Corporate services startup Sleek raises US$4m in round led by SEEDS Capital

SINGAPORE-BASED corporate services platform Sleek has raised US$4 million in a pre-Series A funding round, it announced on Tuesday.

Investors in the funding round include Enterprise Singapore's investment arm SEEDS Capital, Hong Kong multi-family office MI8 Limited, as well as investor Pierre Lorinet.

The startup has raised a total of US$11 million to date, including the latest funding round, Sleek told The Business Times. It will use the new funding to expand to new markets in Asia and develop digital tools as part of its goal of bringing the best-in-class corporate and financial services to entrepreneurs, investors and small to medium enterprises.

Julien Labruyere, co-founder and chief executive officer of Sleek, said: "With the new funding, we will launch more platform functionalities and new business verticals in the near future to enhance the overall customer experience."

Sleek provides entrepreneurs with a range of services, including company incorporation, ongoing compliance management, digital accounting and tax filing in Singapore and Hong Kong.

The company launched its services in Singapore in 2017, and expanded into Hong Kong in 2019.

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Sleek said its cloud-based solution, with an artificial intelligence-driven customer platform and automations, makes it five times more efficient compared to traditional service providers in the industry.

It added that it developed in-house its entire technology stack and machine-learning models for legal document classification to ensure a smoother customer experience.

"Sleek's innovative digitally-enabled solutions are well-positioned to disrupt traditional corporate secretarial services, allowing entrepreneurs to spend more time creating value for their companies and customers, and less on administrative back-office tasks," said Geoffrey Yeo, general manager of SEEDS Capital.

"We see new opportunities created by the accelerated pace of digitisation of business and processes amid the pandemic, and are excited to support Sleek in their journey to introduce next-generation corporate and financial services to small and growing enterprises," he added.

Sleek said it manages a "fast-growing" portfolio of more than 3,000 companies with nearly US$10 million in annual recurring revenue, adding that it reached operating financial breakeven a few months ago.