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U2 stars invest in US tech firm

U2 stars Bono and The Edge have been revealed as new investors in San Francisco start-up Dropbox.

The company, which raised a $250m investment in October, unveiled the new investment online.

"Dropbox is excited to welcome Bono and The Edge as investors," they confirmed. This was the first time that Bono was identified as an individual investor in a tech company, but he's no newbie in the sector.

He's a co-founder and managing partner in Elevation Partners, which has sunk money into Facebook and Yelp and is raising a new $1bn fund.

It is understood that Dropbox linked up with the rock stars through entrepreneur brothers Ali and Hadi Partovi, advisers and investors in Dropbox who met Bono while working on their music app iLike.

Dropbox, a service that allows people to upload and store files free of charge, has grown substantially since it launched in 2007.

It recently bought data-sharing start-up Cove, which employs Akhil Wable, one of the architects of Facebook's search system.

Various reports value Dropbox at more than $1bn.

This isn't the U2 pair's first business venture together. They have refurbished and now own The Clarence Hotel in Dublin, which made a profit in 2010 after three straight years of losses.


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