+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

Biotechnology startup Biofourmis raises $35 million in Series B round

Published Date: 2019-05-24         Author: Paroma Bhattacharya

Biofourmis, a biotechnology startup recently announced that it has collected $35 million in a Series B round led by venture capital company Sequoia Capital India & US-based MassMutual Ventures, along with existing investors like- Openspace Ventures, Aviva Ventures, the corporate venture capital ... Read More

Freshworks acquires U.S.-based customer success service firm Natero

Published Date: 2019-05-23         Author: Paroma Bhattacharya

Freshworks, a cloud-based customer engagement company, recently announced its acquisition of Natero, a leading customer success cloud software. The acquisition is expected to provide Freshworks with a SaaS platform that combines sales, marketing, support & customer success, cites source. Fres... Read More

Snapsheet closes its Series E investment round at $29 million

Published Date: 2019-05-21         Author: Paroma Bhattacharya

The funding would be further accelerating the company’s ongoing efforts of facilitating wider claims management solutions on a global level. Following the Series E round, the total capital raised by the company has reached the $71 million mark. Snapsheet, a renowned pioneer of virtua... Read More

© 2019 Fractovia. All Rights Reserved