Matrix-backed B2B trading platform ICHunt nets nearly $100m from JD MRO

Photo: Infralist/Unsplash

ICHunt, a B2B trading platform for integrated circuit (IC) electronic components, said on Monday that it has raked in approximately $100 million in a Series C round exclusively from Chinese e-commerce giant JD.com’s industrial supply platform JD MRO. 

ICHunt will invest a large part of the proceeds to accelerate integration with JD Industrial Supply to build cloud-driven supply chain infrastructures. 

ICHunt runs an e-commerce platform that enables the efficient circulation of electronic components for small-to-medium enterprises. Since its inception in 2015, the platform has connected with over 5,000 suppliers and has more than 60 million of stock-keeping units (SKU) online. 

Last year ICHunt launched a sub-platform dubbed Lieban aimed at intelligent electronic hardware. 

The current supply chain has been lacking the capacity to meet nimble procurements as demand for AI accelerates, ICHunt founder and CEO Jiang Chang said in the statement. 

Promoter Chang is the largest shareholder in ICHunts with 36.95% equity interest followed by Jiangsu Jucheng Kongjian Technology and MatrixPartners China holding 33.61% and 11.27%, respectively. 

MatrixPartners China had initially invested ‘millions of US dollars’ in the company’s pre-A round in 2015. The next year, Matrix Partners partnered WeLight and Hua Capital had also infused $5 million for ICHunts’s Series A round. Subsequently, Matrix Partners and JD.com had also participated in its Series B round. 

JD MRO, part of parent company JD.com, delivers industrial maintenance, repair and operations. In May last year, the platform had garnered as much as $230 million Series A round fundraising from GGV Capital, Sequoia Capital China and state-backed CPE. 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.