SleekFlow Secures Additional $7 Million in Funding to Drive Social Commerce Growth
SleekFlow, a Singapore- and Hong Kong-headquartered social commerce platform, has secured an additional $7 million in funding. The company will use this funding to continue developing its conversational AI suite and expand its presence in Southeast Asia, the Middle East, and Europe.
Driving Growth in Social Commerce
Social commerce is currently growing faster than conventional e-commerce, with the estimated market value of social commerce in the Asia Pacific region alone expected to exceed $894 million by 2028, representing a 10.6% growth from 2022.
The Rise of Conversational AI in Social Commerce
Conversational AI is a key part of how social commerce has developed, enabling sellers to scale their customer service while keeping their own operations lean. The conversational AI industry is projected to reach $49.9 billion by 2030, up 24.9% from $13.2 billion in 2024.
SleekFlow’s Competitive Advantage
SleekFlow’s competitive advantage lies in its streamlined features, including omnichannel capabilities, marketing automation, and a user-friendly flow builder. The company’s platform also includes instant checkout capabilities, collaborative team features, and built-in CRM platform integrations with HubSpot and Salesforce.
Expansion Plans
SleekFlow plans to expand its platform with offerings underway for fully automated sales and support journeys in voice, calls, and email to deliver unparalleled value to its customers. The company is also expanding its engineering efforts under the leadership of its new CTO, Gao Lei, an AI and big data veteran with over two decades of tech leadership in Silicon Valley.
SleekFlow’s Customers
SleekFlow’s customers include Hong Kong Broadband Network (HKBN), Delonghi, online furniture company Cellini, and Malaysia’s home consumer electrical appliance maker Khind. The company is operational in Singapore, Hong Kong, Malaysia, Indonesia, Brazil, and the United Arab Emirates.
Funding and Valuation
SleekFlow has raised a total of $15 million to date, with the latest funding round led by Atinum Investment. The company declined to comment on its valuation, but noted that its annual recurring revenue (ARR) has increased to $8 million to $9 million as of June 2024 from around $1 million to $2 million in December 2022. The company’s staff has also grown to 160 from 60, and customers have increased by more than 5,000 globally.
Conclusion
SleekFlow’s latest funding round demonstrates the growing demand for social commerce platforms that can help businesses connect with customers and drive growth. With its streamlined features and expansion plans, SleekFlow is well-positioned to capitalize on the growing trend of social commerce in Asia and beyond.
FAQs
Q: What is SleekFlow’s competitive advantage?
A: SleekFlow’s competitive advantage lies in its streamlined features, including omnichannel capabilities, marketing automation, and a user-friendly flow builder.
Q: What are SleekFlow’s expansion plans?
A: SleekFlow plans to expand its platform with offerings underway for fully automated sales and support journeys in voice, calls, and email.
Q: What are SleekFlow’s key customers?
A: SleekFlow’s customers include Hong Kong Broadband Network (HKBN), Delonghi, online furniture company Cellini, and Malaysia’s home consumer electrical appliance maker Khind.
Q: How much funding has SleekFlow raised to date?
A: SleekFlow has raised a total of $15 million to date, with the latest funding round led by Atinum Investment.
