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Slack Communication Hub Raises $120 Million

Slack, the workplace collaboration tool, raised $120 million in a new funding round that values it at $1.12 billion. The round was co-led by Kleiner Perkins Caufield & Byers and Google Ventures. The reason venture capitalists fought to get into this one? Quick growth. After launching in February, Slack said it has more than 73,000 daily active paid users whose companies pay $6 to $12 per month.

This article originally appeared on Recode.net.