Dropbox CEO Shares Screenshot Of His Bank Account The Moment His Company Raised Its First Million

Dropbox CEO Drew Houston digs up an image of his bank account that chronicles the first $1.2 million he secured in venture funding for his company.

Dropbox CEO Drew Houston recently returned to his alma mater, MIT, to deliver the commencement address.

Houston has since annotated a version of the speech that's now up on Rap Genius, the hip-hop lyrics decoder that also demystifies poetry, recipes, and news articles.

Among Houston's annotations: A screenshot of his bank account, showing the moment when he reaped the benefits of Dropbox's first-ever funding round—$1.2 million from Sequoia Capital.

"For a 24-year-old, this is Christmas—and opening your present is hitting refresh over and over on bankofamerica.com and watching your company's checking account go from 60 dollars to 1.2 million dollars. At first, I was ecstatic—that number has two commas in it! I took a screenshot—but then I was sick to my stomach. Someday these guys are going to want this back. What the hell have I gotten myself into?"

Among Houston's first purchases is a $17.35 splurge at Radio Shack.

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  • KPR

    Dropbox's 2011 revenue was expected to be $240MM. 

    Dropbox's company valuation in 2011 was expected to be anywhere from $1BB to $10BB depending on the source. 

    Needless to say, Drew Houston will have no problem paying this $1.2MM nor the $256MM in series A and B funding that they've received on top. 

  • icecycle66

    Only $250,000 of that is insured by FDIC.  He should split it into at least four accounts.

  • Alexander Wallin

    BofA can always go to their piggybank (the US government) if they need money. 

  • lakawak

    Uhhh...getting investor money does not make it yours. Just means he has lots of people to pay back when his business ACTUALLY starts making money. Or better yet...if.

  • Luke Jones

    My thoughts exactly. The start up culture has made it an ambition to get an investment for a product. All that means is borrowing a load of money that you have to pay back. I can do that at a bank.
    I’m not sure if I’m meant to be impressed by this.

    I’d be more impressed if he managed to earn his first $1m from scratch without investment. Which, believe it or not, is possible.

  • Matt C

    There could be some economic terms that state once they hit certain benchmarks, the VC will release additional funds, or part of it could potentially go to other places (accounts).

    It's also typical that the money wired to the account will always be less because of transaction fees, which the VC has the company pay for (lawyers, bankers, etc).

  • Bowendk

     its possible Sequoia had put in place certain benchmarks that Dropbox had to meet. "$250,000 will be delivered after we see this..."