Dropbox Raises $250 million in Funding19 Oct, 2011 By: Erik Gruenwedel
Not-so-secret cloud-based digital locker claims to have 45 million users globally saving 1 billion files every 72 hours. Are movies next?
Dropbox, the San Francisco-based cloud-based locker platform, secured $250 million in Series B financing that it said would accelerate growth, make acquisitions and pursue strategic partnerships, among other options.
Investors include Benchmark Capital, Goldman Sachs, Greylock Partners, Institutional Venture Partners, RIT Capital Partners and Valiant Capital Partners. Early investors Sequoia Capital, Accel Partners, and Hadi and Ali Partovi, among others.
Launched in 2007 by MIT students Drew Houston and Arash Ferdowsi, Dropbox allows users to store for free up to 2GB of digital content (photos, documents, videos) that can be accessed via any Internet-connected device. Additional storage space can be secured by various subscription plans.
“We’re inspired by the consumers and businesses who depend on Dropbox, and we will continue to make sure that the world's devices, services and apps work together seamlessly,” Houston said in a statement. "We’re thrilled to have such world-class investors joining forces with us."
Houston made waves in Silicon Valley last year after he reportedly turned down a multifigure offer from Steve Jobs, whose Apple iCloud platform recently launched, and is said to be offering Hollywood movie storage capability by the end of the year.
UltraViolet, the studio-wide cloud-based initiative, launched Oct. 11 with Warner Home Video’s Horrible Bosses. Walt Disney Studios Home Entertainment is slated to bow the Disney Studio All Access platform this fall.
A Dropbox representative was not immediately available to discuss the platform’s adaptability to packaged and digital movies.