Taiwan-based startup accelerator and venture capital firm AppWorks closed an oversubscribed $150m third fund yesterday featuring a range of corporates among its limited partners.
Insurers Cathay Life, Fubon Life and TransGlobe Life, property developer Hongtai Group, flash memory chipmaker Phison Electronics, mobile network operator Taiwan Mobile and IT original design manufacturer Wistron contributed to Fund III, as did Axiom Asia Private Capital and Taiwan’s National Development Fund.
Founded in 2009, AppWorks targets entrepreneurs in the greater Southeast Asia region, which includes its home country. It concentrates on developers of artificial intelligence and blockchain-equipped mobile commerce technology as well as hardware and software for the internet of things.
AppWorks had initially aimed for a $100m final close for its third fund, which has already backed more than 20 companies. It now has $212m under management and will hire investment associates and analysts to ramp up its activities in Southeast Asia.
The firm had closed a $50m second vehicle in 2015 that came after an initial fund sized at $11m three years before. Its portfolio companies include Animoca Brands, Dapper Labs and KKDay.
