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Slack founder and CEO Stewart Butterfield. Photo by Clodagh Kilcoyne/Getty Images.

Enterprise collaboration platform Slack has raised $427 million in new Series H funding at a valuation north of $7.1 billion.

Why it's a big deal: Because while Slack is massive (8 million daily active users and over 70k paid teams) and has subsumed some rivals (RIP Hipchat), this new money reflects how competition is intensifying from deep-pocketed incumbents like Facebook and Microsoft.

Dragoneer Investment Group and General Atlantic co-led the round, and were joined by T. Rowe Price, Wellington Management, Baillie Gifford, Sands Capital and unidentified return backers.

Bottom line: It was just over three years ago that Slack founder and CEO Stewart Butterfield talked about the PR importance of being valued at $1 billion. Now it's actually raised more than that, with $1.27 billion in total funding.

Go deeper

Biden says Russia likely to invade Ukraine

President Biden addressed the brewing conflict between Russia and Ukraine during a press briefing Wednesday, saying of Russian President Vladimir Putin, "my guess is he will move in."

Why it matters: U.S. officials have issued a series of warnings about Russia's threatening military buildup on the border with Ukraine, with Secretary of State Antony Blinken saying in Kyiv earlier Wednesday that Russia could invade "on very short notice."

Biden challenges GOP agenda: "What are Republicans for?"

President Biden pushed back against Republican efforts to obstruct his agenda during a press conference Wednesday, asking "What are Republicans for?"

Why it matters: Biden's speech comes as he approaches one year in office, facing low polling numbers and a stalled agenda.

Nathan Bomey, author of Closer
2 hours ago - Economy & Business

Biden’s face mask campaign requires more imports from China

Illustration: Annelise Capossela/Axios

American mask manufacturers are getting whiplash, having gone from sleepy sector to mission-critical industry overnight — only to see sales collapse before now being suddenly in demand again.

Why it matters: As the highly contagious Omicron variant of COVID-19 rages, health experts now say Americans need legitimate N95 or KN95 masks to best protect themselves — not widely available fakes or less effective cloth masks.

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