AppWorks, a leading Greater Southeast Asian venture capital firm and accelerator, today announced the oversubscribed final close of AppWorks Fund III, successfully raising US$150 million.
The new fund brings AppWorks’ total assets under management (AUM) to US$212 million, placing it among the largest early-stage venture capital firms in the Greater Southeast Asia region (Southeast Asia+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.
With an initial target of US$100 million, AppWorks 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, blockchain, and Southeast Asia (ABS), particularly via AppWorks Accelerator and the firm’s mentor network.
Capitalizing on the growth momentum of these themes and AppWorks’ positioning as a leading early-stage venture capital firm in the region, the firm was able to achieve a final close at the US$150 million hard cap.
With the industry-leading performance of Fund II, the majority of AppWorks’ LPs returned and upped their investments, resulting in Fund III being oversubscribed by 1.6x at final closing.
As part of AppWorks Fund III final close, the firm 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. With over a decade of fund activity, AppWorks has built an open culture where talent at all levels can thrive, giving the opportunity for every team member to let their voice be heard and enjoy the fruits of success.