Sleek Secures $5 Million Seed Funding Led by Binance Labs

Kelvin Munene Murithi
November 17, 2023 Updated January 30, 2024
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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.

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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.

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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.

Read Also: Republik Secures $75M Valuation in Seed Funding With OKX Ventures

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.