SleekFlow, a social commerce platform with headquarters in Singapore and Hong Kong, has secured an additional $7 million in funding to further develop its conversational AI suite for customer engagement in Asian markets. The new capital will be used to expand into Southeast Asia, the Middle East, and Europe, highlighting the company’s strategic growth in regions where social commerce is rapidly evolving.
Social commerce, which enables sellers to use platforms like Facebook, Instagram, WhatsApp, TikTok, and YouTube for marketing and sales, is expanding faster than traditional e-commerce. In the Asia Pacific region alone, the market value of social commerce is expected to surpass $894 million by 2028, growing at a rate of 10.6% from 2022. Within this context, conversational AI plays a crucial role, allowing businesses to scale customer service while maintaining efficiency, and providing insights through analytics that optimize interactions.
The conversational AI sector is projected to grow substantially, with estimates indicating a market value of $49.9 billion by 2030, up from $13.2 billion in 2024. Despite the crowded market, SleekFlow distinguishes itself with streamlined features such as omnichannel capabilities, marketing automation, and a user-friendly flow builder. These features support unique customer interactions, instant checkout with in-chat payment links, collaborative tools, and integrations with platforms like HubSpot and Salesforce.
Henson Tsai, SleekFlow’s founder and CEO, emphasized the platform’s ongoing development, including fully automated sales and support journeys across voice, calls, and email. The company has also bolstered its technical leadership by appointing Gao Lei, a seasoned AI and big data expert from Silicon Valley, as the new CTO. Under his guidance, SleekFlow aims to remain at the forefront of innovative technology and advanced AI.
Operating on a multi-tier SaaS model, SleekFlow offers an optional add-on for WhatsApp Business messaging channels, targeting sales and marketing teams across various sectors, including insurance, healthcare, telecom, and retail. The startup’s client roster includes Hong Kong Broadband Networks, Delonghi, Cellini, and Khind.
SleekFlow currently operates in Singapore, Hong Kong, Malaysia, Indonesia, Brazil, and the United Arab Emirates. Tsai noted that consumer behavior in Indonesia is rapidly shifting toward online shopping, while the high spending power in Saudi Arabia and the UAE positions these regions as critical markets for social commerce.
The latest funding round was led by Atinum Investment, a Seoul-based VC firm, with participation from existing investors AEF Greater Bay Area Fund and Transcend Capital Partners, as well as Moses Tsang, a former Goldman Sachs executive. To date, SleekFlow has raised $15 million, with its annual recurring revenue (ARR) growing from $1-2 million in December 2022 to $8-9 million as of June 2024. The company’s workforce has expanded from 60 to 160 employees, and its global customer base has increased by over 5,000.
Featured Image courtesy of Stratosphere Networks
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