WEH Ventures led a seed funding round for Slick, a social networking platform catering to GenZ, which raised $1.6 million. Titan Capital, an existing investor, as well as iSeed and All In VC also participated in the round. The founder of CoinDCX, Sumit Gupta, and a group of angel investors also invested in the round.
According to a press release from the company, the investment will be used to improve Slick’s user experience, foster innovation, and create new features to draw in additional users, as per reported by Entrackr.
“One of the fundamental problems seen with today’s social networks is their business model of ads, which dilutes networking and shifts users’ focus to consuming content. These platforms ultimately want more timeshare from their users, in ways that are not networking, which defies the very idea of a social network,” said Slick CEO, Archit Nanda.
In the previous year, Slick had raised $500k in a pre-seed funding round, which was spearheaded by Unacademy’s founders (Gaurav Munjal, Roman Saini, and Hemesh Singh) and other angel investors such as Kunal Shah, Sujeet Kumar, and early-stage venture capital firms, Titan Capital and Blume Founders Fund.
Archit Nanda and Rachit Bansal founded Slick to create the ultimate platform for GenZ to explore social connections. Slick aims to achieve this goal by introducing innovative features like anonymous compliments and candid profiles.
Slick claims to have over 1 million users across more than 5,000 Indian schools and universities since its December launch, demonstrating the demand for a more genuine and interesting social networking experience.
In June 2021, WEH Ventures, an early-stage venture capital fund, launched its second fund with a target to raise Rs 100 crore. The fund has already invested in several category-leading companies, including Smallcase, Jar, Masterchow, Appsforbharat, and Pratilipi.
The social networking site for Generation Z, Slick App, is upending the industry and revolutionising how young people interact and communicate online. IIT Bombay alums Archit Nanda and Rachit Bansal launched Slick because they believed in the beneficial effects of social media.