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Dropbox snags $318m funding at $12.7b valuation: WSJ

Published on Jan 18, 2014 7:22 AM

SAN FRANCISCO (REUTERS) - Dropbox Inc has secured US$250 million (S$318 million) from Blackrock Inc and other investors in a new funding round that values the provider of online storage services at almost US$10 billion, the Wall Street Journal cited unidentified sources as saying.

Dropbox, the six-year-old Silicon Valley start-up many expect to go public sometime this year, is taking advantage of flush investors and skyrocketing valuations for fledgling tech companies.

The company has undergone tremendous growth amid the meteoric rise of cloud, or Internet, storage, which is expected to continue booming alongside mobile computing. Other companies, including Microsoft and Amazon are expanding into the cloud business.

Dropbox's other investors include Goldman Sachs, Sequoia Capital, Accel Partners and Index Ventures. The Journal cited the sources as saying that previous investors also participated in the latest funding round.

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