A technology startup that has its roots in Vancouver is now worth $3.8 billion.
Slack, the messaging app that has been credited for transforming workplace communications and increasing productivity, has raised another $200 million based on its latest valuation.
In its short three-year history, the company has already raised $540 million. The latest infusion is led by Thrive Capital, with participation from GGV, Comcast Ventures, and some of Slack’s existing ventures, such as Accel, Social Capital, and Spark Growth.
“As has always been the case, we are taking this opportunity to further secure our leadership position as we continue to execute on our ambitious growth plans,” said Stewart Butterfield, CEO and co-founder of Slack, in a statement. “This capital adds to our existing reserves and increases our ability to focus on an uncompromising long-term, strategic view.”
Butterfield, who was born in Vancouver, is a Co-Founder of Flickr, a major photo sharing platform that also began in this city.
Almost exactly one year ago, Slack’s last round raised $160 million on a valuation of $2.8 billion. Previous rounds in April 2014 and October 2014 raised $42.8 million ($250 million valuation) and $120 million ($1.1 billion valuation), respectively.
The company’s messaging app is designed to step up workplace productivity by eliminating the use of interoffice email and reducing face-to-face meetings between employees and work teams.
“We are excited to partner with Slack as it continues to re-imagine how teams work together,” said Josh Kushner, the Managing Partner of Thrive Capital. “We believe Slack will define the future of seamless communication in an increasingly complex world across platforms, teams and applications.”
Slack has 2.7 million daily active users, of which 800,000 are paid users. Its customers include Down Jones, Samsung, Urban Outfitters, Ticketmaster, NASA, CBS, NewsCorp, Sears, Harvard, LinkedIn, Time Magazine, and the U.S. Department of State.
Over 400 employees are employed in the company’s offices in San Francisco, Vancouver, Dublin, and Melbourne, which recently opened. It is hiring aggressively, and in the short-term it is looking to fill 80 positions worldwide.
Last year, Slack signed a lease for a new and expanded office space in Vancouver’s Yaletown district.