U2’s Bono and Edge have followed up a $270 million investment in Facebook by investing in internet storage specialists Dropbox. Dropbox, which is still considered to be in its formative years, can already claim 50 million users worldwide and was recently described by Forbes magazine as “tech’s hottest startup” in a cover story that it ran in November.
A Tweet sent by Dropbox, said, “Dropbox is excited to welcome Bono & The Edge as investors. Thanks for the support and look forward to great things!”
Dropbox is an internet based storage system that allows users to store up to 2GB of images, documents, and videos free. Additional free storage can be obtained by recommending friends who then go on to install Dropbox’s desktop software, which offers easy access to files. These files can then be accessed via any device with access to the internet.
Forbes magazine estimated that Dropbox profits are expected to soar in 2012, with profits reaching $240 million for 2011 even though only 4% of users avail of the higher storage rates charged on a monthly basis.
The investment represents the latest in a series of moves by U2 frontman Bono and his company, Elevation Partners, which is involved with Palm, Yelp, and Facebook. Elevation Partners’ investment in Facebook inspired the company to move towards creating a new $1 billion investment fund that will be used to invest in more start-ups when the right targets are identified.