AppWorks has announced the oversubscribed final close of its Fund III, raising US$150 million. AppWorks said the new fund brings its total assets under management (AUM) to US$212 million, placing it among the largest early-stage venture capital firms in the region including Southeast Asia and Taiwan.
At US$150 million, AppWorks Fund III is 3x larger than its second fund of US$50 million (Vintage 2014) and 15x larger than its first fund of US$11 million (Vintage 2012). Fund III counts several existing and new LPs, including Taiwan Mobile, Axiom Asia Private Capital, Fubon Life, TransGlobe Life, Hongtai Group, Wistron, Cathay Life, Phison Electronics, and Taiwan's National Development Fund, among others, according to the firm.
With an initial target of US$100 million, AppWorks said its Fund III generated outsized investor interest mainly driven by a better than expected inflow of investment opportunities from AppWorks' three core themes of artificial intelligence (AI), blockchain, and Southeast Asia (ABS), particularly via AppWorks Accelerator and the firm's mentor network.
As part of Fund III final close, the firm said it will recruit new investment associates and analysts to scale up investment activity with a focus on Southeast Asia, sourcing and executing on promising deals throughout the region.
At US$150 million, AppWorks said Fund III is 7.5x larger than the average VC fund size of US$20 million in Taiwan. AppWorks said it is also one of the few firms born out of Taiwan with a truly regional presence. With this close, AppWorks Fund III is in the process of constructing a portfolio of roughly 40 deals, including 20 investments starting at US$2 million in Series A-C companies and 20 seed-stage investments.
In terms of AUM, AppWorks has reached US$212 million. On the regional stage, AppWorks invests in deals ranging from Seed to Series C stages, writing lead tickets in high-growth startups demonstrating breakout potential. In the world of blockchain, AppWorks has also stepped onto the global stage, co-investing in highly sought-after deals such as Dapper Labs/Flow, Animoca Brands and Splinterlands alongside prominent crypto investors.
