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Slack Is Raising $250 Million From SoftBank, Others

Slack Technologies Inc. is raising about $250 million in a funding round co-led by SoftBank Group Corp., according to people familiar with the matter, as the Japanese investment firm helps drive a new venture capital boom.

Investors in the round are expected to value the San Francisco-based company, which sells software for workers to communicate with their colleagues, at more than $5 billion, said the people, who asked not to be identified because the details are private. Accel, a Silicon Valley venture firm...