Dropbox Valued At $10 Bln Following $250 Mln Fundraising : WSJ

(RTTNews) - Dropbox Inc., a provider of online storage services, raised about $250 million financing from investment manager BlackRock Inc. (BLK) and others investors that values Dropbox at $10 billion, the Wall Street Journal reported on Friday, citing people familiar with the deal.

The report said that the company's valuation has more than doubled since late 2011, when investors valued the San Francisco-based company at $4 billion. The company also got a higher price than expected when it approached investors as recently as November.

Dropbox raised $250 million in its 2011 financing from Goldman Sachs (GS) and venture-capital firms including Sequoia Capital, Index Ventures and Accel Partners.

The report stated that the funding will help accelerate Chief Executive Drew Houston's push into business software.

Dropbox is going after businesses that are moving to the cloud, bolstering competition with Box Inc.

Dropbox, which gained popularity by giving free storage and sync services to consumers, has more than 200 million users. It was founded in 2007 by Drew Houston and Arash Ferdowsi.