Saturday, November 1, 2014

Slack Scores $120 Million From The New Funding Round, And Is Now A Billion-Dollar Company

Slack, the work-collaboration tool startup that launched to the public in February 2014, announced Friday that it raised $120 million in a new VC funding, bringing the company’s total investment to $180 million.

This comes just eight months after the company's launch, and just six months since the company raised $43 million funding from notable VC firms Andreessen Horowitz, Accel Partners and The Social+Capital Partnership. With that large amount of money comes a massive valuation of $1.12 billion.

Slack, previously known as Tiny Speck, is a company started by Stewart Butterfield, it offers a real-time messaging, archiving and search tools that facilitates better communication within a team. It provides a collaboration platform that lets users port in conversations and links to other work from dozen of other third party apps so that they can track progress on different projects in one common platform. CEO Stewart Butterfield, who previously co-founded imaging-sharing site Flickr and an ill-fated multiplayer game called Glitch, has recently made a huge name in the burgeoning work-collaboration space, which seems to be the next big thing cloud providers are focusing on in the storage wars.

San Francisco-based Slack uses Amazon web Services as its infrastructure and place for storage for documents and uses open source search platform Solr for searching and indexing.

VC firm Kleiner Perkins Caufield & Byers (KPCB) and Google Ventures drove this funding round along with new investor Yammer founders David Sacks and previous investors Andreessen Horowitz, Accel Partners and The Social+Capital Partnership. 

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