm specialises in transporting and sharing documents, photos and videos. The new capital brings the company's total raised to date to $257.2m. The fresh money will be used for acquisitions, strategic partnerships and the recruitment of new people, the company said in a statement.

19/10/2011

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The round was led by Index Ventures and included participation from new investors Menlo Park-based Benchmark Capital, Greylock Partners , Institutional Venture Partners as well as Goldman Sachs Group, British investment trust RIT Capital Partners, and Valiant Capital Partners.

Previous backers Menlo Park-based Sequoia Capital, Palo Alto-based Accel Partners , and twin brothers Hadi and Ali Partovi also participated.

“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.”

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.

“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.”

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