Sleek, a platform providing incorporation and accounting services for SMEs and entrepreneurs, announced it has secured US$14 million in a Series A funding round led by White Star Capital and Jungle Ventures, bringing its total funds raised to US$24 million.
The company said that it will use the fresh funds to bolster tech and product development, hiring, and expand presence in existing markets and enter new ones.
Sleek aims to use proceeds to catalyse its global growth, particularly in Europe, where it has announced the acquisition of Ltd Companies involved in UK incorporation management for an undisclosed sum.
Ltd Companies is said to have incorporated more than 450,000 companies since its inception in 2005.
Building on this, Sleek will also add its products and technology stack to the existing “Fresh Startups” offering to build a holistic SME operating system for UK-based entrepreneurs and businesses.
Founded in 2017, Sleek is a back-end operating system for start-ups and SMEs, a simple, single platform to manage all back office operations in a seamless manner, and seek expert advisory from qualified professionals.
The platform streamlines, automates and integrates company set-up, financial and regulatory reporting, book-keeping and banking services.
Sleek manages a growing portfolio of over 5,000 companies, who collectively generate about US$700 million of revenue and processed over 1.4 million bookkeeping transactions in 2020.
Since inception, Sleek has expanded offices beyond Singapore to Hong Kong, Australia, UK, and the Philippines.
The company is also planning to release products addressing remittances and card issuance.
Julien Labruyere, Co-founder of Sleek said,
“We are very excited to partner with White Star Capital and Jungle Ventures as we are expanding our services and entering two new markets – Australia and the United Kingdom.
This will allow us to grow faster and improve our product further in order to become the go-to digital platform for all entrepreneurs.”
Adrien Barthel, Co-founder of Sleek added,
“With the launch of Sleek Business Account, we have added a major brick in our product vision of building the Operating System for entrepreneurs.
Now everyone can start a Singapore company and collect the first payments in a day, and from anywhere!”
