After its latest funding round, Slack said its total funds raised had reached a slightly higher $841 million. Slack’s IPO started with a bang as the first trade was priced at $38.50, giving the company a $23 billion valuation, well above the expected $16 billion.. Slack has announced $427 million in new funding at a valuation of more than $7.1 billion. We have more information about each plan on our pricing page. See you at the top! But we've seen it make an overnight move and change the ranking in a market overnight, so there's no telling what the space will look like in a year. The company claims that it's the fastest growing business application ever. Another big-name competitor, Microsoft, launched its version of Slack last March with the simple name Microsoft Teams in Office 365. Slack Technologies Inc. is quickly rising up the billionaire startup chain. "We believe that Slack is the future of work," Deep Nishar, senior managing partner at the Vision Fund, said in a statement at the time. In buying Slack’s stock, investors had to weigh the immense hype surrounding the company against its lack of profits and the challenges it faces in ever making enough to cover expenses. Founder and CEO Stewart Butterfield is a well-liked and respected entrepreneur, in part because of his role in founding photo-sharing site Flickr. Should You Be Worried About the Google Lawsuit? Selecting a different region will change the language and content of slack.com. The company also faces competition from Microsoft and Cisco. While Slack has been said to have a cult following, these competing products are all coming from much bigger companies, and that's worrisome. I can definitely see us moving over pre-existing relationships into Slack.”. Slack logo at Slush 2018 conference in Helsinki, Finland, Image Credit: Khari Johnson / VentureBeat. Stock Advisor launched in February of 2002. Independently assessed for compliance to various security standards, including SOC 2 Type II, ISO 27001, and HIPAA, Single-sign-on via industry standard authentication protocols, Encryption of data in transit and at rest, Integrated with best-in-class DLP, EMM, eDiscovery, and archival partners. @themotleyfool #stocks $GOOGL $MSFT $FB $GOOG $TEAM, Sabre Launching AI Travel Platform Developed With Google. Slack grows with your organization, so you'll never have to worry about limits on the number of people in your channels or team. During its August 2018 Series H, Slack’s $427 million raise gave it a post-money valuation of just over $7 billion.As of this morning, the productivity-focused technology shop is worth $13.2 billion. 62%. Slack's Valuation Climbs as It Files to Go Public The messaging firm with about $400 million in yearly revenue is the latest tech company to IPO in 2019. Here's what some of our U.S. based users say about working in Slack. However, Facebook didn't specify how many of those businesses were paying customers, and it's still far below Slack's 50,000 business users that are all paying for the service. Previously, it had released a workplace chat service called Hipchat in 2010 that never took off, even though it predated Slack. Returns as of 10/23/2020. Level up your teamwork with benefits like tighter security, granular admin controls, and more. Teams of every size, shape and kind have already made Slack the place where their work happens. Noticeably missing from the list is Amazon. Market data powered by FactSet and Web Financial Group. Work securely with other organizations using Slack Connect, Automate repetitive, time-consuming tasks, SSO, auto-provisioning and deprovisioning, and more, HIPAA support, eDiscovery, data exports, and more. Prior to that, Slack was valued at a much lower $220 million back at its Series C funding round in April 2014. She previously reported on technology stocks for TheStreet in New York and on strategy for Business Insider in New York. Animated video of employees working with collaborators from an external organization within one Slack channel, Animated video of an employee filling out an automated form with a travel request in a designated channel, Animated video showing employees hopping on a Zoom call right in channel, without having to leave Slack, “When managing three hubs nationally you can’t have a good conversation over email—it’s not quick enough. Security that grows with your organization. © Copyright 2020 Slack Technologies, Inc. All rights reserved. Slack used a direct listing process, which means the company itself did not raise money in the IPO, but simply let its stock begin trading on the New York Stock Exchange. Automate them with Workflow Builder so your team can focus on the important stuff. You can also contact us, and we'd be happy to walk you through each plan to figure out the right one for you. Companies from AirBnB to Buzzfeed to Oracle are using Slack to help facilitate team and inter-team communication. Coming together in Slack channels allows us to easily discuss day-to-day management topics. In addition, mobile and cloud services were creating new openings for new services like Slack to be more useful to a wider array of employees and businesses. Initially, Slack began as an internal communication tool at his new video gaming startup. Still, part of the reason its IPO milestone was widely cheered was because users tend to be quite passionate about the workplace tool, which hopes to eventually replace email as the internal collaboration tool of choice for companies. Slack is the fastest growing business application ever. Image source: Slack. Unfortunately, no. Following its Series G funding round in September 2017, Slack boasts a $5.1 billion valuation, up from $3.8 billion at its previous funding round in April 2016. Within the first two hours of trading, the stock price surged further to $41.85. Slack’s IPO started with a bang as the first trade was priced at $38.50, giving the company a $23 billion valuation, well above the expected $16 billion. Slack is the collaboration hub that brings the right people, information, and tools together to get work done. A lesser known name based in Australia, Atlassian (NASDAQ:TEAM), also launched a Slack competitor called Stride in September. Most recently, Slack raised $250 million in September in its Series G funding round led by SoftBank's Vision Fund, which helps fund emerging technologies. The platform has the feel of a social media site with its colorful and easy-to-use design. Natalie is a tech reporter for The Motley Fool. Slack has become the go-to messaging app for start-ups and legacy businesses that want their teams to be able to communicate in a convenient way throughout the workday.