Sleek, a web3 social network platform, has raised $5 million in a seed funding round.

Investors include Binance Labs, Shima Capital, Spartan Group, Symbolic Capital, Market Across and Big Brain Holdings, Sleek said Friday. The funding was realized via a simple agreement for future tokens (SAFT), Tania Tse, co-founder at Sleek, told The Block. She declined to comment on valuation, but a source with direct knowledge of the matter said Sleek's valuation with the round is $50 million.

Sleek initially started as ChapterX, a no-code metaverse platform, but pivoted to a web3 social network because "the metaverse was still too early for mass adoption," Tse said. ChapterX was part of Binance Labs' Incubation Program, Season 4. Sleek's other co-founder, Chase Guo, was an investment director at …