AppWorks raises $165 million new fund to target Asian AI and Web3 startups, with sovereign funds participating for the first time

AppWorks completed the final fundraising for its fourth flagship fund, reaching a scale of $165 million. This capital brings AppWorks’ total fundraising to $386 million, marking a further enhancement of this Asia-based venture capital firm established in 2009 in terms of funding capability and strategic position. The new fund will focus on investing in entrepreneurs in Asia who are dedicated to artificial intelligence, Web3, and the broader digital economy.

Investment Team Upgraded, Pan-Asian Sovereign Funds Participate for the First Time

The most notable highlight of this round of fundraising is the significant upgrade in the investor lineup. For the first time, this financing attracted three major pan-Asian sovereign LPs, including Taiwan National Development Fund, Malaysia’s Jelawang Capital, and Korea’s KVIC, marking a historic moment for AppWorks.

Strategic Significance of Sovereign Fund Participation

The involvement of sovereign funds not only signifies an increase in capital scale but also reflects policy support from various Asian countries for innovation and entrepreneurship ecosystems. The participation of these national-level funds indicates that AppWorks’ role in promoting innovation and entrepreneurship across Asia has gained policy recognition. Additionally, beyond sovereign funds, this round also attracted investments from well-known companies such as Fubon Life, Taiwan Mobile, Wistron, Phison, and E Ink, forming an investment lineup that combines sovereign and industrial capital.

Focus on AI and Web3, Targeting Emerging Markets in Asia

AppWorks’ strategic focus is also very clear. The new fund will be used to invest in entrepreneurs across Asia who are working in artificial intelligence, Web3, and the digital economy. According to relevant information, over 70% of AppWorks’ recent accelerator projects have been directed outside Taiwan, primarily in other parts of Asia, reflecting an expansion in its regional footprint.

Notable Supported Projects

AppWorks’ investment vision has also been validated by the market. The fund has supported well-known companies such as Lalamove (on-demand delivery platform), Animoca (Web3 gaming company), and Flow (blockchain infrastructure). These projects have achieved significant success in their respective fields, demonstrating AppWorks’ ability to identify promising early-stage ventures.

Ecosystem Continues to Grow, Venture Capital Influence Expands

Since its founding in 2009, AppWorks has built a large entrepreneurial ecosystem. According to the latest data, this ecosystem has gathered over 2,000 founders and 653 active startups. This scale positions AppWorks as a leading venture capital institution in Asia, reflecting its long-term accumulation in ecosystem development.

In terms of fund size, AppWorks’ fundraising capacity has also steadily increased. The total amount raised from the first to the fourth fund has reached $386 million, demonstrating ongoing confidence from investors in its management and investment returns.

Future Outlook: A Key Driver of Innovation and Entrepreneurship in Asia

Based on its current investor lineup and strategic direction, AppWorks is expected to play an even greater role in the future by:

• Continuing to support AI and Web3 entrepreneurs in emerging Asian markets, driving innovation in these fields
• Leveraging sovereign fund participation to deepen engagement with national innovation policies
• Utilizing its network of over 2,000 founders to provide more resources and opportunities for new entrepreneurs
• Becoming an important connector in Asia’s digital economy transformation

Summary

The completion of fundraising for AppWorks’ fourth fund is not only a financing milestone but also a reflection of the maturity and upgrade of the Asian venture capital ecosystem. The participation of sovereign funds demonstrates policy-level support for innovation and entrepreneurship, while the focus on AI and Web3 aligns with market development trends. The scale of over 2,000 founders and 653 active startups underscores AppWorks’ influence as an Asian venture platform. Against the backdrop of accelerating global innovation in AI and Web3, this move by AppWorks is likely to further promote the development of Asia’s entrepreneurial ecosystem.