Singapore digest: Sleek raises $4m led by SEEDS; SourceSage closes $2.23m funding round

Singapore Dollars | Photo: Reuters

Sleek has raised $4 million from investors led by SEEDS Capital, while SourceSage has closed a S$3 million funding round from iGlobe Partners and Wavemaker Partners.

Sleek raises $4m led by SEEDS Capital

Sleek, a Singapore-based fintech startup has raised $4 million from investors led by SEEDS Capital, the investment arm of Enterprise Singapore, according to a press statement.

Existing investors who joined the round included MI8 Limited, a Hong-Kong multi-family office, and Pierre Lorinet. Angel investor Varun Mittal, the co-founder of Singapore Fintech Association, also participated as part of the Sequoia Capital Scout programme.

The proceeds will be used to expand to new markets in Asia as well as to develop digital tools for Sleek’s corporate and financial services to entrepreneurs, investors, and SMEs.

Founded in Singapore by Julien Labruyere and Adrien Barthel, ​Sleek provides cloud-based solutions, with AI-driven customer platforms and automation for entrepreneurs’ operating systems. Sleek’s services include company incorporation and on-going compliance management, digital accounting, and tax filing in Singapore and Hong Kong.

Sleek currently manages more than 3,000 companies with almost $10 million in Annual Recurring Revenue (ARR). The platform reached operating financial breakeven a few months ago.

SourceSage closes $2.23m funding round

SourceSage, a Singapore-based e-commerce platform, has closed a S$3 million ($2.23 million) funding round, according to a press statement.

The funding was led by Singapore-based cross-border venture capital firm iGlobe Partners as well as Wavemaker Partners, an early-stage venture capital firm with headquarters in Singapore and Los Angeles.

The fund will be used to accelerate its current expansion plans in scaling up its online and enterprise B2B e-commerce platforms. The company will also strengthen its key management team following this fundraising.

“SourceSage developed its in-depth know-how on building e-commerce features from its original mission as a commodities software, trading, and data platform provider,” said General Partner of Wavemaker Partners Gavin Lee.

Founded in 2015, SourceSage aims to empower enterprises and individuals with their own platforms to start, grow, and scale their businesses online. Its platform has engaged more than 7,000 merchants from over 14 countries, with clients including DBS Bank, DHL, Mitsui & Co., and others.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.