Sleek extends Series A to USD $25M
4 min read
We couldn’t let the year end without one more piece of good news!
We are delighted to welcome EDBI in a series A extension to USD $25M. This extension comes under a mix of equity and debt, and on top of an initial closing of USD $14M led by White Star Capital and Jungle Ventures. Sleek is dedicated to using the funds to bolster tech and product development, hire new talent, and expand its presence in new and existing markets.
Julien Labruyere, CEO and Co-founder of Sleek shares, “We are very happy and humbled to welcome EDB Investments into our journey. As a Singapore-founded company that focuses a lot on building a digital infrastructure for companies to set up and grow, we are thankful for this unique recognition of our added value to the local ecosystem, and we look forward to working together in Singapore and beyond.”
Closing 2021 with a bang
We have the pleasure of ending the year strong, with a series of positive announcements. We recently revealed expansion efforts in Australia, where the team expects to hire at least 30 new recruits to better service our growing Australian clientele. Companies in the United Kingdom will also soon be able to register through our easy-to-use platform, as we have acquired LTD Companies, a UK-based market leader in company registration that has registered more than 450,000 companies to date.
We are also reveling in the success of the recently launched Business Account in Singapore, an innovative alternative to traditional banking. Not only can our clients open a deposit account directly from the Sleek platform, but they will also have access to payment cards in the new year. The cards can be used to easily pay vendors at the click of a button, and they can be issued to as many employees as needed.
Adrien Barthel, Chief Growth Officer and Co-founder of Sleek said, “Since day one, our mission has been to allow anyone to start a business quickly and easily. With the latest addition of the business account feature, now more than ever, we are enabling ideas to become great businesses, without the friction and inefficiency that paper based and offline processes bring.”
The business account can, of course, collect and process payments, but the distinction comes with the fact that it’s on the same platform as your bookkeeping. This effectively makes your account reconciliation seamless and financial reporting infinitely easier.
Nothing less than excellence
It’s this commitment to excellence that truly differentiates us from the rest of the industry. We were honored to have recently been recognized amongst our peers when we were awarded Singapore Partner of the Year at the Xero Awards Asia 2021. It is with great privilege that we were awarded this title in 2021, after also being awarded the title in 2019. To date, Sleek is the only company to be granted this prestigious award twice.
Why invest in Sleek’s vision
Sleek began operating in 2017 with the mission of removing the admin hassle from every entrepreneur and SME owner’s plate. We began by offering company registration services, then expanded our offering to provide bookkeeping, tax, and payroll services to all clients. Since our inception, we’ve built the business around a 100% digital experience, a transparent offering, and an efficient service delivery enabled by technology. In less than five years, we’ve built a portfolio of more than 5,000 clients, generating over USD $10M of annualized recurring revenue.
Chu Swee Yeok, CEO and President of EBDI adds, “With digitalization becoming increasingly critical for small and medium size enterprises, Sleek’s one-stop digital platform addresses a common pain point for entrepreneurs and business owners looking to digitalize corporate secretarial, accounting and finance functions in a simple and cost-effective manner. EDBI looks forward to supporting our homegrown company as it develops new business solutions and technology capabilities in Singapore whilst expanding globally.”
Everyone at Sleek is excitedly preparing for our upcoming expansion and growth. We have set our sights on greater horizons in 2022, but our vision never wavers. Through all the changes and growth, we will continue to offer the easiest, most comprehensive platform with the best service around!