Dropbox to be valued at $US5 billion

TechCrunch is reporting that file management group Dropbox is looking to raise more money in a round that would value the company at over $US5 billion.

The report states the company has already had conversations with some investors, and investment banks are already involved. Allen & Co is said to be one of the parties involved.

 Dropbox is looking to raise between $200-300 million, the publication’s sources state, which would value the company anywhere between $US5-10 billion.

While Dropbox has raised money before, the new amount would represent quite a substantial increase in their funding.

The company recently suffered a security scare when it found users were able to access other Dropbox accounts without passwords for a four-hour window.