+1-888-308-5802     
News Contact Us

Slack raises total valuation to $7.1B with additional $427m funding

Author : Paroma Bhattacharya | Published Date : 2018-08-23 

Slack, the fast-growing workplace messaging platform, has reportedly raised $427 million through a new funding round. Citing reliable sources, this latest funding round has propelled the company to reach a valuation of $7.1 billion.

According to reports, the company’s rapid growth rate has made it a preferred investment ground among potential buyers. The startup was reportedly valued at $2.8 billion in 2015 but the $250 million it raised from the SoftBank Group ‘Vision Fund’ last year brought up the company valuation to $5.1 billion.

Slack’s product is apparently so strong and popular that it reportedly gives strong competition to its rivals such as Microsoft’s Teams and Facebook’s Workplace. It is rumored that the San Francisco and Vancouver based startup had fended takeover interests from tech giants such as Amazon, Google and Microsoft.

The company boasts of 8 million daily users as of now, which is double the number of users it had in 2017. Supposedly, more than 70,000 groups pay the corporate messaging firm for its services, though many users access its messaging services without paying.

Reportedly, the startup’s growing hunger for funds and the extraordinary boost in its valuation have started to become a common occurrence in the private investment market which is very generous with funds, betting big on fast growing startups.

Alan Tu, research analyst, T. Rowe Price Associates, commended Slack’s success and growth in this new enterprise collaboration era. Meanwhile, Dragoneer managing partner, Marc Stad stated that the corporate messaging platform has revolutionized the way people collaborate.

Incidentally, Dragoneer Investment Group along with General Atlantic led the new funding round. Other investors who joined them included firms such as Baillie Gifford, Wellington Management, T. Rowe Price Associates and Sands Capital. The $427 million series H equity round brings the overall funding to $1.26 billion raised by Slack till date.

About Author

Paroma Bhattacharya

Paroma Bhattacharya

Paroma Bhattacharya, having completed her post-graduation in Journalism and Mass Communication, started her career in writing with resourceful and informative content development across diverse fields. Having dealt in myriad topics ranging from business to real estate, she now pens down articles for fractovia.org and other portals. She can be contacted at- [email protected] | https://twitter.com/paromab1

Related News

Chinese GoPro rival Insta360 raises $30M as it moves towards 2020 IPO

Published Date: 2019-03-22         Author: Paroma Bhattacharya

The company’s Series C+ funding round saw participation from a number of Chinese investors including Huajin Capital, Everest Venture Capital & MC Holdings. The move comes as the company is on its way to go public through an IPO scheduled for launch in 2020. Shenzhen Arashi Vision... Read More

Five Point Fours collapse leaves thousands of people in the lurch

Published Date: 2019-03-18         Author: Paroma Bhattacharya

The company recently issued a notice of administration to the ASIC (Australian Securities & Investments Commission). Brisbane-based health food delivery company, Five Point Four, is reportedly going to close down, much to the surprise of its massive customer base and over 230,000 online follo... Read More

Mswipe secures Rs.220 crore in funds in Series E investment round

Published Date: 2019-03-16         Author: Paroma Bhattacharya

Mswipe Technologies Pvt. Ltd., a Mumbai-based PoS (Point-of-Sale) & business payment solutions provider, has grabbed headlines for receiving up to R. 220 crore in the latest Series E financing round. Reportedly, the leading investors participating in the round include the American hedge fund ... Read More

© 2019 Fractovia. All Rights Reserved