Slack Now Worth Over $7.1 Billion
By Carlo VersanoSlack, the popular workplace communication tool, is now valued at more than $7 billion.
The company announced Tuesday it closed a new $427 million funding round, making it one of the most valuable privately held tech start-ups ー and strengthening its position against tech titans like Microsoft, Google, and Cisco, all of which have their own enterprise products competing in the space.
San Francisco-based Slack, which allows members to talk in private chats and group channels, said in a blog post it would use the capital investment to grow its business, which now has more than 8 million daily active users and 70,000 organizations paying for access.
The new valuation, up almost 40 percent from the $5.1 billion it was worth last year, makes Slack more valuable than Vice Media, fintech firm Robinhood, and online sports marketplace Fanatics, according to CBInsight's Global Unicorn Club.
The funding round was led by General Atlantic and Dragoneer Investment Group and included T. Rowe Price, Wellington Management, Baillie Gifford and Sands Capital. Last year, Slack got a $200 million cash infusion from Softbank's Vision Fund, the massive venture capital fund that has pumped billions into some of the most high-profile unicorns in Silicon Valley. It's raised more than $1 billion to date.
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