Ching is a Principal leading the Web3 Arm at AppWorks. Ching interned at AppWorks when she was in college and returned as an Analyst after earning her B.B.A from National Chengchi University in 2015. Her keystone achievement as an Analyst was helping CHOCO TV’s journey from Series A to an eventual acquisition by LINE. Ching became our Associate in 2019, spearheading our foray into the blockchain industry by recruiting founders active in the space and effectively jumpstarting our web3 ecosystem, which has since grown into a thriving community. She’s also helped AppWorks participate in several prominent investments, including Dapper Labs / Flow, and Animoca Brands. Ching was promoted to Principal in 2022. Off the clock, she likes to experience new things, travel, and play tennis.
We are thrilled to announce our investment in Marcelo Ruiz de Olano, the visionary CEO of karpatkey, who is redefining treasury management in DeFi. By providing non-custodial treasury management solutions and infrastructure, karpatkey has already garnered the trust of major DeFi protocols like AAVE, Uniswap, and Balancer. Here’s why we decided to back Marcelo and his exceptional team.
Marcelo Ruiz de Olano: A Visionary with a Story of Resilience and Innovation
At AppWorks, we seek founders with the vision, determination, and execution ability to address critical challenges in their fields. Marcelo Ruiz de Olano not only possesses these traits but his deep expertise in both finance and decentralized systems makes him uniquely qualified to revolutionize treasury management in decentralized finance (DeFi). His ability to navigate complex financial environments and his commitment to building transparent, secure solutions have positioned him as a transformative leader in this space.
Marcelo’s journey is a testament to resilience and adaptability. Born in Buenos Aires, Argentina, he often felt like an outsider, fueling his desire to seek new opportunities and a sense of belonging beyond his home country. During college, Marcelo longed to participate in an exchange program to explore life outside Argentina, but his parents refused to support him, dismissing it as a desire to party abroad. Determined, he found a way to finance himself and moved to Spain to fulfill his ambition.
However, the aftermath of the 2008 financial crisis made opportunities scarce. Without any financial backing from his family or the government, Marcelo faced tough challenges and was on the verge of proving his parents’ doubts right. Yet, he persevered, supporting himself through the economic downturn and overcoming the cultural differences between Argentina and Spain, despite the shared language
Upon returning to Argentina, Marcelo joined Chevron, where he refined his decision-making skills and financial modeling on major capital projects exceeding $100 million. This role significantly deepened his understanding of global finance. By the age of 28, Marcelo had mastered the art of arbitraging stocks, bonds, and commodities, generating enough cash flow to achieve financial independence. He left the corporate world to travel and explore new opportunities. His journey eventually led him to cryptocurrency during the 2017 boom. The subsequent ICO bust became a pivotal moment, solidifying his belief in the transformative potential of decentralized finance.
Under Marcelo’s leadership, assets within karpatkey’s DeFi treasury network have skyrocketed from $300 million to over $1.8 billion in less than 3 years. His vision of creating a non-custodial, transparent treasury management system earned the trust of industry giants like Uniswap and AAVE. Marcelo’s personal and professional journey is a testament to his relentless drive to innovate and lead in the world of decentralized finance.
karpatkey: Empowering DeFi with Transparent, Non-Custodial Treasury Management and Advanced Automation Tools.
karpatkey has quickly established itself as a leader in DeFi treasury management, transforming how top organizations manage their financial assets. Originally formed in 2020 to manage the Gnosis treasury, karpatkey has since expanded its services to provide sophisticated financial solutions for renowned DeFi protocols such as AAVE, Balancer, and ENS.
karpatkey is trusted by the DeFi community due to its commitment to transparency and security. The company’s non-custodial approach allows DAOs to retain full control over their assets—a critical feature in today’s trust-driven ecosystem. karpatkey also offers advanced automation tools for risk management, ensuring that clients’ assets are managed with precision and care.
karpatkey: Redefining Finance with Innovative DeFi Solutions and Seamless Institutional Access.
karpatkey’s future vision includes expanding its product suite to serve both the DeFi and traditional finance sectors. One of the upcoming initiatives is the launch of actively managed open-ended funds, designed to give institutional investors access to blue-chip DeFi tokens and yield-generating opportunities.
karpatkey is also preparing to introduce a DeFi Exchange Traded Fund (ETF), providing institutional investors with a secure and regulated gateway to DeFi yields. This marks a significant step toward bridging traditional finance with DeFi, reinforcing karpatkey’s role as a pioneer in decentralized financial management.
