Taiwanese VC firm AppWorks’ third fund hits final close at $150m

AppWorks, a Taiwan-based venture capital firm and accelerator, announced the final close of the AppWorks Fund III after raising US$150 million.

More details

• Investors: Existing and new limited partners including Taiwan Mobile, Axiom Asia Private Capital, Fubon Life, TransGlobe Life, Hongtai Group, Wistron, Cathay Life, Phison Electronics, and Taiwan’s National Development Fund, among others.
• Average ticket size for investments: At least US$2 million for series A to series C rounds and US$200,000 for seed-stage rounds
• Stage: Final close
• Investment opportunities: AppWorks’ three core themes of AI, blockchain, and Southeast Asia

More company updates

• The fund, whose initial target was to raise US$100 million, aims to invest in 20 startups in the series A to series C stages, as well as 20 seed-stage firms. AppWorks will also reserve some capital to support its portfolio companies as they reach maturation.
• AppWorks said it has already backed over 20 companies via the new fund, including  WeMo Scooter, Blocto, and SoopahGenius. The Taiwanese fund has also invested in companies led by AppWorks mentors, such as Carousell, Tiki, Yummy Corp, and Animoca Brands.
• AppWorks said it has reached US$212 million in assets under management, becoming one of the largest early-stage VC firms in Southeast Asia.
• After more than a decade in the region’s startup scene, AppWorks’ ecosystem now encompasses 414 active firms and 1,396 founders who have raised a total of US$4.3 billion at an aggregate valuation of US$17.4 billion.
• AppWorks announced in March that it had raised an initial US$114 million for its third fund.