Sleek co-founders Adrien Barthel and Julien Labruyere
Sleek, a Singapore-based startup providing incorporation and accounting services for SMEs and entrepreneurs, has announced a Series A extension, bringing its total funding raised in this round to US$25 million.
EDBI and existing investors participated in the round that came in both equity and debt.
This tranche comes a month after Sleek’s US$14 million funding co-led by Jungle Ventures and White Star Capital.
Sleek intends to utilise the new capital for technology and product development and to scale the team for worldwide expansion in existing and new markets.
Also read: How automation and innovation will boost SME success in Singapore
Founded in 2017 by French entrepreneurs Julien Labruyere and Adrien Barthel, Sleek assists business clients in managing back-office operations and seeking expert advice from qualified professionals.
It automates and integrates company registration, financial and regulatory reporting, bookkeeping, and banking services, enabling entrepreneurs to “go from an idea to an operating company in a day.”
According to the company, the Sleek app allows SMEs to open a deposit account in a day. Businesses can access account data and other company metrics on the Sleek dashboard to streamline bank reconciliation for accounting and bookkeeping purposes.
The startup recently developed Sleek Business Account to simplify opening bank accounts for SMEs.
As per a press statement, as of November, Sleek has managed a portfolio of over 5,000 businesses that produce US$700 million in sales and complete over 1.4 million accounting transactions in 2020.
Since its inception, Sleek has made inroads into Singapore, Hong Kong, Australia, the UK, and the Philippines. The firm now targets to expand to markets such as Australia and Europe, where it recently acquired Ltd Companies, also known as Fresh Startups (an incorporation management service provider in the UK), for an undisclosed amount.
Sleek plans to integrate its products and technology stack with Fresh Startups’s existing offerings to create a comprehensive SME-operating system for UK entrepreneurs and enterprises.
The business also targets to launch solutions that deal with remittances and card issuing.
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Image Credit: Sleek
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