I write about business, entrepreneurship, innovation, wealth and culture with a focus on global impact. Innovative, groundbreaking ideas and the structures that drive them over time, inform my subject choices. I cover industries that span manufacturing, service, technology, entertainment, healthcare and aviation among others, across Africa for Forbes Middle East. I have previously worked as Forbes Africa’s West Africa Correspondent, a wealth contributor on the annual Forbes rich list and as a CNBC Africa business contributor.
Five-year-old enterprise communications platform Slack announced a new $427 million round of Funding on Tuesday in a Series H round led by Dragoneer Investment Group and General Atlantic.
The Series H will add to the previously raised amount of $841 million, valuing the company at more than $7.1 billion.
With over 8 million daily active users and 70,000 paying teams, Slack has been able to generate hundreds of millions of dollars in annual revenue.
Today, Slack is one of the most highly valued tech startups, and like its fellow consumer-facing titans including Airbnb, Pinterest, and Uber, has no plans to go public until next year. For now, it says that its focus is on capital-fuelled growth.
“We pursued this additional investment to give us more resources and flexibility to better serve our customers, evolve our business and take advantage of the massive opportunity in front of us,” the company said in a blog post.
In spite of stiff competition from the likes of Facebook, Microsoft, Google, Cisco and many others that have entered the workplace app space, Slack’s user-friendly interface and extensive software integration abilities has helped it stay ahead of its competitors and continue to innovate.
In July, Atlassian, the business-to-business software giant and a major competitor to Slack, shut down its operations, while other rivals such as Hipchat Cloud and Stride closed down after selling their intellectual property to Slack in exchange for an equity stake in the company.
Slack’s newest funding round also included participation from T.Rowe Price, Baillie Gifford, Wellington Management, and Sands Capital.