Business social network Slack now worth $2.76 billion

Kye White /

In October workplace collaboration tool Slack raised $US120 million ($A153 million) at a valuation of $US1.12 billion. Five months later it’s worth double that.

The Wall Street Journal reports Slack has signed a deal with investors to raise up to $US160 million in a funding round that values the company at $US2.76 billion.

Slack is an internal social network for businesses. It borrows features like #tags from services like Twitter and applies them to work. Employees can post updates, files or videos that are archived and searchable by everyone inside that business.

Of Slack’s 500,000 daily users, more than 135,000 pay a monthly cost of at least $6.67 per person.

So far Slack has raised $180 million worth of investment from the likes of Accel Partners, Andreessen Horowitz, Google Ventures, Kleiner Perkins Caufield & Byers and Social+Capital Partnership. The latest round includes new investors Institutional Venture Partners, Horizons Ventures, Index Ventures and DST Global, and is expected to close in the next few weeks.

Kye White

Kye began his career at a Fairfax daily on the North-West Coast of Tasmania. He has since taken his belongings, and keen interest in technology, to Melbourne. He has a bachelor of Arts majoring in Political Science from the University of Tasmania and a Graduate Diploma in Journalism from RMIT University.