Binance Labs Leads $5 Million Seed Funding Round for Sleek

Sleek Raises $5M in Seed Funding Led by Binance Labs

Sleek, a social network platform, has announced a significant $5 million seed funding achievement. This financial injection propels the company’s valuation to $50 million. The investment round showcases a vote of confidence from leading industry players, including Binance Labs, Shima Capital, Spartan Group, Symbolic Capital, Market Across, and Big Brain Holdings.

Initially launched as ChapterX, a no-code metaverse platform, Sleek strategically shifted toward social networking. According to co-founder Tania Tse, this pivot stemmed from the realization that the metaverse was yet to be ripe for widespread adoption. The transition is paying off, with Sleek making significant strides in web3. The company’s other co-founder, Chase Guo, brings a wealth of experience from his time as an investment director at Binance Labs.

Sleek’s Approach to Social Networking

Furthermore, Sleek is redefining social interactions in the digital age. The platform, which debuted in April, offers a unique blend of a physical card and a Telegram bot, streamlining how people connect and remember each other. This approach has attracted over 20,000 verified users, mainly through organic growth and word-of-mouth. Unlike other web3 networks that rely heavily on tokens or financial incentives to build their user base, Sleek focuses on real-world utility and fostering a community of enthusiastic supporters.

Moreover, Sleek has successfully sold approximately 15,000 cards, facilitating over 300,000 connections. These cards come in two varieties, prism and premium, and are available on Sleek’s website for around $30 and $35, respectively. This practical and user-friendly approach sets Sleek apart in the competitive web3 landscape.

A Future-Forward Knowledge Marketplace

In addition, the company is actively developing a knowledge marketplace that will enable experts in various fields to tokenize their knowledge and monetize their expertise. Drawing from successful monetization models in exchanges, DeFi, and NFTs, this marketplace aims to align incentives between creators and their audience through shared financial interests.

Sleek’s multi-chain platform supports Ethereum, Polygon, Solana, and BNB Chain. However, the default wallet created for users is Solana, chosen for its lower transaction fees. This decision underscores Sleek’s commitment to user convenience and accessibility.

Significantly, with a current team of eight, Sleek plans to expand its workforce. The focus will be hiring across product marketing, growth, and design functions, utilizing the seed funding to bolster its operations. The expected launch of the knowledge marketplace in the first half of the following year marks an exciting chapter for Sleek as it innovates and redefines the web3 social networking space.