Join Us in Shaping the Future of DeFi
If you are a DeFi founder or project looking to collaborate, we invite you to explore potential synergies with karpatkey and the AppWorks community. Together, we can build a stronger, more resilient DeFi ecosystem that is ready to redefine the future of finance.
Founded in 2010 by Jamie Lin, AppWorks Accelerator is a startup community created by founders, for founders. We are committed to fostering the next generation of entrepreneurs in Greater Southeast Asia, accelerating the region’s transition into the digital era.
Every six months, we welcome founders trailblazing on the frontiers of AI, web3 and Southeast Asia, equipping them with the necessary resources, mentorship, and guidance to get their ventures off the ground.
We know there are many considerations for founders when applying to an accelerator. That’s why we’ve created an FAQ page to help you decide whether or not AppWorks is the right fit for your startup.
As of October 2024, AppWorks Accelerator #30 is open for applications. You can find important information about the Accelerator experience on our main page.
The FAQs
1. What do I need to know before joining the accelerator? What is AppWorks doing to help founders make the most out of the accelerator?
We understand the unique needs and aspirations for founders, and we’re committed to providing an experience that’s both flexible and comprehensive:
a. Tailored Events for Founders: We recognize that each founder’s journey is different, influenced by their unique locations and timelines. That’s why we’ve designed a program that blends online and offline events to accommodate this diversity. This flexibility ensures that you can engage with our program in a way that fits your specific circumstances, whether you’re based in Taiwan or anywhere around the globe.
b. Regional Presence in Greater Southeast Asia: We take immense pride in our strong regional presence, spanning seven vibrant markets: Taiwan, Singapore, Hong Kong, Indonesia, Vietnam, Malaysia and the Philippines. This expansive network means that you have access to opportunities and support, no matter where you’re located.
c. Unlocking Taiwan’s Potential: Taiwan is home to a dynamic tech ecosystem, and we proudly maintain the most extensive network in the region. We invite you to consider Taiwan as a market ripe with valuable opportunities, a wealth of digital talents, reliable manufacturing partners, and a robust supply chain. The resources available here are vast and can significantly boost your venture.
Through our online and offline regional activities, we’re dedicated to connecting you with our network, helping you forge meaningful relationships in both Taiwan and Southeast Asia.
We firmly believe that there’s no substitute for physical, face-to-face interactions when it comes to building strong relationships and gaining profound insights. That’s why we encourage founders like you to join us in person for the offline portion of the accelerator program, whether here in Taiwan or in other Southeast Asian countries. We’re confident it will enrich your entrepreneurial journey in the most meaningful ways.
Your success is at the heart of what we do. We can’t wait to embark on this journey with you.
2. Why does AppWorks now only admit founders working on AI, web3, or SEA?
We believe that AI and blockchain are based on a solid foundation built by earlier generations of founders, and extended data applications and decentralized models represent a huge disruption that founders must address over the next decade.
The increasing demand for automation, personalization, and optimization in various industries creates new opportunities for AI to drive innovation. Taiwan plays a pivotal role in the world’s development of AI as the hub for manufacturing semiconductors, the heart of AI computing. Founders can further enhance their innovation efforts by harnessing the power of Taiwan’s AI and AIoT ecosystem, making their endeavors even more dynamic and accessible in this rapidly evolving landscape.
Web3 continues to be an area of innovation and excitement, with value creation occurring across cycles. As the web3 industry enters mass adoption, it requires infrastructure to seamlessly facilitate increasingly everyday transactions and activities. Meanwhile, applications for the web3 industry will speed up the process of onboarding end users. New primitives such as DAOs and protocols will completely disrupt the way people structure and run organizations from finance to entertainment to commerce—and this will all be done by leveraging the open, decentralized, permissionless, and trustless nature of blockchains. The time to build is now.
