Slack, worth billions more than last year, raises another $427 million

The provider of workplace communications services launched by Vancouver Island native Stewart Butterfield in 2013 is Slack in name only. The company has raised $427 million in a Series H funding round that values it at over $7.1 billion. Just over a year ago, Slack was valued at $5.1 billion.

Lead investors in the current round are Dragoneer Investment Group and General Atlantic. Slack had previously raised $841 million.

Slack’s CEO and co-founder Stewart Butterfield has said that the company raises “opportunistically,” according to TechCrunch, which reported the latest funding. In other words, Slack raises money not because it needs to but because venture capitalists are willing to invest.