Dropbox Seeking Valuation of Over $8 Billion

Dropbox has always had a flair for the dramatic. Its CEO and co-founder Drew Houston, for example, appeared in a YouTube clip in 2012, belting out “Rocket Man” with a pint in hand at a Swiss bar — just one of several bravura performances. The company’s offices in San Francisco — replete with swings that dangle from the ceiling, a full bar and a recording studio — are among the most decadent. And, of course, Dropbox has garnered attention for raising an incredible $257 million in funding during its five-year journey.

Well, let the trumpet players play because Dropbox plans on raising even more money and continuing on with its lavish ways. Dropbox will look to raise $250 million more in the next few weeks, according to two people with knowledge of the company’s plans, who asked not to be identified because the discussions are private. The company, these people say, seeks a valuation north of $8 billion, or more than double its last round, which closed in Oct. 2011. Dropbox’s past investors include Sequoia Capital, Accel Partners, Y Combinator, and more flamboyant types like U2’s Bono and The Edge. Read more...