In addition to @Mats answer, I'm adding some more info (it helped me on Debian 8).
My shared folder/clipboard stopped to work for some reason (probably due to a patch installation on my virtual machine).
sudo mount -t vboxsf Shared_Folder ~/SF/
Gave me following result:
VirtualBox: mount.vboxsf: mounting failed with the error: No such device
The solution for me was to stop vboxadd and do a setup after that:
cd /opt/VBoxGuestAdditions-*/init
sudo ./vboxadd setup
At this point, if you still get the following error:
No such device. The Guest Additions installation may have failed. The error has been logged in /var/log/vboxadd-install.log
You need to install linux headers:
apt-get install linux-headers-$(uname -r)
then you can install Guest Additions:
sh /media/cdrom/VBoxLinuxAdditions.run --nox11
and restart your Linux by:
reboot
then you will be able to mount your shared folder!
mount -t vboxsf Shared_Folder ~/SF/
More informations (in French), check this page.