Slack is now worth $7.1bn, after raising a $427m series H round

Workplace messaging platform Slack has closed a series H investment of $427m (£331.3m) from Dragoneer and General Atlantic, pushing the business’ 2017 valuation up 40 per cent to a post-money value of more than $7.1bn.

The round added to the $841m previously raised by Slack from over 40 investors, including the likes of Softbank, Accel, DST and Andreessen Horowitz. The tech company said it had pursued the investment to give it “even more resources”, in order to take advantage of what it sees as a massive opportunity in the industry.

Launched in 2013, the platform now has more than 8m daily active users and 70,000 paid subscription teams, at a 25 to 28 per cent boost from its September 2017 numbers.

Earlier this year, Slack bought the intellectual property rights to similar work chat tools Hipchat and Stride from tech behemoth Atlassian, as well as taking a small strategic investment from the software giant.

Today’s news has only added to previous cries which hailed Slack as the next competitor to Microsoft, which has invested heavily in its own Microsoft Teams product to date.