Fund III targeting AI, blockchain startups in Greater SEA closed by AppWorks for US $150 M
AppWorks, a Taiwan-based VC fund-cumulator, reported today that the final closure of its third fund was oversubscribed at US$150 million.
AppWorks now has US$212 million in assets under management (AUM) thanks to the new fund.
Taiwan Mobile, Axiom Asia Private Capital, Fubon Life, TransGlobe Life, Hongtai Group, Wistron, Cathay Life, Phison Electronics, and Taiwan’s National Development Fund are among the fund’s investors.
It will continue to invest in firms in the Greater Southeast Asia area (Southeast Asia+ Taiwan) that are working on artificial intelligence and blockchain.
According to a press release, the new fund is putting up a portfolio of around 40 projects, with 20 investments starting at US$2 million in Series A through Series C firms and another 20 in the seed stage.
In addition, the VC firm will hire new investment associates and analysts to help expand Fund III’s investing activities. In the next ten years, it hopes to build an ecosystem that includes 1,000 active businesses with a combined worth of more than $100 billion, as well as 50,000 job possibilities.
“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.
Pickone, WeMo Scooter, Omnichat, XREX, and Blocto are among the more than 20 businesses that AppWorks Fund III has supported thus far. Carousell, Dapper Labs/Flow, Tiki, Dcard, Yummy Corp, and Animoca Brands are among the firms run by AppWorks mentors in which it has invested. Dapper Labs and Animoca Brands are two of those who have reached unicorn status.
Since its inception in 2009, AppWorks has grown to include 414 active businesses and 1,396 founders, raising a total of US$4.3 billion and valuing the ecosystem at US$17.4 billion.
AppWorks provides founders a direct route to talent via the AppWorks School, as well as access to Taiwan’s world-leading hardware manufacturing facilities to hone the competitive edge in crucial areas in the future.
In the Southeast Asia region, the business also uses a local seed fund approach to ensure unique transaction flow. This increases AppWorks’ visibility in the region, allowing the company to gather valuable insights and gain access to prospective opportunities without having to worry about regional travel restrictions during the epidemic.
