Hong Kong-based SleekFlow, a SaaS omnichannel social trading platform backed by the Alibaba Entrepreneurs Fund, has announced the completion of a US $ 8 million Series A funding round led by Tiger Global.
Transcend Capital and the AEF Greater Bay Area Fund (administered by Gobi Partners GBA) also joined.
The fresh injection will strengthen SleekFlow’s strategic market penetration in Southeast Asia, specifically in Singapore and Malaysia. It also plans to expand to the UK, EU and other booming social trade markets.
The funds will also be invested in advanced product development, including detailed tracking of buyer journeys and analytics, which provide invaluable actionable insights to companies.
“People today spend more than 80 percent of their time on social platforms. It is already a habit for us to discover products and even buy directly on social channels. The huge market potential for social commerce is expected to rise to $ 3.37 trillion in 2028
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This round comes a year after last year securing a 7-digit pre-Series A funding round from investors, including the Alibaba Hong Kong Entrepreneurs Fund.
Chibo Tang, Managing Partner of Gobi Partners GBA, said: “Despite the economic downturn, the social trading market is going stronger than ever, reaching $ 474 billion by 2021. Eight out of ten US companies expect to sell on social media within the next “According to Statista, SleekFlow’s innovative solutions will help these global trading companies meet the changing needs of customers who turn to social channels to buy more than ever before.”
SleekFlow began as an omnichannel social messaging platform that integrated with the official WhatsApp Business API, Facebook Messenger, etc., and serves over 5,000 businesses globally. It later invested in several fintech products, including one-click checkout and campaign automation for Instagram stores, TikTok and live streaming.
The start-up also aims to holistically improve the social shopping journey by upgrading the existing e-commerce integration, inventory management system and booking system to establish an all-in-one social trading platform.
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