In the latest sign private tech valuations continue to spiral higher, the WSJ reports cloud storage/file-syncing giant Dropbox has raised ~$250M at a ~$10B valuation. A BlackRock fund is said to be the lead investor.
With Dropbox previously reported to be targeting 2013 sales of $200M+, the funding round might value the company at close to 50x trailing revenue. Dropbox had 2012 sales of $112M, and 2011 sales of $46M.
GSV Capital (GSVC) will be happy to hear the news. The tech investment fund estimated its Dropbox stake was worth $15.1M (5.9% of NAV) at the end of Q3. That figure should be ratcheted higher when GSV delivers its Q4 report.
The Dropbox report comes four days one stating mobile payments platform Square (believed to be mulling a 2014 IPO) has launched a tender offer (shares are being unloaded by early holders) at a $5B valuation.
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