Since bursting onto the world stage six years ago, file sharing and storage startup Dropbox has grown quickly. It is now trying to raise an additional $250 million (£155.2 million) in funding over the next few weeks, an amount which will value the company at more than $8 billion (£4.9 billion).
Silicon Valley startups have been doing rather well of late, with rocketing company valuations cajoling generous investors into parting with their cash. The most high profile recent case was Twitter, who despite only making losses in he last few years is now valued at over $20 billion (£12.4 billion) after its stock market debut.
With an ever-increasing list of competitors in the cloud storage field, Dropbox wants to use investors’ money to increase sales, grow its engineering teams and acquire new technology, according to Bloomberg Businessweek.
The move to expand may be wise, with tech heavyweights Microsoft and Google muscling in on the market, and fellow startup Box looking to carve a place amongst Dropbox’s 200 million customers.
The call for funding follows a busy fortnight for the cloud storage developers. Last week Dropbox rolled out an update that let users access their personal and business files without having to switch between two accounts.