Slack: Fundraising, the competition, and Ireland
The CEO of workplace messaging platform Slack, Stewart Butterfield, was in Dublin recently, checking in on the company's Irish operation.
The US firm recently raised $250m in fresh capital, which values Slack at over $5 billion.
In an interview with RTÉ News, Stewart outlined the reasoning behind the additional capital, as well as plans for the company's Irish operation - which he said will continue to grow.
Why raise more funding now?
Slack said the money was raised to ensure the business can be run with operational flexibility regardless of outside financing conditions and also to prove its stability into the future.
The firm says it has not spent all the money it raised in previous rounds and did not raise the fresh capital to spend it.
Stewart Butterfield added that "one of the best times to raise money is when you don't need to".
What are the plans for Slack's Irish operation?
Slack currently employs 67 people at its Dublin base, but the office can accommodate many more.
The company says it will employ around 150 people in Dublin by the end of next year, and that the office will be central to its growth in other European markets.
How Slack compares with the competition
Slack doesn't really compete on price, rather on its offering, and also the ability to tailor its system to specific clients' needs.
Stewart Butterfield does not seem to bothered by similar products offered by other companies.
Housing crisis effect on Slack?
Ireland, and Dublin in particular, is experiencing an acute housing and rental accommodation shortage.
This has reduced availability and driven up prices, mainly in urban areas.
There is concern that this situation could present too many hurdles for multinationals looking to grow their operations here to overcome, but Slack doesn't seem that concerned, and said it will not be scaling back its Irish operation.