Southeast Asia’s digital revolution is well underway, with a young, ever-expanding, and increasingly affluent middle class driving brisk economic growth across the region and mass adoption of digital services. The scale of Southeast Asia’s digital economy is estimated to reach US$1 trillion by 2030. As the digital economies of Southeast Asian countries are still developing, there are many opportunities for growth, building off a strong foundation from the past decade of value creation. Each market in this region has its own unique opportunity. But many examples showed that having multiple markets in this region seems to be a must for great success, ie. SEA Group, GoTo Group, Bukalapak, Traveloka, Grab, 17LIVE and Lalamove. Our founder community is built to cater to this. We have a regional network for founders in Southeast Asia to build a bigger success than working on their own.
These are three areas where we’ve seen significant activity and can offer outsized support to founders, building off the firm’s long track record. In the past 10 years, we’ve witnessed the popularity and penetration of mobile internet, and have participated in this process by supporting founders in their endeavors. If you aspire to capture life-changing opportunities over the next decade, it is important to think about how to leverage these key areas to create the future.
3. I already raised a Series A / I’m profitable, is AppWorks right for me?
The short answer is, yes!
The long answer is, reaching a funding goal can be a cause for celebration, but it’s also a relatively minor part of the founder journey. So many more things can go right or wrong, even with a funding round. There are many other facets to overcome and master. When we admit founders into the program, it is because we have carefully considered what they need as a founder, and how our resources and network across Taiwan and Southeast Asia can help them grow.
Joel Leong and Henry Chan atShopBackhad already built a business model and received seed funding in 2015 when they launched in Singapore before they came to AppWorks Accelerator #13 in 2016.
Joel told us that had the team known about Taiwan’s massiveUS$20 billion GMV e-commerce market and all the region-wide technical and tactical innovations that it would eventually yield, they would have made the move to Taiwan much sooner. Taiwan has since become one of ShopBack’s biggest markets and R&D centers. It demonstrates that funding rounds and business model maturity do not limit founders in learning something new.
As long as you think that AppWorks can help you in the entrepreneurial learning process, you should apply.
4. How can AppWorks Accelerator help a web3 founder?
As our web3 ecosystem has grown, so have opportunities for partnerships, knowledge exchange, and founder-to-founder support—all critical for entrepreneurs building in this network and community-driven space:
a. Grow with one of the largest web3 founder communities.
Entrepreneurship is a lonely journey. After starting your own business, most of your friends and family won’t understand the ups and downs you’re experiencing as a founder. If you can share these experiences with fellow founders who are as capable and determined and who understand when you encounter setbacks, you will be more motivated to continue. In addition to founders in the same batch accelerating together, we will hold frequent alumni gatherings where you’ll meet many alumni who have gone through the zero-to-one process.
The web3 ecosystem within the AppWorks community now consists of 179 active teams with a total of 325 founders. These extraordinary web3 startups include Pendle (AW#20), a DeFi yield-trading protocol that enables the tokenization and trading of future yield; Blocto (AW#19), a mobile portal to the blockchain world featuring seamless integrations with different wallets and web browsers; and Event Horizon (AW#28), a meta-governance platform that mobilizes community assets to influence external governance proposals.
As one of the most flourishing web3 founder communities in the region, we support founders working on most, if not all, web3 verticals tackle the ins and outs of entrepreneurship through founder or mentor introductions and connect you with relevant resources in the web3 startup ecosystem. Moreover, founders can learn together with fellow founders about tokenomics, DAO structures, and community-building.
b. Stay ahead of the game to capture the pulse of the ecosystem and access premium development partners
In web3, startups developing on the right public chain and working with the right partners can help create synergies and accelerate scaling. Within the AppWorks web3 ecosystem, almost 80 teams have developed their products on various public chains, including Ethereum、Cosmos、Solana、Polygon、Arbitrum、Polygon、TON and so on. If you are a founder building on these chains, you can always find a connection within our ecosystem.
AppWorks is actively fostering a dynamic and thriving ecosystem for web3 startups to collaborate and innovate together. As the web3 landscape evolves rapidly, with new chains emerging frequently, we continually work to stay connected with the most prominent L1 and L2 ecosystems, ensuring that founders have access to top-tier resources.
