Workplace collaboration platform Slack has added $427m in investment to its Series H equity round, bringing the company’s post-money valuation to more than $7.1bn.

The round was led by Dragoneer Investment Group and General Atlantic, joined by funds and accounts advised by T. Rowe Price Associates and funds advised by Wellington Management, and Baillie Gifford and Sands Capital, along with existing investors. The Series H equity round adds to the $841m previously raised by Slack.

“Slack has made strong progress in a very short time in this new era of enterprise collaboration,” said Alan Tu, equity research analyst at T. Rowe Price Associates. “Our investment represents our belief in the company’s vision and leadership team, together with the products potential to increase productivity and change the way people work on an even larger scale.”

Slack says it pursued the additional investment to give it more resources to better serve its customers and evolve its business. The platform now boasts more than 8m daily active users and over 70,000 paid teams.

“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,” said Marc Stad, founder and managing partner at Dragoneer.