Slack Not Slacking With $427 Million

Corporate messaging service Slack said it raised an additional $427 million of investment, giving the San Francisco-based company a valuation of more than $7.1 billion. This Series H equity round is in addition to the $841 million previously raised.

The lead investors are Dragoneer Investment Group and General Atlantic, joined by funds and accounts advised by T. Rowe Price Associates, Inc. and funds advised by Wellington Management, and Baillie Gifford and Sands Capital, as well as existing investors.

Slack lets workers collaborate together. The company reports more than 8 million Daily Active Users (DAUs) and over 70,000 paid teams.

Clients include Capital One, Oracle, Airbnb, Target and Ticketmaster.

Launched in 2014, Slack says it is the fastest-growing business application in history.