Dropbox has secured $250m in investments in its latest round of funding, as the cloud storage company is tipped to make its stock market debut this year.
Its most recent investment values the company at around $10bn, according to The Wall Street Journal, making it one of the most valuable Silicon Valley businesses yet to have an initial public offering (IPO).
The funding was headed up by venture capital firm BlackRock, with other previous investors pledging money to the firm. Dropbox hit the 175 million user mark in July.
The cloud storage industry has experienced significant growth in the past year, with some firms using storage as collateral for additional, premium products such as Google Apps and Microsoft Office 365. In addition, as small and medium-sized businesses grapple with increasingly mobile workers, affordable and secure enterprise solutions have become a key battleground for services such as Dropbox, SugarSync and Box.
Dropbox was relatively late in creating advanced enterprise-level tools and products, launching Dropbox for Business in April 2013. This replaced Dropbox for Teams, which featured basic functionality for multiple users working on the same projects.
Box, Dropbox's chief rival in this area, is also tipped for the stock market after gaining significant traction in the enterprise space. The company received $100m in investments late last year and has also been tipped for a 2014 stock market listing. Last week, it released a new version of its iOS app, simultaneously making a grab for users with a 50GB lifetime storage giveaway.
Dropbox suffered a significant outage earlier in January: many of its services were still not fully functional 24 hours after the initial fault caused by a botched server software update.
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