China-based electronic components trading platform ICHunt closed a RMB160m ($23m) series B-plus round on Monday that included digital video technology developer Shenzhen Huanuo Innovation.
The round was co-led by two subsidiaries of securities firm Haitong Securities – Haitong Innovation Securities Investment and Haitong Kaiyuan Investment – and included Beijing Wenhua Haihui and Hua Partners.
Founded in 2015, ICHunt operates an online platform where a user base of about 3 million, many of which are small and medium-sized businesses, can buy electronic components such as integrated circuits from some 8,000 suppliers.
The funding will be used to upgrade the company’s supply chain capabilities and expand its warehousing capacity to ensure that orders can be met rapidly through a single source.
The series B-plus round follows an eight-figure renminbi round in December 2017 that was led by e-commerce firm JD.com and backed by Matrix Partners China, Welight Capital and N5 Capital, according to China Money Network.
Matrix Partners China had initially provided $1.5m in pre-series A capital for ICHunt before joining Welight Capital for a $5m series A in 2016. N5 Capital subsequently added an undisclosed amount of series A-plus funding, China Money Network stated.
