- General
- August 8, 2018
- 4 minutes read
Slack reported to be raising $400 million at post-money valuation of $7 Billion or more
Slack CTO and co-founder Cal Henderson Slack Enterprise collaboration startup Slack is now said to be raising $400 million more…
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| Slack CTO and co-founder Cal Henderson
Slack
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Enterprise collaboration startup Slack is now said to be raising $400 million more of investment in a new round which would be value the at no less than $7 Billion post-money or more as learned by TechCrunch.
This would be an addition of at least $2 Billion to the company’s previous valuation having raised $250 million in a funding round led by Softbank September last year.
Slack’s enterprise collaboration service has seen great usage among a large number of enterprises with the company having over 8 million daily active users of its products currently with 3 million of the users being paying customers.
Providing collaboration software to the likes of Naspers, NASA, Careem, Lucid, Zapier, Autodesk, Andela, IBM, Zipcar, Deezer and several others, Slack’s user numbers have spiked heavily from its beginnings 9 years ago with new features and tools being added to its suite, A notable one being the recent acquisition of competitor Atlassian’s HipChat and Stride intellectual property with the users of the 2 services migrating to its platform.
Slack announced September that it had hit $200 million in annual recurring revenue which is an exceptional increase for the company whose customer base consists of mainly small teams and startups. Even with this, Slack would have to prove its products to be useful for large enterprises who make bigger deals and lead to greater revenues for its service to fully standout.
Over half of its users come from markets outside the U.S. which marks a good user base for the company to take on more international expansion as it aims to boost its metrics.
Slack has raised close to $800 million ($790 million to be precise) in total across several rounds and will notably cross the mark of startups which has raised over $1 Billion in total funding with this stated funding round.
The San Francisco based startup has been working on boosting its ecosystem with the establishment of a Slack Fund to invest in potential companies based around its service in addition to dishing out new tools and capabilities for its software suite in a bid to court more users leveraging its team of over 1,000 global employees to build, market and sell its product suite.
