Slack, a team communication app, raised $42.75 million and is now valued at $250 million, according to reports.
Slack received the $42.75 million from The Social + Capital Partnership, Accel Partners and Andreessen Horowitz and others, according to the Re/Code. The tool launched in February and has 60,000 daily users.
The reason it's doing so well? Apparently Slack was almost profitable when it was launched, so the money now will just help it grow and hopefully grow into the black.
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Chief executive Stewart Butterfield, who also founded Flickr, said that it will also increase "its staying power" and fend off those looking to acquire the startup. (Andreessen Horowitz and Accel didn't lead the round of funding because they have conflicting interests in competitors Asana nad Atlassian.)