Alibaba-backed SaaS startup SeekFlow bags US$8M to expand in SEA

Hong Kong-based SleekFlow, a SaaS omnichannel social commerce platform backed by Alibaba Entrepreneurs Fund, has announced the completion of a US$8 million Series A funding round led by Tiger Global.

Transcend Capital and AEF Greater Bay Area Fund (managed by Gobi Partners GBA) also joined.

The fresh injection will empower SleekFlow’s strategic market penetration in Southeast Asia, specifically in Singapore and Malaysia. It also plans to expand to the UK, EU and other thriving social commerce markets.

The funds will also be invested in advanced product development, including detailed buyer journey tracking and analytics, which provide invaluable actionable insights for enterprises.

“People nowadays spend more than 80 per cent of their time on social platforms. It’s already a habit for us to discover products and even buy on social channels directly. The huge social commerce market potential is expected to rise to US$3.37 trillion by 2028.

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This round comes a year after it secured a 7-figure pre-Series A funding round last year from investors, including Alibaba Hong Kong Entrepreneurs Fund.

Chibo Tang, Managing Partner of Gobi Partners GBA, said, “Despite the economic downturn, the social commerce market is going stronger than ever, reaching US$474 billion in 2021. Eight in ten US businesses anticipate selling on social media within the next three years, according to Statista. SleekFlow’s innovative solutions will help these global commerce businesses meet the evolving needs of customers who are turning to social channels to purchase more than ever before.”

SleekFlow began as an omnichannel social messaging platform integrating with Official WhatsApp Business API, Facebook messenger, etc., serving over 5,000 businesses globally. It later invested in more fintech products, including one-click checkout and campaign automation for Instagram shops, TikTok, and live-streaming.

The startup also aims to holistically enhance the social buying journey by upgrading the existing e-commerce integration, inventory management system, and booking system to establish an all-in-one social commerce platform.

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