Singapore corporate services startup Sleek bags $5m to scale in Hong Kong

Singapore-based online corporate services provider Sleek announced it has raised US$5 million in an extended seed round to accelerate its development in Hong Kong.

Sleek co-founders Adrien Barthel (left) and Julien Labruyere / Photo credit: Sleek

The funding round was led by Asia-focused private investment firm MI8, Trafigura non-executive director Pierre Lorinet, and angel investor Fabio Blom. Other notable investors include current and former executives at Vistra, Wavecell, TransferTo, LinkedIn, and Stem Financial, according to a statement.

Formed in 2017, Sleek incorporates companies in both Singapore and Hong Kong and helps them with governance, accounting, and tax matters through its technology. Its founders Julien Labruyere and Adrien Barthel decided to launch the service due to frustrations from the traditionally paper-based company registration process.

For an annual payment of S$800 (about US$590), Sleek handles common services such as company name changes, updates on registered business addresses, and declaration and distribution of dividends. It offers more expensive packages for additional services such as setting up a central business district address in Singapore for companies starting from overseas.

In addition to scaling its business in Hong Kong, it will use the new funds to expand its tech team, develop new features, and increase its operational capability. Lorinet will also be taking a seat at Sleek’s board of directors as part of the deal.

“Hong Kong is a historical Asian financial hub, with six times more operating companies than in Singapore and an amazing business ecosystem,” said Barthel, who is also Sleek’s chief growth officer. “The market is here and looking for a new user experience.”

The startup’s client base ranges from local startups and multinational corporation subsidiaries to private equity and venture capital funds and family offices. It claims to have onboarded more than 2,000 companies since its launch.