2017.09.1804:05:00UTC+00​Tech Startup Slack's Value Surges After SoftBank Injects Funding

Software startup Slack Technologies Inc. said it managed to raise $250 million from SoftBank Group Corp. and other investors in its latest financing round, bolstering the firm's market capitalization to $5.1 billion.

The latest fundraising round was headed by SoftBank via its massive Vision Fund. Accel and other investigators joined the fundraising and put Slack's total funds raised to $841 million, according to its statement.

The fund gives the startup resources which will aid Slack to operate as a cash-generating company and the increase in valuation will lower its dependence on outside financing, according to Slack CEO Stewart Butterfield.

Sources told Reuters in July that the company was raising $250 million in a Softbank-led financing round.

In the past, Slack raised money from several venture firms.