Sleek, a Singapore-based business that provides SMEs and entrepreneurs with incorporation and accounting services, has received a Series A extension, bringing the total capital obtained in this round to US $25 million.
The round, which included both stock and debt, included EDBI and current investors. This round follows Sleek’s US $14 million investment round headed by Jungle Ventures and White Star Capital a month ago.
Sleek plans to use the new funds to invest in technology and product development, as well as to expand the team for global expansion in existing and new markets.
Sleek was founded in 2017 by Julien Labruyere and Adrien Barthel, two French entrepreneurs that help businesses manage back-office operations and seek expert guidance from experienced specialists.
It enables entrepreneurs to “move from a concept to a functioning firm in a day” by automating and integrating company registration, financial and regulatory reporting, bookkeeping, and banking services.
The Sleek app, according to the business, allows SMEs to set up a deposit account in one day. Businesses may use the Sleek dashboard to obtain account data and other corporate indicators to simplify bank reconciliation for accounting and bookkeeping needs.
Sleek Business Account, a new product from the firm, makes it easier for small businesses to create bank accounts.
According to a press release, Sleek maintained a portfolio of over 5,000 enterprises as of November, generating $700 million in sales and completing over 1.4 million accounting operations in 2020.
Sleek has expanded into Singapore, Hong Kong, Australia, the United Kingdom, and the Philippines since its beginnings. The company now plans to grow into other areas such as Australia and Europe, where it recently purchased Ltd Companies, commonly known as Fresh Startups (a UK incorporation management service provider) for an unknown sum.
Fresh Startups’ existing solutions will be integrated with Sleek’s products and technology stack to build a full SME-operating system for UK entrepreneurs and businesses.
In addition, the company plans to provide remittance and card-issuing options.