At the same time, AppWorks builds partnerships with essential development tools, platforms, and cloud services such as GSR, Alchemy, Quantstamp, and Chainlink to make sure that blockchain startups gain the support they need to grow and thrive.
5. How does AppWorks Accelerator help founders enter new markets?
Since 2010, AppWorks has made close connections within founder communities and throughout the venture capital ecosystem. When startup teams decide to enter a new market, we can quickly help them learn from local partners to tap into key resources and business models that are specifically tailored to different regions.
The AppWorks community includes our accelerator alumni, international startup teams that have received investment from AppWorks Venture Funds, and mentors with insight and experience. Our community of founders are based all around the world, and many are from our key markets in Southeast Asia, such as Singapore, Indonesia, Vietnam, the Philippines, and Malaysia. For example, Qoala is an InsurTech startup headquartered in Indonesia that has expanded to Thailand and Malaysia, and the CEO/Co-founder, Harshet, is a seasoned founder and has been an active mentor to many startups in the region. Carousell is a startup from Singapore, which focuses on C2C e-commerce and has expanded into eight markets across Asia. The CEO/Co-founder, Siu Rui, has always been the go-to person for fellow founders who are exploring regional expansion.
In addition to our community, AppWorks has also established strategic relations with more than 25 venture capital funds across Southeast Asia and the web3 industry. Our partners include ACV, Golden Gate Ventures, Openspace Ventures, Ascend Vietnam Ventures, Foxmont Capital, Figment Capital, Reforge VC, and others. When entering a new market, we can easily cooperate with investors from different regions to help you quickly gain access to local connections and business opportunities.
6. What does AppWorks look for in applications?
When AppWorks reviews applications submitted by founders, we pay special attention to a founder’s north star. Some questions that might help you think about whether AppWorks is a good fit for you:
Why did you launch your startup?
What problem do you want to solve and why?
What do you believe fundamentally needs to exist in this world that doesn’t already?
What kind of future do you want to create and how will you get there?
What have you already done to demonstrate your commitment to tackling this problem?
AppWorks Accelerator’s online application covers about 30 topics related to team background, product/service, business model, market analysis, and more. It is very detailed and requires time to complete. It also includes a required one-minute self-intro from the founder (CEO) for us to know you better.
7. Does AppWorks Accelerator cost anything?
No. AppWorks Accelerator has always been free for founders. We will not charge rent or service fees, nor will we require any form of compensation, such as sweat equity, tokens, options, revenue, or profit-sharing. Our exclusive mission is to help founders.
8. We need funding now, can we get an investment by joining AppWorks?
The short answer is you will have much better access to us than non-AppWorks accelerated teams. We will discuss with you and help you figure out at this stage of your startup’s journey if capital can give your startup a significant edge and/or take it to the next level, or if there are other more burning issues, e.g., achieving stronger product-market fit, figuring out a working go-to-market strategy, recruiting a solid co-founder, etc.
Any AppWorks founder is welcome to start a discussion with us on fundraising anytime. We will do our best to advise and support you with US$350 million in total fund size behind us.
9. I am not a technical founder, or I need to find an engineer to help scale my idea, can I still apply?
Yes, you can. In a manner of speaking, you have come to the right country.
Taiwan graduates over 25,000 hardware and computer science engineers each year and is world-famous for the engineering and computer science mastery that has boosted the quality of international companies like Apple, Amazon, Nvidia, Meta and Acer in hardware and Google and Microsoft in software, to name a few.
We strongly recommendfounders who come to Taiwan to check out the country’s vast human talent resources. Part of the founder journey will be about learning how to hire, and there is probably no better place in Asia to hire engineers than here.
10. My service (or product) has not yet started to make money. Can I still apply?
Of course! There probably isn’t a better time to learn in an accelerator than as a founder just starting out. This period before a founder has built a startup into a scalable business model with Product-Market Fit is called the “seed stage.” During this period, founders always need more than funding; they need a variety of entrepreneurial-related insights, inspiration from other founders, and room for trial and error. AppWorks Accelerator, with over 14 years of experience, was built to provide these lessons and more.
