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Dropbox is going public as it seeks to raise up to US$500 million

By Kenny Yeo - on 26 Feb 2018, 10:46am

Dropbox is going public as it seeks to raise up to US$500 million

(Image source: Gadgets Now)

File hosting service Dropbox was founded over 10 years ago. And today, it has finally decided to file to go public.

The company is aiming to raise as much as US$500 million as it faces increasing competition on all fronts. It will trade on Nasdaq under the symbol "DBX."

Apple and Microsoft, for example, have both been trying to improve their own cloud and file syncing services.

Because of the filing, we now know that Dropbox's revenue and been increasing steadily for the past three years.

Revenues have grown substantially from US$603 million in 2015 to US$1.1 billion last year.

Membership has also grown significantly from 6.5 million in 2016 to 11 million early this year.

That said, the company continues to lose money, though losses have been reduced. In 2015, it made a loss of US$326 million. Last year, it lost US$111.7 million.

Source: The Verge