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.
