Slack now joins the much-coveted billion-dollar club as the company's valuations exceeded the US$1 billion mark.

Slack is a workplace communication app and the company was launched just eight months ago.

It is a mashup of private messaging, file sharing and IM but the offering comes with a twist: it's a unique and hip product that users can seamlessly utilize whether on desktop or on mobile.

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The creative/technical team behind this, led by CEO Stewart Butterfield, has been working so hard since January 2013.

Butterfield is also the genius behind Flickr.

There are those who claim that Slack actually began in 2009, when the team built it right of the heels of their failed video game "Glitch". When the team realized that Glitch was no good and had no market potential, they eventually shifted to marketing Glitches' communications software. And the rest, they say, is history.

Slack's stellar rise to billion-dollar status came faster than expected, especially when compared to YouTube and Groupon GRPN, which were declared as billion-dollar firms a year and a half after their market launch.

Slack's valuation reached US$1.12 billion on Friday after the company managed to raise a US$120 million Series D round.

Bonus points for Slack because of its viable revenue model. The software's team chat and file-sharing options are available to companies for free. But for those who want to have unlimited access to the software's functionalities, which include in-app file editing and unlimited archives search, among others, an 8-dollar monthly user subscription is charged --quite affordable for an app that gets your stuff organized and your tasks streamlined.

Slack has now over 74,000 daily active users.

The substantial windfall on Slack gives the company enough cash to launch its marketing, something that the company has not yet done. Slack has solely relied on word-of-mouth publicity, supported by its long list of clients who are eager to pay for its functionalities.

TagsSlack, Stewart Butterfield