Economy

Slack Raises $250 Million; Tops $5 Billion Valuation

Slack Raises $250 Million; Tops $5 Billion Valuation”

Workplace collaboration tool Slack has raised another round of funding from Softbank's newly instituted Dollars 100 billion fund which values the company at more than USD 5 billion.

Workplace collaboration platform Slack has closed its long-rumored new round of fundraising, a $250 million round led by SoftBank's Vision Fund as it seeks to beat back a growing list of competitors with deep pockets.

The fund provides resources which will help Slack to run as a cash-generating company and the raise will reduce its dependence on outside financing, Slack Chief Executive Stewart Butterfield said.

According to Bloomberg, Slack said it is still sitting on most of the $591 million it had previously raised.

The company this month announced an expansion of its service to work in German, French, Spanish and Japanese as it competes with Microsoft Corp's Teams and Atlassian Corp's HipChat service for corporate customers. An earlier round of funding from Thrive Capital valued it at Dollars 3.8 billion. It invested $4.4 billion in shared-office company WeWork Cos.in August, and is mulling an investment in Uber Technologies Inc. of up to $12 billion with three other investors, Bloomberg has reported. It also said that it had reached $200 million in revenue from subscriptions.

This post was syndicated from The Guardian Nigeria Newspaper - Nigeria and World News.

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