File-storing service Dropbox is looking to raise around $250 million in the next few weeks as the company aims for an $8 billion evaluation, BusinessWeek reported.
According Businessweek, the company plans to double its growth from two years ago comes just a week or so after Snapchat reportedly turned down a $3 billion offer from Facebook. In October, Pinterest raised $225 million from investors who value the profitless company at $3.8 billion.
Dropbox seems confident about its own worth.
"What we can say is that with over 200 million users and 4 million businesses, Dropbox has continued and [has] strong momentum," said Ana Andreescu, a Dropbox spokeswoman.
The company has gained attention for its meteoric rise, bringing in $257 million in funding in five years.
Dropbox hasn't spent all the money garnered during the last funding round yet, according to CEO and co-founder Drew Houston.
To date, the company has raised $312 million. It will be going up against giants like Microsoft, Google and Amazon, as well as fellow startups. Collectively, other file-sharing startups have raised billions of dollars, but Dropbox has apparently seen the fastest rise.
Dropbox, which is a free online service for people to store files, has just reached 200 million users, about 10 times as many as it had three years ago.
People close to the company say its revenue has grown 20 fold since late 2010 and is now in the "hundreds of millions of dollars" per year range.
Dropbox's past investors have included Sequoia Capital, Accel Partners, Y Combinator, and even U2's Bono and The Edge.
The business has mostly grown through word of mouth, but Dropbox will need to spend money on a dedicated sales team and new technology to continue thriving, according to Bloomberg.
See Now: OnePlus 6: How Different Will It Be From OnePlus 5?
