Enterprise communication app maker Slack announced it raised $427 million in a Series H equity round, which it hopes will fuel its growth.
The latest funding round values the company at more than $7.1 billion. In a statement Slack revealed it has 8 million daily active users, 3 million of which are revenue-generating, and it has raised a total of $1.27 billion to date.
“We pursued this additional investment to give us even 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 stated.
The funding round was led by Dragoneer Investment Group and General Atlantic.
Slack competes with Microsoft’s Teams, but last month lessened its list of competitors when it acquired assets from former rival Atlassion after the latter shut down its chat apps HitChat and Stride.