Sleek, the corporate services platform that helps entrepreneurs launch and run new companies in Singapore and Hong Kong, has raised $4 million.
The new funding was led by SEEDS Capital, the investment arm of government agency Enterprise Singapore. Returning investors MI8 Limited and Pierre Lorinet also participated, along with Singapore Fintech Association co-founder Varun Mittal as part of Sequoia Capital’s scout program.
Sleek co-founder and chief growth officer Adrien Barthel told TechCrunch that the funding is part of Sleek’s seed round and brings the startup’s total raised so far to $11 million. It will start raising a Series A next year.
Founded three years ago by Barthel and Julien Labruyere, Sleek first began offering online corporate services, including company incorporation, compliance, digital accounting and tax filing, in Singapore before expanding into Hong Kong. Sleek now serves more than 3,000 companies, ranging from individual consultants to SMEs, startups and investment vehicles for funds, Barthel said.
Sleek is one of several cloud-based corporate services platforms focused on Singapore and/or Hong Kong, where regulations make it easier to incorporate companies and file taxes online, that have recently raised new venture capital funding. Others include Lanturn, Osome and Bluemeg. These startups were originally launched to reduce the amount of time and money spent on performing operational tasks, but the COVID-19 pandemic has increased demand for their services.
“We are happy to see other digital initiatives coming up around us,” Barthel told TechCrunch. “The market is wide enough for us to evolve on different positioning, and we’re only starting to see traditional firms looking at embracing the use of technology.”
While Sleek’s peers also offer secretarial, accounting and tax services, Barthel said his company’s vision “is to become the entrepreneur’s operating system, by going beyond that common service ground and building a range of services that are here to fit all entrepreneurs’ needs.”
For example, it recently released an electronic signature app called SleekSign that has digitized 145,000 signatures so far, added payroll services and launched a corporate insurance desk. Barthel said more product releases are planned for the end of this year and the first quarter of 2021.
In addition to growing its roster of services for entrepreneurs, Sleek also plans to expand into new markets where regulations also mesh well with its digital services.
“Our platform being common law friendly, we’re looking at such jurisdictions with attention, such as Australia, the United Kingdom and North America,” said Barthel. “We are also closely looking at a few regional markets in Southeast Asia where regulatory frameworks are evolving and accepting progressively the use of technology for governance management and accounting.”
Updated with correction to total funding amount