Sleek has raised $5M in a Seed funding round backed by Binance Labs and others

By 0xGorki 11/17/23 1:40 PM

Sleek, a pioneering force in the realm of Web3 social networks, has recently emerged triumphant in securing $5 million in a seed funding round. A consortium of renowned investors, including Binance Labs, Shima Capital, Spartan Group, Symbolic Capital, Market Across, and Big Brain Holdings, pooled their resources into Sleek, catapulting the platform into a promising phase of development.

The funding, harnessed through a simple agreement for future tokens (SAFT), signifies a resounding vote of confidence in Sleek’s potential. Tania Tse, the co-founder at Sleek, shared insights into the investment dynamics but refrained from disclosing specific valuation details. However, an insider privy to the matter revealed that Sleek’s valuation has soared to $50 million following this pivotal investment.

Sleek’s inception roots itself in ChapterX, initially envisioned as a no-code metaverse platform. However, the platform swiftly pivoted its trajectory towards becoming a Web3 social network. Tse attributed this strategic shift to the notion that the metaverse concept still faces hurdles in achieving widespread adoption. Notably, ChapterX was incubated under Binance Labs’ Season 4 Incubation Program, and Chase Guo, Sleek’s co-founder, previously served as an investment director at Binance Labs.

Looking beyond social networking, Sleek has set its sights on launching a revolutionary knowledge marketplace. This marketplace aims to empower domain experts to tokenize their knowledge, thereby unlocking avenues for monetization. By allowing experts to earn from their expertise, Sleek endeavors to foster a dynamic ecosystem where creators and patrons share a symbiotic relationship bolstered by financial incentives.

“The monetization model of fees has proven to work in exchanges and DeFi (trading fees) as well as NFTs (royalties) and can better align incentives between creators and fans through shared financial incentives,” revealed a reliable source familiar with Sleek’s vision.

Sleek prides itself on being a multi-chain platform, extending support across Ethereum, Polygon, Solana, and BNB Chain. Tse emphasized the platform’s default wallet provision on Solana, citing its low transaction fees as a key advantage. This strategy not only streamlines the onboarding process for users but also facilitates seamless receipt of airdrops and NFTs at events, eliminating the need for users to navigate the complexities of wallet creation and seed phrases.

Anticipation brews as Sleek gears up to unveil its groundbreaking knowledge marketplace, slated for launch in the first half of the upcoming year. The imminent introduction of this platform is poised to usher in a new era of knowledge monetization, fostering an environment where expertise is valued and creators are duly rewarded.

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