March 18, 2018

Dropbox IPO filing shows more than $1B in annual revenue

25 February 2018, 01:50 | Darrell Baldwin

Krales The Verge

Krales  The Verge

Last month Bloomberg reported that the company had filed a secret IPO, meaning the company's S-1 was bound to drop soon-and here we are today. Dropbox's last round funding round resulted in $350 million in February 2014.

"Life would be a lot better if everyone could access their most important information anytime from any device". That's a sentiment the protagonists of The Emoji Movie - who learn to work together to accomplish their goals and self-actualise while giving back to the community they exist in - could nearly certainly empathise with. Nothing compared to the personal growth of Gene Meh, Jailbreak, and the residents of Textopolis who recognise that just being yourself is what life is all about - but growth nonetheless.

"While we're at scale, we can still move quickly", Dropbox co-founders Drew Houston and Arash Ferdowsi said in a letter to shareholders included in Friday's filing. The company will trade on Nasdaq under the symbol of DBX. The offering could come as early as March 19. Apart from this, Dropbox managed to create $1.11 billion in revenue just previous year which gives it a total increase if 31 percent compared to its stats in 2016.

Dropbox, which was valued at $10 billion in its 2014 funding round, would be one of the biggest USA enterprise technology companies to list domestically in several years. All that time, the company has remained private, but that's about to change.

Meanwhile, Dropbox said it now has 11 million paying users, which is far less than the 500 million registered users who access its services for free. In 2016, it had 6.5 million paying users.

"Our customers include individuals, teams, and organizations of all sizes, from freelancers and small businesses to Fortune 100 companies, Within companies, our platform is used by all types of teams and functions, including sales, marketing, product, design, engineering, finance, legal, and human resources." company said in its filling.

What remains to be seen, Enderle noted, was whether Dropbox shrewdly spends the money it raises. That's a statistic that the company acknowledges it needs to improve.

Among institutional investors, Sequoia Capital, which led Dropbox's seed round in 2007 and first venture round the following year, owns 23 percent, followed by Accel at 5 percent and T. Rowe Price at 3.5 percent.

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