AppWorks Closes US$165 Million Fund IV With Milestone Support From Three Sovereign Investors

AppWorks recently finalized the close of its fourth flagship venture capital fund at $165 million, bringing the firm's total assets under management to $386 million. This funding vehicle marks a historic milestone as it is the first time three major Asian sovereign limited partners have joined forces in a single vehicle. These include Taiwan’s National Development Fund, Malaysia’s Jelawang Capital, and the Korea Venture Investment Corporation. The AppWorks Fund IV also attracted significant backing from a network of corporate leaders and institutional investors. Major participants include Fubon Life, Taiwan Mobile, Wistron, Phison, and E Ink. Although the original target was set higher in 2022, the management team optimized the vehicle size to ensure disciplined deployment within the current market environment. This strategy allows AppWorks to focus on high-conviction opportunities across the regional startup ecosystem. With a portfolio of over 600 active startups, the firm has transformed its community into a venture flywheel that drives both innovation and returns. The AppWorks founder ecosystem now supports more than 28,000 jobs and generates collective annual revenues of $17.4 billion. Notably, seventy percent of founders in recent cohorts originate from outside Taiwan, reflecting the firm’s successful expansion into Southeast and Northeast Asia. The current investment thesis emphasizes frontier technologies like Embodied AI and Web3 infrastructure. Recent Demo Day trends show AI transitioning from digital assistants to physical labor automation in sectors like manufacturing and sanitation. This focus is reinforced by strategic partnerships like the Wistron Accelerator, which facilitate proof of concept projects between startups and established enterprises. By providing a bridge between deep tech strengths in Taiwan and commercial markets in the surrounding regions, AppWorks continues to fulfill its mission of helping founders disrupt the world. Previous vehicles, such as the 2014 vintage Fund II, have already delivered top-quartile global performance with realized returns. This established track record provides a strong foundation for the new fund to define the next generation of Asian technology leaders.