A social commerce platform from Singapore and Hong Kong, SleekFlow, announced on Wednesday that they have secured an additional $7 million in funding to expand their operations. This funding will be used to enhance their AI technology and further establish themselves in Southeast Asia, the Middle East, and Europe.
Key Points to be considered:
- Social commerce, which involves using platforms like Facebook, Instagram, TikTok, and WhatsApp to market products and engage with customers, is on the rise.
- Conversational AI, a crucial aspect of social commerce growth, is estimated to reach a value of $49.9 billion by 2030.
- SleekFlow sets itself apart from its competitors by offering streamlined features, omnichannel capabilities, marketing automation, and a user-friendly chat flow builder.
- With plans to expand, SleekFlow aims to offer fully automated sales and support journeys in voice, calls, and email.
- The startup has expanded its team by appointing Gao Lei, a veteran in AI and big data, as its new CTO.
Expanding Reach:
SleekFlow currently operates in Singapore, Hong Kong, Malaysia, Indonesia, Brazil, and the United Arab Emirates. The startup notes a significant shift towards online shopping in Indonesia and high spending power markets in Saudi Arabia and the UAE.
Financial Growth:
The latest funding round was led by Atinum Investment, with existing backers AEF Greater Bay Area Fund and Transcend Capital Partners also participating. SleekFlow has raised a total of $15 million to date, with annual recurring revenue increasing from $1-2 million to $8-9 million as of June 2024. The staff has grown from 60 to 160, with customer numbers surpassing 5,000 globally.
In conclusion, SleekFlow’s innovative approach to social commerce and conversational AI positions them as a key player in the industry. With continuous growth and expansion into new markets, SleekFlow is poised for success in the evolving e-commerce landscape.
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