Two things.

1. Enterprise, as someone else mentioned. It's still mostly considered a consumer brand, especially as they've focused on features like photo syncing with mobile phone partnerships. They're an ideal fit for enterprises though and still have huge opportunities.

2. An app platform or what I call "Bring Your Own Data" (not unlike App.net and to some extent Evernote). This is a rising paradigm where users own their data and 3rd-party apps hook into it. Instead of the prevailing cloud model where apps and data are silo'd. An early example is Tunebox, which plays and manipulates MP3s within your own Dropbox instead of hosting them on your behalf. Another example is the way 1Password uses Dropbox to sync data instead of doing its own hosting and syncing.

The app platform is really big as developers don't have to think about syncing. Traditionally data sync has been one of the main benefits of the web. But Dropbox API means developers can write rich, native, apps on any platform and assume the syncing "just works".

This is a bit like the other fork in the road that Twitter walked away from, ie to be the underlying cloud infrastructure for apps. (I wouldn't be at all surprised if Dropbox acquired App.Net or similar to provide a powerful pubsub layer too.) Developers focus on making awesome user-interfaces and delegate all the network infrastructure to Dropbox. That's similar to the way developers can use tools like Firebase and Parse, with the key difference that data resides with the user.

Just as a quick point of reference, they don't actually own the space. I do love them - I think they are an awesome company and expect they'll do well, but I just switched my entire company from Dropbox to Box. In short, Dropbox falls very short when it comes to "enterprisey" stuff like fine-grained permissions, etc.

They certainly _could_ own the space, but at the moment Box has a vastly superior enterprise offering.

Do they have something similar to dropbox packrat?

Dropbox definitely doesn't own the enterprise space. I imagine that's where they see the growth opportunity.

In the enterprise they've got different hurdles and competition.

If publicity equaled making money hand over fist, Ron Burgundy 2 would be the top grossing movie right now.

The raised another round probably so insiders could sell shares or they could IPO.

They just sold 2.5% of their company for one time 2013 sales (ie valuing their company at 40 times sales).

That would be like Facebook raising money at a $200 billion valuation (currently: $138b).

Dropbox would be insane to turn that down.

I'm of course not even close to be familiar with business and investments but what I think is going on here is that you can't rely on 'cash cow' forever.