Slack, the enterprise collaboration platform, has completed another round of funding worth $120 million at a $1.12 billion valuation. The round was led by venture capital firm Kleiner Perkins Caufield & Byers and Google Ventures with the participation of past partners.

Slack is similar to a number of collaboration tools such as HipChat and Campfire, which provide chatting services for corporate teams. Unlike a number of established chat tools, such as Google Chat, and Facebook Messenger, Slack integrates with other online services such as DropBox and Zendesk. And it also archives all messages so employees can look back on them as necessary.

And it has seen fast growth since its launch in February, boasting 250,000 daily active users. Of those users, 73,000 are paid subscribers and the San Francisco-based company says it's adding $1 million in annual recurring revenue each month.

Slack was founded by Stewart Butterfield, also a co-founder of Yahoo’s photo-sharing site, Flickr. Its success came out of a failed venture called Glitch, a social-oriented, massively multiplayer online role-playing game (MMORPG), according to VentureBeat.

Total funding for the company now stands at $180 million, which includes $60 million in previous funding from venture capital firms Andressen Horowitz, Accel Partners and the Social+Capital Partnership, according to Crunchbase.

“This is obviously an exciting time for the company,” Butterfield said. “It’s every entrepreneur's dream to build something that becomes popular on the basis of people’s love for the product.”