It’s no secret that Slack has enjoyed an impressive growth spurt since its launch in August 2013. The business communication app now worth more than $US2.8 billion has 750,000 daily active users with 200,000 paid members. By February, it was adding $US1 million in annual recurring revenue every 11 days, on top of the $US12 million ARR it built in its first year.
Now there’s one more way to measure Slack’s meteoric rise. According to this chart, put together by BI Intelligence and based on PitchBook data, Slack is the fastest company ever to get to a $US1 billion valuation, hitting the milestone in just 15 months. That’s faster than Groupon, the $US4 billion social commerce site that previously held the record, and nearly twice as fast as Pinterest, the photo-sharing site worth $US11 billion.
By any measure, Slack’s growth is truly remarkable. But its outsized valuation should also be taken with a grain of salt, as Sand Hill East’s managing partner Josh Burwick tells PitchBook. “Just because a bunch of smart investors say a company is worth a certain valuation and invest money with that underlying assumption, does not make it a reality,” he says.