One of the leading entrepreneurial teams in the country has closed another enormous round of funding, according to an article published on VentureBeat.com.
The author reports that Dropbox, a cloud-storage firm, recently closed a $250 million round of funding, which has raised the company’s valuation to just shy of $10 billion, and jettisoned it into a category of one of the highest-valued venture-funded companies in the technology industry today.
The multi-billion dollar company was founded only 7 years ago by Drew Houston and Arash Ferdowsi, who, according to the article, were looking for a way to make working from more than one computer easier. Since their inception, the author writes that the company has grown to over 200 million users, with 1 billion files being saved on their platform every day.
One of the company’s newest innovations came in the form of their business platform; according to the author, the new product makes it easier for users to switch from business to personal accounts and vice-versa, and allows office administrators and IT workers more control over who can view their saved/shared files.
Dropbox’s biggest competitor is a firm called Box – an enterprise platform that closed its own round of $100 million in venture funding in late 2013. According to VentureBeat, in the fiercely competitive environment of cloud-storage, Box, while not as highly valued as its main competitor, has an edge in terms of being picked up for business use. In addition, the article argues that Dropbox’s past problems with security breaches will be an obstacle for the company going forward.
Despite these concerns, the recent round of funding for Dropbox (which was, according to the author, handled by BlackRock Investors) added to a list of major financial players already invested in the company, including Goldman Sachs, Sequoia Capital, Index Ventures, and Accel Partners.