Taiwan-based accelerator AppWorks launched a $50m fund today backed by a host of coroporate limited partners.
Corporate LPs for the fund included telecommunications company FarEastTone Telecommunications, media company UDN Group, life insurance companies Fubon Life and Cathay Life, and flash storage manufacturer Phison Electronics.
China Trust Ventures, the venture capital arm of financial conglomerate CTBC; CDIB Capital, the investment arm of merchant bank China Development Financial; the Taiwanese state-managed National Development Fund; and VC firm CID Group also contributed capital.
AppWorks aims to support startups based in Taiwan that are working on mobile commerce, as well those developing hardware and software technology for the internet of things.
The fund will invest between $200,000 and $400,000 in seed-stage companies, between $1m and $3m in series A rounds, and between $5m and $10m at series B stage. It will also provide public relations and legal experts, which will be brought on board gradually.
AppWorks, which was launched five years ago, previously raised a $11m fund in 2012 to back early-stage startups. It has graduated more than 190 startups to date, which have raised a combined $150m.
– Image courtesy of AppWorks