The acceleration program, backed by property conglomerate New World Development, has launched its second round off the back of a successful first cohort. A few days ago, United Nations Secretary-General Antonio Guterres urged world leaders to declare a “state of climate emergency.” As [...]
Hong Kong-based ICW brings testing, inspection and certification resources into one platform for supply chain management.
Hong Kong-based supply chain compliance management and B2B sourcing platform International Compliance Workshop (ICW) has raised US$5.75M in Series A+ funding round, the company said in a press release on Thursday, January 28.
Led by early-stage venture capital and growth equity firm Infinity Ventures Partners, the funding round saw the participation of Integrated Capital and existing investors MindWorks Capital and the Innovation and Technology Venture Fund (ITVF) of the Hong Kong Special Administrative Region (HKSAR) Government.
ICW stated that it plans to use the investment to further enhance the technological capabilities of its holistic compliance management system and product testing platform. Additionally, the funds will be used to integrate additional features into iSource, its B2B sourcing platform. The startup says that iSource enabled global retailers to efficiently source trusted suppliers and products globally during the pandemic.
“We are thrilled to have Infinity Ventures join our fast-growing journey,” Gary Lam, CEO and Co-founder of ICW said. “With their tremendous resources support, we are confident ICW will continue to effectively execute our roadmap to deliver the most innovative and effective solutions to the supply chain industry.”
ICW provides a single platform for supply chain management
Founded in 2016, ICW’s platform combines testing, inspection, and certification resources, and connects global retailers, manufacturers, trading companies, as well as accredited testing and certification institutions.
It helps clients to digitalize complex supply chain processes such as supplier sourcing, product testing, and compliance management. It supplies clients with a dedicated quality assurance/quality control department by leveraging big data analytics, artificial intelligence and the company’s team of experts.
The platform serves clients from 50 countries, including thousands of vetted manufacturers across China, Vietnam, and Southeast Asia. According to the press statement, ICW has onboarded 3 of the top 10 largest global retailers.
Driven by a growing demand for supply chain diversification amid COVID-19, while ICW’s total number of enterprise subscribers grew by 238%, its total revenue increased by 168% in 2020, the company added in the statement.
In April 2019, the platform had raised US$2.52 million in a Series A funding round, becoming the first venture to secure funding from the Innovation and Technology Venture Fund Corporation (ITVFC) since the Hong Kong Government established the HK$2 billion (US$258 million) fund to invest in local innovation and tech startups in 2017.
Header image courtesy of ICW