Slack Raises $427 Million Series H at $7.1 Billion Valuation

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One of Canada’s most notable technology companies has made a move to look past smaller adversaries and set their sites on some of the biggest brands in the world as competitors.

Slack has announced a new $427 million Series H funding round led by Dragoneer Investment Group and General Atlantic. This latest round values the company at over $7.1 billion. This newest round was reported earlier in the month, though Slack has just now confirmed it, adding that other participating investors include T. Rowe Price Associates, Inc., funds advised by Wellington Management, Sands Capital, Baillie Gifford, and unnamed investors.

Founded in Vancouver, Slack is now located in San Francisco with several other offices located around the world. The platform has over three million paying customers, and eight million daily active users. Large companies using Slack include Autodesk, IBM and Target.

“The way people work is changing, and we are committed to delivering the best product and experience for our customers in this new era,” Slack wrote in a blog post. “We pursued this additional investment to give us even more resources and flexibility to better serve our customers, evolve our business, and take advantage of the massive opportunity in front of us.”

Slack is now one of the highest-value tech startups in the world and has raised more than $1.25 billion in total funding. Their last round came in September 2017 as they raised $250 million from SoftBank. Slack has said it does not have plans to go public until at least 2019.

“Our mission is to make people’s working lives simpler, more pleasant, and more productive, and we are grateful for the support along the way. Thank you to our customers, partners and employees for making our growth and momentum possible,” Slack concluded their blog post with.

Slack has been busy in the last month. They have made two seperate acqusiitons—first acquiring an add-on called Missions, then two weeks later acquiring Hipchat and Stride.

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