Sleek, the web3 social network platform, achieved a significant milestone by raising $5 million in a seed funding round. This event marked a key shift for the company, solidifying its valuation at $50 million. Among the prominent investors are Binance Labs, Shima Capital, Spartan Group, Symbolic Capital, Market Across, and Big Brain Holdings.
Embarking on its journey as ChapterX, a no-code metaverse platform, Sleek underwent a strategic evolution towards a web3 social network. Sleek’s co-founder, Tania Tse, mentioned that this transition was due to their belief that the metaverse was not yet ready for mass adoption.
ChapterX was part of Binance Labs’ Incubation Program in Season 4, transforming its focus to address the emerging needs of the web3 space.
We’re excited to announce our $5M seed round to power the ownership economy and bring blockchain-powered social media to the masses!
These investors have joined us on our mission to revolutionize authentic human connection in the digital age 🤝 pic.twitter.com/kBKjK2xf9l
— Sleek. (@Sleekcard) November 17, 2023
What does Sleek do?
Sleek presented itself as a blockchain-based social media platform, introducing an innovative Sleek card and a Telegram bot to facilitate connections when it launched in April of this year.
The card and bot automate the data collection on new connections at events and conferences, providing users with an efficient way to remember and connect with familiar faces.
What sets Sleek apart from other web3 social networks is its focus on building a real use case before offering financial incentives.
While many platforms resort to tokens or rewards to boost growth, Sleek chose to establish an authentic use case first, attracting loyal and committed followers.
Since its launch, Sleek has sold around 15,000 cards, facilitating over 300,000 connections among users. In addition to its current features, the platform is in the process of developing a knowledge marketplace.
Through this new component, experts in various fields can tokenize their knowledge and receive fair rewards, introducing a fee-based monetization model.
Sleek operates on multiple chains, including Ethereum, Polygon, Solana, and BNB Chain. However, its default wallet for each user is set on Solana due to lower transaction fees.
With a current team of eight people, the company plans to expand and hire more staff in key areas such as product marketing, growth, and design, leveraging the recently acquired funding in the seed round.
This milestone not only represents a significant step for Sleek but also underscores the growing influence of web3 platforms in the current technological landscape.
