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Slack expects some big revenue this year

July 14, 2015, 7:32 PM UTC
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Stewart Butterfield, co-founder and chief executive officer of Slack, speaks during a Bloomberg West Television interview in San Francisco, California, U.S., on Wednesday, Nov. 12, 2014. Slack, a software service company helping teams of co-workers to converse, work on projects together, and share links, pictures and more in real time, recently raised $120 million and is now valued at $1.12 billion. Photographer: David Paul Morris/Bloomberg via Getty Images
Photograph by David Paul Morris — Bloomberg/Getty Images

Workplace messaging app Slack, recently valued $2.8 billion, expects to bring in $30 million in revenue this year.

CEO and co-founder Stewart Butterfield said at Fortune Brainstorm Tech in Aspen that the company saw 100% growth in paid subscriptions over the past year. The company has 1.1 million users.

Butterfield said that he’s not worried about returning money to investors. “The money is very cheap and free. I have a bunch of things to worry about, but I don’t worry about returning money to VCs,” Butterfield said.

Slack has raised $320 million in venture capital, and still has $300 million in the bank, he added. On acquisitions, Butterfield said that it’s unlikely he would sell to a bigger company but “never say never.” He also said that he has no plans to add advertising to his service this year.

Ryan Smith, CEO and co-founder of corporate survey company Qualtrics, has a different view. “Money is not free. Everyone is congratulating me about raising funding, and it’s the equivalent of congratulating me on taking a mortgage on a house. I wish they would say wish me luck, because it’s not free,” he explained.