Dropbox raises $350 million

February 24, 2014: 2:17 PM ET

Dropbox has another $350 million in the bank, and more may be on the way.


FORTUNE -- Last month, reports surfaced that Dropbox had raised $250 million from Blackrock (BLK) in its final round of private funding before embarking on its highly anticipated IPO. Follow-up articles noted the round could go up to $400 million, with contributions from existing investors T. Rowe Price and Fidelity.

Now we have an SEC filing with some official numbers: Dropbox has raised $325 million with room to go up to $450 million.

[Update: A person familiar with the situation says the total amount Dropbox has raised in this new round is $350 million, at a $10 billion valuation. It's unclear whether Dropbox intends to fill out the round for the entire $450 million, or will close it at $350 million.]

Allen & Company and Goldman Sachs (GS) handled the deal. (They earned $8.25 million for the placement, according to the filing.) The initial report noted that Dropbox's revenue from 2013 was $200 million.

MORE: How to tell the difference between Box and Dropbox

Dropbox, which sells cloud storage to consumers and businesses, has been an IPO candidate for the past year. Earlier this month, the company hired Dennis Woodside, who ran Motorola Mobility for Google (GOOG), as its first COO. Its rival, Box, has confidentially filed to go public, according to reports.

A company spokesperson declined to comment on the filing.

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