A group led by Dragoneer Investment Group Llc and General Atlantic Llc supported Slack Technologies Inc. with $427 million in a series H round. The startup said other new participants were T. Rowe Price Associates Inc., Wellington Management, Baillie Gifford and Sands Capital, while that existing investors also provided funding.
The office communication platform operator based in San Francisco said its post-money valuation topped $7.1 billion. It was backed in September with $250 million, mostly provided by Softbank Group Corp.'s Vision Fund. In total, the company developing team collaboration solutions since 2009 raised $841 million from entities including Accel, Index Ventures and Global Founders Capital, an affiliate of Rocket Internet SE.
Slack, standing for Searchable Log of All Conversation and Knowledge, noted it has surpassed the milestone of eight million daily active users, including 70,000 teams in paid interoffice messaging.
