Sleek, a Singapore-based corporate services provider, has extended its Series A round to $25 million after bagging additional equity and debt financing.
The company had in November announced raising $14 million in the round co-led by White Star Capital and Jungle Ventures.
Singapore’s EDBI participated in the Series A extension, per Sleek’s announcement on Friday. According to the startup’s filings with the city-state’s Accounting and Corporate Regulatory Authority (ACRA), it received $3 million from EDBI earlier this month.
Sleek said it will use the fresh funds to bolster tech and product development, hire new talent, expand its presence in existing markets, and enter new markets.
Established in 2017, Sleek helps small and medium business owners incorporate and operate businesses in Singapore, Hong Kong and more recently, Australia. It began by offering company registration services and has since expanded its portfolio to include bookkeeping, tax, and payroll services.
It expects to hire at least 30 new employees in Australia to serve the market. Sleek has also expanded to the United Kingdom through the acquisition of LTD Companies, which has registered more than 450,000 companies to date.
Sleek recently launched a new offering called Business Account in Singapore. It is a virtual account for businesses that allows them to instantly start receiving and sending payments. The startup plans to offer payment cards with the new feature in 2022.
“With the latest addition of the business account feature, now more than ever, we are enabling ideas to become great businesses, without the friction and inefficiency that paper-based and offline processes bring,” Sleek chief growth officer and co-founder Adrien Barthel said in a prepared statement.
Earlier this year, Pauline Sim, a former senior vice-president in the fintech, ecosystem and innovation division at United Overseas Bank, joined Sleek as its head of fintech and strategic partnership. Sim will overlook the development of financial services and digital solutions at Sleek, leading the company’s new business vertical expansion projects.
Other recent EDBI investments have gone to Singapore-based wealth management platform Endowus, which raised $27 million in November; AI-driven technology company Advance Intelligence Group’s (Advance.AI) $400 million Series D round; and Singapore-based insurtech unicorn bolttech’s $210 million Series A extension in September.