Exceeding its initial target of $100 million, Taiwanese VC firm AppWorks has closed $150 million for its third fund.
AppWorks Fund III was participated by the firm's existing and new investors, and will invest an average of $200,000 for seed-stage rounds and at least $2 million for series A to C.
Limited partners of the fund include Taiwan Mobile, Axiom Asia Private Capital, Fubon Life, TransGlobe Life, Hongtai Group, Wistron, Cathay Pacific, Phison Electronics, and Taiwan’s National Development Fund.
The investments are aimed towards 3 main areas: Southeast Asia, AI, and blockchain.
According to AppWorks, the firm currently has over $212 million in assets under management (AUM), making them one of the 'largest early-stage VC firms in Southeast Asia'.
AppWorks' total valuation now ranges at US$17.4 billion as it comprises 414 active firms and 1,396 founders.
Why it Matters
The Taiwan-based VC firm will use the fresh funds to invest in 40 startups consisting of 20 seed-stage firms and 20 series A to series C stages.
Some of its capital will be put on hold in order to still provide support for the growth of AppWorks' existing portfolio companies.
WeMo Scooter, Blocto, and Soopah Genius are among the companies that have already been backed by AppWorks through the fresh funds.
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