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.