Team collaboration platform Slack has obtained an additional funding of USD 427 million from several investors this week, reaching a USD 7.1 billion total valuation. Since it was founded in 2009, Slack has raised nearly USD 1.3 billion, according to Fortune.

The platform has over 8 million daily active users and over 70,000 organizations pay to use its chat app. However, it faces tough competition from giants like Microsoft and Google, both of whom are promoting their own enterprise chat and collaboration services. While Microsoft is pushing its Teams app, Google is relying on its Hangouts service.

Slack recently acquired the HipChat and Stride software and property rights from Atlassian, showing that rival chatting services have a hard time competing with Slack.

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