11. I’m planning to expand my business into Taiwan, however, since I am not a Taiwanese citizen, can you help me obtain a proper visa?
International founders admitted to AppWorks Accelerator, according to your qualifications and needs, AppWorks can help with your application for theGold Card, or Entrepreneur Visa in Taiwan. This enables founders from overseas to concentrate on work in Taiwan without traveling abroad to sort out troublesome visa issues. We can offer guidance on this process.
12. Do I have to set up a company to join AppWorks Accelerator?
Not necessarily, but we recommend founders to set up an office when entering a new market, especially those of you that are B2B facing. This may enable you to build relationships with business partners and make negotiating commercial agreements smoother in the future.
For the founders who are planning to land in Taiwan, AppWorks has professional accounting and legal specialists who can assist in managing the necessary procedures, making the process of setting up much easier and more efficient.
13. What is the difference between applying during the first round vs. the final round?
The application period is split into two intakes, with interviews and admissions facilitated on a rolling basis. Based on past experience, teams that submit their application earlier tend to have a higher chance of being admitted and are also immediately granted access to all the resources that AppWorks Accelerator has to offer.
14. I have previously applied to AppWorks and have been rejected, can I apply again? Will it affect the chances of admission?
Reapplying represents the determination of the founder and is a positive signal for us. Therefore, we will re-evaluate all aspects, not only for the growth of the founder but also for the progress of the company. In the past, some entrepreneurs applied 2-3 times before being selected. In some cases, after unsuccessful applications, they continued to explore and eventually achieved more user growth and deeper insights. In other cases, they honestly faced the fact that there was no Product-Market Fit (PMF), changed their topic, found a scalable business model, and reapplied. These entrepreneurs have performed well after graduating from the accelerator.
We hope the above FAQ can help clarify your questions about AppWorks Accelerator. If you seek more clarity, please write to:[email protected], and we will try to answer your questions.
If you’re a founder working on AI, web3, or Southeast Asia, you’ve come to the right place! Applications forAppWorks Accelerator#30 will be open until December 31 , 2024.
2. 為什麼 AppWorks 現在限定招募來自 AI、web3 或是 Southeast Asia 的創業者?
我們認為,基於過去 Internet 打下的良好基礎,由 AI 及 Blockchain 所延伸出的數據應用,以及去中心化的價值交換模式,是下個十年創業者必須槓桿的巨大板塊位移機會。
而台灣作為 AI 發展核心的半導體之製造中心,在全球 AI 的演進及普及化當中,扮演愈趨重要的角色。隨著算法、算力的進步,加上開源框架與生成式 AI 的普及,使 Founder 可以在醫療保健、金融、零售和遊戲等不同產業間嘗試 AI 以及 AIoT 的各種潛在應用,善加利用台灣的生態系,為新創團隊打開新的大門。
In 2021 there was Axie Infinity built on blockchain from Vietnam, in 2024 we are excited to see Clout Kitchen powered with AI from the Philippines. Gaming often stands at the forefront of new technologies, offering a strong opportunity for startups in Southeast Asia to leapfrog into a blue ocean. This is a piece we talk about why we invested in Clout Kitchen leading their Pre-Seed round back in December 2023 prior to their latest round with a16z SPEEDRUN and Peak XV Partners. In particular, why we decided to back the two co-founders: Justin Banusing, Marcel Feldkamp, and Gabriel Henry Lopez.
Justin, the 24 year-old CEO with 9 years entrepreneurial experience
A closed door usually leads to an open window. In the summer of 2011, Justin failed in the first episode of MasterChef Junior in the Philippines. Suddenly, this 12-year-old had an empty summer that he had originally blocked for the show. Partially to regain confidence, Justin began cold calling to intern at various gaming startups and outlets over the next year and a half – most notably Tier One Entertainment (then called PESO). This was the beginning of a 12-year journey in the gaming industry. During this period, Justin travelled across the region to cover gaming events for outlets like ESPN and Red Bull and started his boutique agency in 2014. He became a well-known esports journalist. Just before enrolling at the University of Washington in 2018, Justin and two other co-founders started AcadArena, a campus gaming community, which peaked when it raised its Series A in 2022 and were mentored by veteran startup founders like Twitch co-founder Kevin Lin and Crunchyroll co-founder Kun Gao.
