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Slack Closes $160 Million Financing at $2.8 Billion Valuation
Thursday, April 16, 2015Company Profile | Follow Company
Slack raises $160M at $2.8B valuation; daily active users more than doubled since beginning of year (Photo Credit: Slack)
Global group of investors including Horizons Ventures, IVP, Index Ventures, Spark Capital Growth, and DST Global back vision for future of work
Vancouver, BC and San Francisco, CA, April 16, 2015--(T-Net)--Slack, developers of an "essential team communication platform", today announced it has raised $160 million in new investment at a post-funding valuation of $2.8 billion.
New investors include Horizons Ventures, Digital Sky Technologies (DST Global), Index Ventures, Spark Capital Growth, and Institutional Venture Partners (IVP).
All existing investors participated in the round. Slack previously raised a total of $180M from Accel Partners, Andreessen Horowitz, The Social+Capital Partnership, Google Ventures, and Kleiner Perkins Caufield & Byers (KPCB).
The company has now closed an estimated $340 million (approx) of financing in 7 rounds.
Slack has company headquarters located in San Francisco, but also has a major and growing office and presence in Vancouver, BC. The company was founded by core members of the original Flickr team (including Stewart Butterfield) and recently signed a lease for a major office space expansion in the Yaletown area of downtown Vancouver.
Stewart Butterfield, Slack CEO and co-founder
Slack reported that it continues its trajectory as the fastest growing business app ever. Having launched in February 2014, Slack is now used daily by over 750,000 people, and has over 200,000 paid seats.
Both daily active users and paid seats have more than doubled since the beginning of the year.
Slack's traction demonstrates an appetite for a new set of tools that reflect the evolution of technology and the nature of work, according to the company. Some of the customers benefiting from the radically improved transparency and efficiency across its teams include: Adobe, New York Times, Blue Bottle Coffee, BuzzFeed, Live Nation, Expedia, HBO, and PayPal.
“We take a very long view of both the opportunity before us and the company we want to build. We're still at the beginning of a major transition in how people communicate and work together,” said Stewart Butterfield, CEO of Slack. “Our new roster of investors reflects Slack's global audience, and they'll be essential partners in our continued growth.”
“Stewart and the team at Slack have taken a page out of the consumer playbook and revolutionized business communications by taking a generationally-different approach to messaging,” said Mike Volpi, partner at Index Ventures, who as part of the investment, has joined Slack's board of directors as an observer. “Slack has reached a level of early traction that's rarely seen on the enterprise side, and we're incredibly excited to support their continued growth.”
The current board of directors consists of CEO Stewart Butterfield, Andrew Braccia (Accel), John O'Farrell (Andreessen Horowitz), and Mamoon Hamid (Social+Capital). John Doerr (KPCB) and M.G. Siegler (Google Ventures) were named as observers in the last investment round.
About Slack
Slack is a messaging platform for teams that brings all communication together, creating a single unified archive accessible through powerful search. It integrates with dozens of popular services such as Twitter, Dropbox, Trello, Asana, Google Docs, JIRA, MailChimp, Stripe, Zendesk, and others to help consolidate and make sense of the ever-growing flows of data that confront modern teams. Based in San Francisco, and with offices in Vancouver, Slack has raised $340 million from some of the world's best recognized investors including Accel, Andreessen Horowitz, Social+Capital, KPCB, Google Ventures, Horizons Ventures, IVP, Spark, DST, and Index.
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