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Taiwan VC firm AppWorks closes Fund III with US $150M, what kinds of startups are they targeting?
AppWorks, a leading Taiwan venture capital firm and accelerator, announced the final close of AppWorks Fund III with USD $150M. This brings AppWorks’ total assets under management to USD $212M and makes them one of the largest early-stage VCs in Greater Southeast Asia.
AppWorks Fund III is in the process of constructing a portfolio of roughly 40 deals, including 20 investments starting at USD $2 million in Series A-C companies and 20 seed-stage investments. AppWorks will also reserve capital to support its portfolio companies as they reach maturation.
According to AppWorks partner Jessica Liu, AppWorkshas been focusing on investing in four main topics; AI, blockchain, NFT, and Southeast Asia in recent years.
AppWorks Fund III has backed more than 20 startups, including AppWorks Accelerator alumni Pickone, WeMo Scooter, Omnichat, XREX, Blocto, SoopahGenius, Docosan. The fund also invested in companies led by a handful of AppWorks Mentors, including Carousell, Dapper Labs/Flow, Tiki, Dcard, Yummy Corp, and Animoca Brands. Among them, Dapper Labs and Animoca Brands have both crossed the unicorn threshold, having demonstrated significant traction in the burgeoning non-fungible token (NFT) space.
AppWorks Fund III being oversubscribed by 1.6x at final closing mainly driven by steller records from AppWorks’ Fund II. Fund II’s investment portfolio includes Lalamove, which recently became a decacorn, and Taipei Exchange-listed 91APP, Taiwan’s first locally grown unicorn with a market cap exceeding USD $1.4 billion.
With the industry-leading performance of Fund II, most investors returned and upped their investments, making Fund III close at the USD $150 million hard cap.
Fund III's investors include Taiwan Mobile, Axiom Asia Private Capital, Fubon Life, TransGlobe Life, Hongtai Group, Wistron, Cathay Life, Phison Electronics, and Taiwan’s National Development Fund.
As part of AppWorks Fund III final close, the firm will recruit new investment associates and analysts to scale up investment activity with a focus on Southeast Asia to source and execute on promising deals throughout the region.
“From a humble beginning, AppWorks is now one of the region’s leading investors, working together with other prominent venture capital firms to cultivate the startup ecosystem in fast-emerging Southeast Asia. On the AI and blockchain front, we have become a major player on the global stage,” said Jamie Lin, Chairman and Partner at AppWorks.
Entering its 11 years, AppWorks helps seed-stage and growth-stage startups in Taiwan and Southeast Asia to kickstart and rapidly scale up their business.
As of June 2021, there are now 414 active startups and 1,396 founders in the community. Furthermore, both the total funds raised and valuation have more than tripled in the last year.
The ecosystem's collective turnover also achieved a new milestone, crossing the US$10 billion mark, more than doubling from the year prior, while creating close to 20,000 jobs in the process.
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