Binance Labs Backs Sleek, Web3 Social Network Valued At $50M After $5M Seed Round

Crypto social startup Sleek raised a fresh round of capital.

What Happened The company announced a $5 million seed round, taking its total valuation to $50 million.

The funding was realized through an agreement for future tokens (SAFT), The Block reported citing Sleek co-founder Tania Tse.

Binance Labs, Shima Capital, Spartan Group, Symbolic Capital, Market Across, and Big Brain Holdings are among the investors.

With the funding, Sleek will also launch a marketplace for domain experts in the first half of 2024. Its platform will be preferred by educational creators due to the high time investment involved in producing long-form content on other platforms.

What Sleek Does: Sleek is a blockchain-based social media platform assisting people to connect through a card and a Telegram bot. Sleek has sold almost 15,000 cards to date since launch and it has helped to power more than 300,000 connections. It has two card variants, Prism and Premium.

Sleek is a multi-chain platform, supporting Ethereum, Polygon, Solana, and BNB Chain. However, default Sleek is created for users on Solana due to low transaction fees.

Sleek was initially started as a no-code metaverse platform called Chapter X. It was later transformed into a web3 social network amid the metaverse being too early for mass adoption.

ChapterX was part of Binance Labs' Incubation Program, Season 4, Chase Guo, a Sleek co-founder, was previously an investment director at Binance Labs.

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