The online storage service provider Dropbox is raising a funding of $250 million that will put its value at nearly $10 billion, reports The Wall Street Journal. The funding is backed by BlackRock among many others.
However, both Dropbox and BlackRock have abstained from providing any details about the funding.
Dropbox was started in 2007 and is a San Fancisco (California) based company. It is a file hosting service that offers cloud storage, file synchronization, and client software. With Dropbox, one can share photos, documents, vedios etc. and can veiw them anywhere on any computer.
Dropbox has grown at a very fast pace, its value getting more than doubled since 2011 when it was evaluated to be $4 billion. It promises security and other premium features to more than four million businesses.
The fund raising will help Dropbox’s Chief Executive and co-founder Drew Houston to expand the business. It will help it to compete other rival multi-million cloud storage companies such as Box Inc., Google Drive, Apple iCloud, and SkyDrive.
