International Compliance Workshop (ICW), a Hong Kong-based supply chain management platform with an office in Singapore, has raised US$5.7 million in a Series A+ funding round, led by Infinity Ventures Partners.
Integrated Capital also joined the round, along with returning investors Hong Kong government-backed Innovation and Technology Venture Fund and MindWorks Capital.
This brings the total amount funding raised by ICW to US$9.8 million. As per a press statement, the fresh funds will go towards improving the tech infrastructure of its compliance management system and product testing platform. Besides, ICW will look to embed new features into its B2B procurement platform iSource.
Launched in 2016, ICW assists retailers and manufacturers in digitalising their supply chain process — from procurement and product testing to compliance management. The startup claims it consolidates testing, inspection and certification resources onto its platform to provide “dedicated” quality control for clients.
ICW said it serves clients from over 50 countries from its offices in Singapore, the US, China and Hong Kong. Notable clients include US fashion brand Ralph Lauren and Australian retail store Kmart.
ICW noted its total number of enterprise subscribers and revenue in 2020 increased by 238 per cent and 168 per cent respectively, driven by increased demand for diversification of supply chains amid lockdowns imposed by Covid-19.