Sleek, a leading platform for incorporation and accounting for SMEs and entrepreneurs, announced today a USD 23 million Series B led by Australian investment firm Ellerston Capital, one of the leading Australian investment management firms. The round also included participation from Money Forward, a prominent accounting SaaS provider in the Asia-Pacific region.
This investment underscores the strong positioning of Sleek as a comprehensive one-stop-shop for SMEs, emphasising exceptional service delivered through cutting-edge technology. It also validates the attractiveness of Sleek's established and diverse geographical footprint, currently serving clients in Singapore, Hong Kong, Australia, and the UK.
Key Highlights
“No-Frills” Xero & DocuSign Alternative
Building on its founders’ firsthand frustration with high SaaS fees and cumbersome workflows, Sleek developed SleekSign (a streamlined e-signature tool) and Sleek Books (an open-source-based ledger) to deliver only the essentials small businesses need—saving 20 percent of gross margin immediately by migrating off legacy platforms.
Rapid, Profitable Growth
Since 2017, Sleek’s compound annual recurring revenue (ARR) has surged 63 percent, while gross profit has more than doubled. The business reached group-level profitability in early 2025, with operating margins between 60 and 70 percent, and targets north of 80 percent via AI efficiencies.
AI-First Roadmap
Sleek has already embedded small-language models in bookkeeping—outperforming manual processes—and uses AI-driven sentiment analysis to refine customer experience. The new capital will compress three years of roadmap work into 18 months, unlocking advanced automation across incorporation, compliance and payroll.
Market Footprint & Synergies
Serving over 16,000 companies across Singapore, Hong Kong, Australia and the UK, Sleek will double down on its fastest-growing markets (Australia & the UK) while cementing its leadership in APAC. The strategic alliance with Money Forward will integrate cloud accounting and HR suites for seamless end-to-end workflows.
Board & Network Strengthening
As part of the transaction, Ellerston JAADE Private Assets investment director Justin Diddams will join Sleek’s board, leveraging connections to portfolio companies such as Mable and Hipages to accelerate ecosystem partnerships.
The new funding values Sleek at between US $150 million and US $175 million and brings total capital raised to US $54 million.
Julien Labruyère, Co-Founder & CEO of Sleek, said:
“We built Sleek out of personal pain—round-the-world DHL shipments for a simple board resolution. Today, we empower entrepreneurs with a lean, intuitive back-office OS. Ellerston’s deep SME network and Money Forward’s product expertise will supercharge our AI roadmap and market expansion.”
Justin Diddam, Investment Director of Ellerston JAADE Private Assets, added:
“Sleek’s unit economics, AI tailwinds and founder vision make it a standout in the SME services space. We’re excited to help drive their next phase of growth in Australia and beyond.”
Money Forward, noted:“Partnering with Sleek allows us to fuse our leading cloud accounting and HR solutions with Sleek’s seamless platform—delivering truly end-to-end, AI-enhanced experiences for SMEs.”
