Dropbox Is Looking For Big Money At A $5 To $10 Billion Valuation

drew houston dropboxDropbox cofounder Drew Houston.

Online storage service Dropbox is looking to raise between $200 million and $300 million at a $5 to $10 billion valuation.According to Sarah Lacy at TechCrunch, the company is talking to several potential investors, including Allen & Company.

A $5 billion valuation would be a huge jump from its last round, where it was valued at about $7 million , and would make it one of the highest-valued private tech companies in theĀ  right behind Twitter, which is currently raising funds at a rumoured $8 billion valuation.

The service is popular and easy to use — a heck of a lot easier than Microsoft’s equivalent — but has come under fire lately for a big security breach and for updating its terms of service to make clear it will hand over your files to government agencies if they have a valid subpoena (like just about everyone else).

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.