HONG KONG SAR / KUALA LUMPUR, MALAYSIA - Media OutReach - 23 June 2022 - Following its 7-figure pre-Series A funding round last year, Alibaba Entrepreneurs Fund-backed SaaS omnichannel social commerce platform SleekFlow announced the completion of a USD 8 million Series A funding round. The financing was led by top-tier New York-based investment firm Tiger Global Partners whose notable investments include Facebook, Bytedance, UiPath, Toast, and Databricks, followed by Transcend Capital and AEF Greater Bay Area Fund which is managed by Gobi Partners GBA. This round of funding is the Tiger Global Partners' second investment in a Hong Kong SaaS startup after investing in a unicorn in April last year. Alibaba Hong Kong Entrepreneurs Fund (AEF) participated in last year's SleekFlow's pre-Series A round.
The fresh injection of funds from the Series A round will empower SleekFlow's strategic market penetration in Southeast Asia, specifically in Singapore and Malaysia, while extending Asia's success to the UK and Europe, as well as other emerging markets. SleekFlow will also use this investment on continued product development within fintech and analytics to uncover emerging trends in the one-click checkout process on popular social media platforms across all dimensions, such as centralized product listing and easy in-chat payments, etc.
"People nowadays spend more than 80% of their time on social platforms. It's already a habit for us to discover products and even buy on social channels directly. The huge social commerce market potential is expected to rise to 3.37 trillion by 2028, so we are excited that SleekFlow is part of this e-commerce revolution. Other than our market expansion to the UK, EU and other thriving social commerce markets, the new fund injection will be invested in advanced product development including detailed buyer journey tracking and analytics which provide invaluable actionable insights for enterprises. With the trust we gained from Tiger Global Partners, Transcend Capital, and AEF Greater Bay Area Fund, SleekFlow strives to be the top social commerce unified hub, merging conversations, product catalog, payment solutions, and order management for businesses to unlock their social commerce power and embrace this unstoppable megatrend." said Henson Tsai, Founder & CEO of SleekFlow.
Chibo Tang, Managing Partner of Gobi Partners GBA, said, "Despite the economic downturn, the social commerce market is going stronger than ever, reaching USD 474 billion in 2021. 8 in 10 US businesses anticipate selling on social media within the next three years according to Statista. SleekFlow's innovative solutions will help these global commerce businesses meet the evolving needs of customers who are turning to social channels to purchase more than ever before."
Beginning as an omnichannel social messaging platform integrating with Official WhatsApp Business API, Facebook messenger, etc. and serving over 5,000 businesses globally, including Sandro, Maje, Bossini, Lalamove Hong Kong and PSB Academy in Singapore, SleekFlow is set to lead the growing market for social commerce by deeply investing in more fintech products, including one-click checkout and campaign automation for Instagram shops, TikTok, and live-streaming. It also aims to enhance the social buying journey holistically by upgrading the existing e-commerce integration, inventory management system, and booking system to establish an all-in-one social commerce platform.
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