Taiwan's AppWorks to support more startups in SEA with fresh $150 million VC fund

AppWorks currently has over $212 million in assets under management, making them one of the 'largest early-stage VC firms in Southeast Asia'.

Faith Baltazar

12 Aug, 2021

Taiwan's AppWorks to support more startups in SEA with fresh $150 million VC fund | BEAMSTART News

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.

Key Highlights

  • 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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