Slack Raises $250 Million With a $5 Billion Valuation

Slack Raises $250 Million With a $5 Billion Valuation

Software start-up Slack Technologies Inc reportedly raised $250 million from SoftBank Group Corp and other investors in its latest funding round, wher

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Software start-up Slack Technologies Inc reportedly raised $250 million from SoftBank Group Corp and other investors in its latest funding round, whereas being valued at $5.1 billion.

Slack is a company building a platform which connects teams with the apps, services and resources they need to get work done, as they stated on their website. More than 35,000 paying companies, over 100 countries are using Slack, according to the company`s website.

“Connect your conversations with the tools and services that you use to get the job done. With over 1,000 apps and a robust API, the Slack platform team works with partners and developers globally to build apps and integrations that streamline your work, automates mundane tasks and brings context into your conversations in Slack.”, as Slack wrote

Reports published at Reuters (reuters.com), Fortune (fortune.com), Business Insider UK (uk.businessinsider.com) and other media outlets confirmed that Slack`s recent fund-raising round was successful.

The overall funds of the company are now reported to be $841 million, as they wrote in a an emailed statement to Business Insider UK.

As Slack Chief Executive, Stewart Butterfield, commented, the fund provides resources that will help the company run as a cash-generating business and reduce the dependence on outside financing, as the online media explained.

The funding round of Slack is part of a bigger trend seeing a growing number of technology start-ups receiving funding of more than $100 million. Data company PitchBook Inc released a reasearch stating that there were 34 venture capital deals of $100 million or more in the second quarter of this year, nearly triple the 12 such bargains in the first quarter, as Business Insider UK wrote in their publication.

Last week, Slack held its Frontiers conference that brough together thinkers, Slack customers, developers, and collaborative companies and individuals exploring how the nature of teamwork is changing, as the company`s blog pointed out.

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