Slack, the cloud-based set of proprietary team collaboration tools and services founded by Stewart Butterfield, raised USD 400 million, TechCrunch reports.

The company also posted a post-money valuation of at least USD 7 billion, adding USD 2 billion to the company’s latest valuation. In September 2017, SoftBank led a USD 250 million round at a USD 5.1 billion valuation.

According to TechCrunch, a new investor, General Atlantic, is leading this round, and could be joined by new backer, Dragoneer. The company, which has 8 million active users, 3 of whom pay for the service, counts on 41 other backers.

Slack, employs around  1,000 staff and has ruled out an IPO this year. That is why, this latest round will help it raise cash in the meantime to continue its expansion.

Slack has a host of competitors, including apps developed by giants Microsoft, which launched Teams, and Facebook has Workplace. While the former reported 200,000 paying organizations, Facebook has some very large customers such as Walmart.

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