Published On: Sun, Dec 15th, 2019

Sleek raises $5M to assistance companies incorporate and work in Singapore and Hong Kong

Sleek, a startup that is creation it easier for other startups and companies to incorporate and work in Singapore and Hong Kong, pronounced currently it has extended a seed financing turn to lift $5 million.

The extended seed turn for a two-year-old startup was led by private investors Pierre Lorinet and Fabio Blom, and MI8, an Asia-focused European-backed private investment company.

Sleek also depends a series of high-profile people among a investors, including Martin Crawford, former Group CEO of corporate services hulk Vistral; Olivier Gerhardt, owner of Wavecell; Eric Barbier, owner of TransferTo; and Olivier Legrand, MD Asia during Linkedin.

Sleek, founded by French entrepreneurs Julien Labruyere and Adrien Barthel, currently helps some-more than 2,000 startups and companies in Singapore and Hong Kong, an additional marketplace it extended to in mid-2019. Some of a clients embody Yours Cosmetics (funded by Sequoia), Aspire Financials (which lifted $30 million recently), Ematic Solutions, Devialet, and oil and gas hulk Total.

As we wrote about them in Jun this year, Sleek not usually helps startups and companies incorporate themselves in Singapore (and now, Hong Kong), though also takes caring of their accounting, taxes, regulatory correspondence and other executive work.

Sleek founders Julien Labruyere (right) and Adrien Barthel (left)

Singapore and Hong Kong have emerged as epicenters for startups and tech worldwide. “Hong Kong is a chronological Asian financial hub, with 6 times some-more handling companies than in Singapore and an extraordinary business ecosystem,” said Barthel, adding that notwithstanding a stream conditions in Hong Kong, a business is flourishing in a market.

Both Singapore and Hong Kong currently offer a operation of benefits, including government-backed startup programs to attract businesses, though environment adult shops there still requires a lot of paperwork.

The normal approach of traffic with accounting and union is a unwieldy task, and is a final thing founders wish to understanding with, Barthel explained to TechCrunch in an interview. Plus, there’s no clarity in what a tangible cost of doing these tasks would be, he said.

Sleek offers a subscription business, where it charges a bound volume — about $600 — to a business any year. Starting a second year, it waives some of a fee, pronounced Barthel. “We also offer a elementary dashboard for a clients to fast check a swell we have done on any front,” he added.

To make a understanding even better, Sleek offers vouchers with subscriptions to AWS, Stripe, Google Cloud — that they are expected going to use in their businesses anyway — value thousands of dollars. The startup also connects a partner entrepreneurs with financial institutions to assistance them entrance operative capital.

Barthel pronounced before signing adult a client, Sleek does a possess due diligence. “Singapore, for instance, has difficult KYC (know your customer) processes. Among other things, we use a series of APIs that are tied with all a vital tellurian databases to safeguard that a intensity clients are not doing scandalous business,” he said.

Sleek, that currently employs 85 people, will use a uninformed collateral to enhance a tech team, build new facilities for clients and boost a operational capacity.

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