SleekFlow, a social commerce platform headquartered in Singapore and Hong Kong, has recently secured an additional $7 million in funding. This new investment will be directed towards further developing their conversational AI technology, which is crucial for their growth strategy.
The funds will also facilitate the company’s expansion into Southeast Asia, the Middle East, and Europe, marking a significant step in its global outreach.
Social commerce, the practice of using social media platforms like Facebook, Instagram, WhatsApp, TikTok, and YouTube for marketing and sales, is outpacing traditional e-commerce in growth. The Asia Pacific region’s social commerce market is projected to surpass $894 million by 2028, reflecting a notable 10.6% growth rate from 2022. This trend highlights the increasing importance of social media in consumer purchasing behaviors.
SleekFlow Secures $7 Million for AI Innovation and Market Expansion
Conversational AI plays a pivotal role in this growth by enhancing customer service through scalable, automated interactions. The use of AI chat functionality enables sellers to manage large volumes of customer interactions while maintaining efficiency. This technology also provides valuable analytics, helping businesses understand and optimize their engagement strategies with various customer segments.
Despite the rapid expansion of social commerce and conversational AI, the market is highly competitive. SleekFlow faces competition from several players, including MessageBird, Respond.io, and Gupshup.
However, SleekFlow differentiates itself with its streamlined features such as omnichannel capabilities, marketing automation, and an intuitive flow builder. These features, along with instant checkout options and CRM integrations, contribute to its unique value proposition.
Under the leadership of new CTO Gao Lei, an AI and big data expert, SleekFlow plans to enhance its platform further. The company has experienced significant growth, with its annual recurring revenue rising to $8-9 million as of mid-2024 and its customer base expanding to over 5,000.
SleekFlow’s expansion into various markets and the addition of prominent investors underscore its growing influence in the social commerce and conversational AI sectors.
