Binance-Backed Startup Sleek, Raises $5 Million to Power Innovative Web3 Social Network
Sleek, a Web3 social network, has raised US$5 million in a seed round. The Binance-backed company will use the money to promote the mass-adoption of blockchain-powered social media and the ownership economy. This will involve a monetization model to promote the creator economy built on social media.
Sleek Card and Sleek’s mission to transform social interactions
Sleek was established in April 2023, with a focus on revolutionising social interactions by making networking simple, fun, and productive. Leveraging the power of blockchain technology and web3, the company has built a platform that enables a seamless exchange of information, in a community-centric ecosystem that incentivises new users to onboard the network. In addition, Sleek uses web3 Social Finance (SocialFi) models to enable users to earn from content creation and influence.
The company recently launched Sleek Card, a premier product designed to incentivise in-person work among Web3 professionals. The card has a two-fold functionality- it creates a blockchain wallet and a decentralized identity for each user. This is an innovative strategy that ensures that users can join the web3 ecosystem seamlessly.
With over 300,000 connections to date, Sleek Card uses Near Field Communication (NFC) technology, and Sleek has partnered with Solana Hacker Houses, Coinfest, Digital Art Fair, and NFTNow to bring innovative event experiences to life. Also, the card has integrated a proprietary messaging bot that enables users to efficiently capture data and manage contacts, creating powerful on-chain social graphs.
Monetisation at the core of the mission
Sleek is counting on its monetisation model to take a bigger piece of the Web3 pie and establish itself as a leading player in the Web3 space. In 2024, the company will launch an open marketplace powered by tokenisation to empower domain experts to digitise their knowledge and earn from their knowledge.
“We are launching monetization models in our platform that are only possible through the blockchain, so talented creators from various verticals who don’t have a full team supporting them can earn sustainably”, said co-founder, Tania Tse.
The company foresees a future where the social media community will shift towards platforms that deliver a more equitable, user-centric, and transparent digital interaction space. Sleek’s business model has certainly attracted prominent investors, led by Binance Labs, the venture capital arm of Binance. Other investors include Shima Capital, Spartan Group, Symbolic Capital, Genblock Capital, Big Brain Holdings, Market Across, Emirates Consortium, Arkstream, Perridon, GBV, and several angel investors.