Binance Labs-Incubated Sleek Raises $5M in Seed Funding

In a recent seed funding round, Sleek, a Web3 social network platform, secured $5 million in investments from prominent investors, including Shima Capital, Spartan Group, Symbolic Capital, Market Across, and Big Brain Holdings, as per a report from The Block.

The funding was facilitated through a Simple Agreement for Future Tokens (SAFT), according to Tania Tse, co-founder at Sleek. Sleek's valuation now stands at $50 million following the seed funding round.

Earlier, Binance Labs invested in Sleek during season 4 of Binance Incubation program, a Binance Labs spokesperson told BSC News.

Launched in April of this year, Sleek distinguishes itself as a blockchain-based social media platform designed to foster connections among users. Sleek employs a distinctive approach to social networking, allowing users to connect through personalized cards and a Telegram bot. Users can reportedly discover and network with fellow attendees through the bot.

Notably, Sleek has garnered 20,000 verified users organically, primarily through word of mouth and without resorting to monetary incentives. Since its inception, Sleek has sold approximately 15,000 cards, offering two variants – Prism and Premium – priced at around $30 and $35, respectively. 

Evolution from ChapterX to Web3 Social Network

Sleek began as ChapterX, a no-code metaverse platform, before pivoting to a web3 social network. Chase Guo, Sleek's co-founder, formerly served as an investment director at Binance Labs before co-founding ChapterX and Sleek.

The funding follows Binance Labs' recent investment in blockchain intelligence when the venture capital arm backed Arkham, an artificial intelligence firm that improves transparency in the crypto industry.