AppWorks closes third fund with $150M

AppWorks, a Taipei-based venture capital firm, issued an announcement today stating that it has closed its third fund, which it claims was oversubscribed.

AppWorks raised US$150 million to further its goal, which is to drive the growth of startups in Taiwan and the rest of Southeast Asia, especially startups that are focused on blockchain technology and artificial intelligence. 

AppWorks Fund III drew participation from various corporations, including Axiom Asia Private Capital, Cathay Life, Fubon Life, Hongtai Group, Phison Electronics, Taiwan Mobile, TransGlobe Life, Taiwan’s National Development Fund, and Wistron. Most of these limited partners also took part in the fund’s second installment in 2014.

The most recent funds raised brings its total assets under management (AUM) to a total of US$212 million. As part of efforts to ensure that the third fund is properly applied, AppWorks is also currently hiring new investment associates and analysts, whose jobs will be to scout for deals across Southeast Asia.

According to a Tech Crunch report, this third fund is earmarked for “a portfolio of about 40 startups, split evenly between investments starting at $2 million in Series A to Series C rounds, and seed-stage investments.” 

Jamie Lin, AppWorks’ Chairman and Founding Partner, is convinced that the stellar performance of the second fund encouraged investors to participate in the third, as the fund easily crossed its US$100 million targets.