Social commerce – the process of buying and selling products or services directly through social media platforms such as Facebook, Instagram and TikTok – is becoming the most natural way for consumers to make purchases, as people use social media and messaging apps almost every day.
SleekFlow, an omnichannel social trading platform that helps companies build customer flow automation from messaging and live video to transactions, has closed $ 8 million in Series A financing led by Tiger Global Management. Transcend Capital and the AEF Greater Bay Area Fund, managed by Gobi Partners GBA, also participated in the round.
“Consumers now spend 80 percent of their time on social platforms, and it’s already a habit to discover and buy products directly from here,” said SleekFlow founder and CEO Henson Tsai. “SleekFlow aims to drive this e-commerce revolution by being the best unified hub for social commerce – merging conversations, product catalogs, payment solutions and order management into one for businesses.”
Founded in 2019, SleekFlow now serves more than 5,000 companies across the globe, including NARS Cosmetics, Bossini, Lalamove Hong Kong and PSB Academy. The company claims to have experienced revenue growth of approximately 500% following its latest pre-Series A financing funded by the Alibaba Hong Kong Entrepreneurs Fund (AHKEF) in May 2021. (SleekFlow did not provide its baseline for this growth.)
The Hong Kong headquarters startup will use the fresh capital for its market penetration in Southeast Asia, specifically Singapore and Malaysia, as well as the UK and other countries in Europe. In addition, the latest funding will enable SleekFlow to improve its product development with fintech and data analytics features, one-click checkouts via social media platforms and easy in-chat payment integrations for online to offline (O2O) and e-commerce brands. smooth workflow.
The startup has recently launched a fintech product social-to-payment feature to provide a comprehensive solution for both e-commerce and physical businesses. In Southeast Asia alone, about 90% of digital merchants use digital payments for profitability and survival, the company says, adding that the chat-to-checkout tool is essential for driving sales and conversions from various digital sales channels. SleekFlow also introduced a new tracking of sales and analytics and customer service that helps users track and analyze consumer profiles and behaviors for personal communication following the partnership with Shopify last November.
The global social trade market is expected to grow to $ 6.2 trillion by 2030.
According to the company, every fifth dollar spent on retail in Southeast Asia is traded via social media, and more consumers are looking for companies that offer convenient communication. SleekFlow integrates multiple messaging channels such as official WhatsApp Business API, Facebook Messenger, Instagram chat, SMS and Telegram to address the challenges of managing multiple messaging and social media platforms.
“Despite the economic downturn, the social trading market is going stronger than ever, reaching $ 474 billion by 2021,” said Chibo Tang, managing partner of Gobi Partners GBA in a statement. “Eight out of 10 US companies expect increased sales via social media within the next three years. 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. . “
Slack now has a team of 60 members in Hong Kong, Singapore, Malaysia, Taiwan and the UK