TechCrunch is reporting that file management group Dropbox is looking to raise more money in a round that would value the company at over $US5 billion.
The report states the company has already had conversations with some investors, and investment banks are already involved. Allen & Co is said to be one of the parties involved.
Dropbox is looking to raise between $200-300 million, the publication’s sources state, which would value the company anywhere between $US5-10 billion.
While Dropbox has raised money before, the new amount would represent quite a substantial increase in their funding.
The company recently suffered a security scare when it found users were able to access other Dropbox accounts without passwords for a four-hour window.
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
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