Founded by Stewart Butterfield, Slack has closed its latest round of funding and has raised another $427 million in a Series H round led by Dragoneer Investment Group and General Atlantic. The company now has a valuation of over $7.1 billion.

The other investors in this round included T. Rowe Price Associates, Inc., funds advised by Wellington Management, Baillie Gifford, and Sands Capital, along with other investors.

Marc Stad, Founder and Managing Partner of Dragoneer, was quoted in media saying, “Slack is an exceptional company that is revolutionizing the way people collaborate, and we look forward to a long-term partnership with the Slack team as they continue to grow the business."

Earlier, Slack had raised $841 million with its previous investors, including the firms like SoftBank, Accel, Kleiner Perkins, GV, DST, Index, Andreessen Horowitz, Social Capital and many more. It is reported that Slack has eight million daily active users, many of whom use the basic product for free, and 70,000 paying teams at customers including IBM, eBay, and BuzzFeed.  

Slack is co-founded by Stewart Butterfield, who previously co-founded photo site Flickr and sold it to Yahoo in 2004 and Cal Henderson, who was a senior leader at Flickr. It now employs more than 1,000 people in eight offices worldwide.