Newly launched GenZ-focused social media platform Slick last week raised $1.6 million in a funding round led by WEH ventures, with participation from iSeed, All In VC, and existing investor Titan Capital. The round also saw participation from notable angel investors including Sumit Gupta, Founder of CoinDCX.
The company said that the fresh funds will be deployed toward enhancing user experience, innovation, and develop cutting-edge features to attract more users.
Founded by IIT Bombay graduates Archit Nanda and Rachit Bansal, and Launched last December, Slick targets the GenZ audience with an aim to revolutionize the way young people connect and engage online.
Speaking of the development, Archit Nanda, CEO of Slick in a press statement said,
“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 Nanda
It is important to note that since its launch, Slick is operating with a small team of 15 that has help the company garner over 1 million users across over 5,000 schools and colleges in India.
Last year, Slick raised $500k in a pre-seed round led by Unacademy’s founders (Gaurav Munjal, Roman Saini, and Hemesh Singh) and other renowned angel investors – Kunal Shah, Sujeet Kumar, and early-stage VCs, Titan Capital, and Blume Founders Fund.
According to the company, Slick aims to redefine social networking for GenZ audiences by providing an innovative platform – rather than offering the old digital ecosystem which is saturated by the rise of passive media, and diluted social media interactions.
Speaking of which, Rachit Bansal, CTO of Slick said,
“Today’s generation hasn’t seen that side of social networks where Insta used to be more about photo sharing with friends and you could ‘poke’ friends on Facebook. We believe in eliminating the frustrations with the current social networking landscape and creating a platform that prioritizes networking,” said Bansal
On similar lines, Rohit Krishna, WEH Ventures said,
“Driven by TikTok, all other major platforms have prioritised algorithmic feeds over social/chronological feeds and now with the advancement in GenAI, we think soon even content would be created algorithmically. However, there’s a still a strong innate need to keep in touch with people & that’s why we believe this is the right time to build new social products, where the paradigm for monetisation could be very different from when Snap/Facebook started.”
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