Slack, a workplace communications platform, has raised a whopping $427 million at a post-money valuation of more than $7.1 billion.
The latest series H Funding was led by Dragoneer Investment Group and General Atlantic. Other investors in this round include T. Rowe Price Associates, Inc., funds advised by Wellington Management, Baillie Gifford and Sands Capital, along with existing investors.
With the latest funding, Slack has raised nearly $1.3 billion to date. The company last raised money in September 2017 when Softbank had led the $250 million mega-round at a $5 billion valuation.
Launched in 2014, Slack offers an online platform which allows organizations to connect their teams, unify their systems, and drive their business forward. Users can connect conversations with the tools and services that they use to get the job done. With over 1,500 apps and an API, the Slack platform team works with partners and developers globally to build apps and integrations that streamline work, automate mundane tasks and bring context into conversations in it.
While the platform is free to create a team messaging group on Slack, this only comes with basic support and 5 GB of storage total.
Slack, the four-year-old workplace communication company has skyrocketed in popularity in the workplace and among people. It claims to have over 8 million daily active users and more than 70,000 teams paying to use it out of which 65 companies are the Fortune 100. This tremendous growth has made the company a darling among investors and potential acquirers.
“Slack is an exceptional company that is revolutionizing the way people collaborate, and we look forward to a long term partnership with the Slack team as they continue to grow the business,” said Marc Stad, Founder and Managing Partner of Dragoneer, in a statement.
In order to make it more better, slack recently acquired HipChat and Stride chatting software and related intellectual property rights from workplace software company Atlassian. The company also bought small enterprise software startup Missions in July for an undisclosed amount.