Hong Kong-based supply chain compliance and quality assurance platform International Compliance Workshop (ICW) raised US$2.5 million in a series A funding round led by Hong Kong’s MindWorks Ventures, reports Tech in Asia.
Innovation and Technology Venture Fund Corporation (ITVFC), established by the Hong Kong government, also participated in the round. The ICW deal marks the debut investment for ITVFC, which in 2017 set up a HK$2 billion (US$255 million) vehicle to boost local startups.
The platform connects retailers,
manufacturers, suppliers, trading companies, as well as certified testing and
certification institutions. It also operates as a marketplace for clients to
find accredited product testing, inspection, and auditing services.
“Our goal is to make
Hong Kong and the Greater Bay Area the product testing, inspection, and
certification centre of the world,” said Gary Lam, CEO and co-founder of ICW.
ICW will use the proceeds to further develop its compliance management system and IT platform. It will also use the money to expand to the US and Gulf region.