The funding round, which also saw participation from notable investors, including Shima Capital, Spartan Group, Symbolic Capital, Market Across, and Big Brain Holdings, reportedly brought Sleek’s valuation to $50 million.
The funding was structured using a simple agreement for future tokens (SAFT), which is a legal agreement often used in fundraising for blockchain and cryptocurrency projects, particularly during initial coin offerings (ICOs) and token sales.
Originally known as ChapterX, a no-code metaverse platform, Sleek transitioned into a web3 social network, recognizing that the metaverse concept was not yet ready for widespread adoption.
ChapterX was incubated under Binance Labs’ Season 4 Incubation Program, and Sleek’s other co-founder, Chase Guo, previously served as an investment director at Binance Labs before co-founding ChapterX.
Sleek, launched in April of this year, operates as a blockchain-based social media platform, facilitating connections between users through a card and a Telegram bot.
Its primary goal is to help users remember and reconnect with people they meet in person. The platform has garnered 20,000 verified users, primarily through word-of-mouth referrals and without monetary incentives.
Sleek differentiates itself from other web3 social networks by prioritizing real use cases over token-based incentives. While many platforms rely on tokens to attract users, Sleek focuses on building a user base of committed followers.
To date, Sleek has sold approximately 15,000 cards, available in two variants (prism and premium) priced at around $30 and $35, respectively, through its website.
In August, Binance Labs announced that it was investing $10 million in Helio Protocol, a USD-pegged over-collateralised stablecoin.