EDBI joins extended Series A round of corporate services startup Sleek

Paige Lim

Published Fri, Dec 17, 2021 · 02:44 PM

EDBI, the investment arm of Singapore's Economic Development Board, has joined the extended Series A round of Singapore-based corporate services platform Sleek.

On Friday (Dec 17), Sleek announced that it had extended its Series A round to US$25 million through a mix of equity and debt, with EDBI as the newest investor added.

Sleek intends to use the fresh funds from the extended Series A round to bolster tech and product development, hire new talent, and expand its global presence. The startup expanded into Hong Kong and Australia in the last 3 years, and recently acquired LTD Companies, a UK market incorporation company.

Sleek previously announced in November that it had secured US$14 million at the first close of its Series A round, led by White Star Capital and Jungle Ventures.

Sleek helps entrepreneurs to easily register their companies and open a business account in Singapore. It also provides other services such as ongoing compliance management, payroll, bookkeeping and tax advisory to its clients. Over 5,000 companies have utilised its services since its inception in 2017, said Sleek.

Chu Swee Yeok, chief executive officer and president of EDBI, said: "With digitalisation becoming increasingly critical for small and medium-sized enterprises, Sleek's one-stop digital platform addresses a common pain point for entrepreneurs and business owners looking to digitalise corporate secretarial, accounting and finance functions in a simple and cost-effective manner."