Slack has a new message for you: they are now valued at $5.1 billion after their newest round of funding.
The cloud-based team collaboration tool, founded in Vancouver, announced a $250 million funding round led by the investment behemoth SoftBank and its Vision Fund. Accel also contributed to the funding. This puts the total amount of money raised by Slack at $841 million.
This new investment will aid Slack in running as a cash-generating company, meaning the company can begin to reduce its dependence on other kinds of outside financing.
This latest large investment by SoftBank’s Vision Fund adds to the number of companies funded by the Japanese telecom and internet company. Roivant Sciences, Grab, Flipkart and WeWork have all seen billion-dollar investments through the fund, with several other companies receiving investments in totaling in the hundreds of millions.
“The Vision Fund’s focus on global technology platforms aligns with our recent international expansion, while Accel has been with us as investors and partners from the very beginning,” said Slack CEO Stewart Butterfield in a statement.
This new investment has been in the works for a couple of months, rumoured to have been happening since late June.
A Slack spokeswoman also said that the company has plenty of capital and will not immediately spend this new funding from the Vision Fund.
The Vision Fund is the investment arm of The SoftBank Group, led by founder Masayoshi Son. The fund had $100 billion to invest in companies around the world.