Entrepreneurs and small and medium enterprises (SMEs) often struggle to deal with many silent tasks, such as company secretary, bookkeeping, banking, taxes, payroll, employment services, insurance and more.
Founded by French entrepreneurs Julien Labruere and Adrian Barthel Smooth In 2017 to help entrepreneurs incorporate and operate businesses in Singapore and Hong Kong. The startup built a back-end operating system platform that handles everything from incorporation, government, accounting, tax and visa to regulatory compliance.
Barthel said its mission is to be a platform for entrepreneurs and business owners who want to focus on building their business, as Sleek takes away all the back-office hassle.
Sleek today announced that it has secured a $14 million Series A round led by White Star Capital and Jungle Ventures. This raises Sleek’s total amount to $24 million.
The new capital will be used to fuel technology and product development, increase its workforce, expand its presence in existing markets, and enter new markets, including Australia and the UK.
Slick has also announced its acquisition as it enters the UK market limited companies, a UK based incorporation management company that has incorporated over 450,000 companies since its inception in 2005. Slick will add its stack to existing limited companies offering to build an operating system for UK-based SMEs.
Since its inception, Sleek has expanded beyond Singapore to offices in Hong Kong, Australia, the UK and the Philippines.
Startups doubled the size of their client portfolios during the pandemic; Interestingly, slick clients are less affected by the overall economic turmoil, Barthel told Nerdshala. Barthel noted that earlier this year it generated $10 million in annual recurring revenue.
Sleek, which manages a portfolio of more than 5,000 companies, handled more than 1.4 million bookkeeping transactions and posted revenue of nearly $700 million in 2020.
Sleek has recently launched Sleek Business Account which makes it easy for SMEs to open bank accounts. It enables entrepreneurs and small business owners to open a deposit account in just one day through the Sleek app and initiate transactions to get rid of paperwork requirements before opening an account. Additionally, users can view account details on the Sleek dashboard along with other company metrics to streamline bank reconciliation for accounting and bookkeeping purposes. The company is also planning to launch remittance and card issuance products.
“With the launch of Sleek Business Account, we have added a major brick to our product approach to building operating systems (OS) for entrepreneurs,” Barthel said.
Sleek also launched CFO-Services on a pilot level that enables experienced CFOs to access client accounting data through a business intelligence tool to provide recommendations and analysis to clients (for budgeting, strategy and fundraising). Is.
“In a future where technology enables super efficiency for humans, they spend more time advising clients than doing manual work. Today our corporate secretaries serve 4-5 times more clients than a traditional player give advice, and we’re aiming to achieve 100% automation of that function so that they can focus solely on advising clients,” Barthel told Nerdshala.
Eric Martino-Fortin, Founder and Managing Partner, White Star Capital, said, “We believe we can be an excellent partner for Sleek to address a fundamental problem for all SMEs and their growth in Europe and Australia. can leverage their global footprint to help supercharge the U.S.
“Slick addresses the deeply underrated challenge of back-office management for entrepreneurs and SMEs globally. Their growth and rapid expansion across geographies is a testimony to the rapid adoption of the platform that it brings to the ecosystem, said David Goude, Managing Partner, Jungle Ventures.