The Strategist

Slack launches new $50M investment fund

12/16/2020 - 03:05

Slack will allocate $50 million to launch a new venture capital fund to finance development outside of its own platform, the Slack enterprise messenger. It was announced by Axios, citing the company's head of venture capital, Jason Spinell.

According to Spinell, the fund will target its investments at companies and tools regardless of their association with the Slack messenger. This will distinguish the new fund from the company's venture capital fund, established in 2015. It was focused "on initial developments for the Slack ecosystem," Spinell noted. In the new investment fund, Slack will be the sole founder, whereas the previous project involved several investors.

The fund, launched in 2015, initially received $80 million, with funding later reduced to $25 million. According to the company, this size of funds was more in line with the size and pace of investment. The company will now allocate $50 million to invest in development both for Slack and outside of its ecosystem. 

"It's been its busiest year so far," Spinell said of the investment Slack has made in 2020.  He said the company has made more than its previous re-investments and 15 "net new investments". The company's venture capital arm will continue unchanged despite the sale of Slack to enterprise cloud services major Salesforce, Axios notes. 

New workplace apps are now in the focus of developers as employees of companies, are forced to work without meeting each other. That said, start-ups have begun integrating with chat apps to spread the word to their customers' employees. The new Slack investment fund expects to take advantage of this trend, so startups will not be required to integrate with Slack.