AppWorks is a venture capital firm and accelerator based in Taipei, Taiwan, focused on empowering founders across Asia in AI and Web3. Founded in 2009, the firm combines capital investment with a long-running, equity-free accelerator that operates semi-annually and draws talent from across the region. AppWorks backs companies from the earliest stages and supports them through growth, international expansion, and liquidity.
AppWorks focuses on early-stage investments in artificial intelligence and Web3 startups, targeting companies from seed to pre-Series B. It works extensively with founders across Taiwan, Southeast Asia, and broader Asia who are building the next wave of internet infrastructure and frontier technology.
In December 2025, AppWorks announced the final close of its fourth flagship fund at $165 million. Despite launching during a turbulent fundraising climate, the firm secured commitments from prominent Asian sovereign wealth funds including Taiwan’s National Development Fund (NDF), Malaysia’s Khazanah Nasional (via Jelawang Capital), and Korea Venture Investment Corporation (KVIC).
The fund also brought in institutional LPs like Fubon Life, Wistron, Phison Electronics, and Taiwan Mobile. Originally targeting $360 million, AppWorks revised its goal to $150–160 million in response to macroeconomic headwinds, ultimately exceeding that with strong support. Fund IV is deploying capital across 60–80 companies, with over 60% already invested in roughly 30 startups. Its core sweet spot remains seed to pre-Series B, with first checks ranging from $500K to $15 million.
This fund reinforces AppWorks’ strategy of combining accelerator-driven sourcing with high-conviction capital deployment in AI and Web3 across Asia.
Leadership
AppWorks is led by Chairman and Partner Jamie Lin, a seasoned founder turned investor who has guided the firm since inception. Under his leadership, AppWorks has scaled from a local accelerator into a pan-Asian venture platform with strong LP relationships and cross-border reach.
Investment Strategy
AppWorks runs a blended model of venture investing and accelerator operations. Founders can enter through its equity-free accelerator, which acts as a pipeline for fund investments, or receive direct backing.
The firm favors a disciplined, long-term approach, aiming for consistent fund-level returns in the 2.5x–3x range, with occasional 10x outliers. It supports founders through operational guidance, network access, and international scaling, especially into Japan, Korea, and Southeast Asia.
Notable Investments
AppWorks has invested in more than 100 companies across its four funds. Standouts include:
The firm’s portfolio includes one hectocorn, two decacorns, five unicorns, and over a dozen centaurs.
Notable Exits
AppWorks has seen seven IPOs and nine IEOs across its portfolio. Major exits include:
Fund I achieved a 3x return, Fund II is tracking at 1.9x DPI, and Fund III at 0.5x DPI to date.
Other
AppWorks is one of the most founder-accessible VC firms in Asia, particularly for AI and Web3 startups. Its equity-free accelerator draws hundreds of applications per cycle, offering early-stage founders not just funding but operational and ecosystem support. The firm’s LP backing from Asian sovereign funds also signals strong regional alignment and capital stability for founders planning cross-border growth.
Taiwan
