Carousell backer AppWorks raises $114m as part of its third fund

Taiwan-based VC firm and accelerator AppWorks said it has raised US$114 million for AppWorks Fund III. The company, however, didn’t specify if this was the first close of their fund.

Photo credit: AppWorks

It aims to raise up to US$150 million in the final close by the first quarter of this year, the VC firm told Tech in Asia.

The key investors of the new fund include Taiwan’s National Development Fund, Taiwan Mobile, Fubon Life Insurance, Cathay Life Insurance, Wistron Corporation, and Hungtai Group.

With the new fund, the company will focus on investing in artificial intelligence and blockchain industries in the global market, as well as Southeast Asian startups with a particular focus on countries like Indonesia and Vietnam.

It looks to invest in around 30 startups mainly in their series A and series B rounds, with US$3 million to US$5 million per deal. However, it will also invest in seed to series C rounds with US$200,000 to US$15 million per deal or up to 10% of its third fund.

The new investment vehicle has already backed companies including Carousell, Fabelio, Dapper Labs, Beam, HarukaEDU, InfraDigital Nusantara, and WeMo Scooter.

“Southeast Asia is rising, displaying impressive growth in middle-class incomes, and GDP. Its citizens participate in an acceleration of tech usage that makes it one of the most pivotal regions in the world for innovation and economic growth. We believe that founders in this region must use these technologies to make the most of the opportunities,” said AppWorks.

Founded in 2009, AppWorks has US$170 million in assets under management. It invests US$200,000 to US$10 million from seed to series C rounds.