Slack is raising $250 million in funding led by Accel and Japanese internet giant SoftBank -- the same company that's looking to take a multibillion dollar stake in Uber. 

The Series G funding, reported by Bloomberg, puts the popular chat application at a $5 billion valuation, a big step up from the $3.8 billion valuation Slack had at its last funding round in April 2016.

It's a big milestone for Slack, which currently has about $1 billion in revenues, although the amount of money raised is half of what early reports had anticipated.

The company was previously expected to rake in $500 million at a $5 billion valuation. It's also been rumored that Amazon, Microsoft, and Google were all interested in acquiring the startup. 

If an acquisition had gone through, it would be have represented a major strategic shift for the company, which Slack CEO Stewart Butterfield has repeatedly signaled he plans to keep independent. 

Slack declined to comment. 

This post originally appeared on Business Insider.

Published on: Jul 27, 2017