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Is Dropbox Funding Double Earlier Reports?

Jan 31 2014, 8:47pm CST | by

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Is Dropbox Funding Double Earlier Reports?

Dropbox’s big round may actually have been bigger. Way bigger.

Last week there was much brouhaha when various outlets reported that the San Francisco-based tech company had closed a $250 million round led by BlackRock Inc. at about a $10 billion valuation. But based on financial filings, the round could have been almost double that amount.

According to Delaware incorporation documents filed Wednesday and unearthed by venture capital intelligence firm VC Experts, the cloud-based file-sharing company registered to sell about $450 million in its Series C round, $200 million more than the amount previously reported. At the share prices disclosed in the document, Dropbox’s valuation comes in at about $9.6 billion based on a share count of just over 500 million shares.

A Dropbox spokesperson could not be reached for comment.

The Wall Street Journal first reported the news of Dropbox’s fundraising round on January 17, its first since late 2011. Tech blog Recode followed soon after that, suggesting that the round could swell from $250 million to $400 million, citing unnamed sources.

Dropbox’s restated certificate of insurance–signed by CEO Drew Houston–disclosed that that the company authorized nearly 23.6 million shares to be sold in its Series C round. At an “original issue price” of $19.1012 for those shares, total equity in the round is worth $450 million. Using that share price and an estimated fully diluted share count of 502 million shares calculated by VC Experts, Dropbox is worth a little under $9.6 billion.

“The terms of this round were in line with the prior rounds, but with the price of this round being $10 per share more than the prior round, we see the valuation being well north of $9 billion,” said Justin Byers, director of intelligence at VC Experts.

It’s unclear which institutions are buying those shares. Recode reported that previous investors Fidelity and T. Rowe Price were considering entrance into the round after previously investing in prior series. Dropbox’s other investors reads like a Sand Hill Road Hall of Fame list: Accel Partners, Benchmark, Greylock Partners, Index Ventures, Institutional Venture Partners and Sequoia Capital.

Dropbox’s latest round of funding values the company at more than double the $4 billion valuation it attained in closing a $250 million round in late 2011. At $9.6 billion, Dropbox is Silicon Valley’s most valuable private technology company, just beating out Palo Alto-based Palantir, which raised money last month at a $9 billion valuation.

With this new round, Houston took his net worth into the billion-dollar range. FORBES estimates that the Dropbox cofounder and CEO owns a stake larger than 10% in the company.

Dropbox Restated Certificate of Incorporation

With reporting from Alex Konrad and Bruce Upbin in New York. 

Follow me on Twitter at @RMac18 or email me at

Source: Forbes


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