The challenges of running a startup soon became a reality check. In 2023, Justin once again found himself in a downward spiral as the company he started pivoted, reminiscent of the dark side he had experienced before: a geeky boy who loved gaming and comics but was never the most popular kid in school; a young entrepreneur who was sometimes a rising star but could easily be seen as immature, sitting in a bigger chair than he was ready for. After splitting with his co-founders, he took a six-month break to figure out his next steps and even considered joining the VC side to help founders. While exploring this path with AppWorks, he noticed that VC investors often outnumbered founders at many startup events in Manila. Justin saw a bigger mission than simply proving his worth for his own sake. If everyone agrees that gaming is a huge market in this region, and if everyone sees the untapped potential here, then more founders are needed. With this realisation, Justin decided to resume his role and, in late 2023, started Clout Kitchen with his co-founders, Marcel.
Marcel, the former top eSport athlete that is actually a founder at heart
Marcel’s stage name is “Dexter,” and one of his legendary teams is “Dexter is Actually Evil.” He grew up in Germany and is among the very first esports athletes to immigrate to the US due to his exceptional gaming performance. He started his pro-gaming career early, at age 15. Approaching retirement, Marcel also explored gaming journalism and commentating until he started his own gaming talent agency, Press X, at age 24. After the Hollywood-based United Talent Agency acquired Press X in 2018, Marcel established another boutique agency, Proxy, in 2020, and began angel investing – where he wrote one of the first checks into Justin’s previous company
Marcel is always looking for new business models, products, and technologies to empower more creators including gamers. That’s why when Justin proposed the idea of building an AI gaming coach, Marcel undoubtedly joined the team. A pro gamer is never satisfied with the status quo and always seeks new innovations to win bigger games. Catching the right opportunity at the right time is another of their strong suits. These qualities are shared by many successful founders worldwide and they keep Marcel ahead.
Gabriel, the youngest founder funded by VC in Philippines
Since childhood, Gabriel has been deeply inspired by Mark Zuckerberg, aspiring to become the Philippines’ equivalent of the tech mogul. Rather than entering the highly competitive social media sector, he founded his first startup, MedHyve, at the age of 17 in 2017, focusing on digitalizing the procurement process for hospitals. This entrepreneurial journey led him to drop out of the University of the Philippines, as he found the school curriculum too slow compared to the learning opportunities from real-world startup experience. Gabriel is a passionate and dedicated learner who has self-taught himself to become a full-stack engineer, mastering AI engineering, app development, and other related fields.
MedHyve joined AppWorks Accelerator #22 in 2021 when they grew to half million of annual sales, a good timing to think about scaling. Eventually MedHyve chose to merge with Pulse63, a healthcare venture studio in Southeast Asia. Seeking broader horizons, Gabriel decided to move to the US to gain exposure to a larger and more competitive tech environment. Recognizing the need to learn from top talents, he joined G2, a software review unicorn, as a senior software engineer at the young age of 23, where he led AI software initiatives.
Later, his long-time friend Justin, another rising young founder from the Philippines, proposed the idea of Clout Kitchen. They saw the advantage of leveraging a Filipino tech team to agilely launch a strong MVP at a fraction of the cost compared to US startups, especially in the rapidly evolving AI sector. This new competitive team, a solid trio of gamer, engineer, and founder, was thus formed to take on the gaming industry.
The next evolution of gaming after Twitch
“Usually there’s something that pushes you into games. There’s some escapism in it,” Marcel commented on why he became a gamer. Gamers often play alone or in small groups. In the early 2000s, my high school friends from the top escalating program in Taiwan would gather every Wednesday in an internet café to play Lineage II and StarCraft, just like many teenagers worldwide at that time. Twitch brought the first wave of disruption to this behaviour. People, including myself, no longer needed to stand and watch friends play games in a café physically. Twitch created a real digital-native community of gamers and their fans. You can watch your favourite gamer play any game at almost any time. In a way, Twitch was born from the community’s calling.
The wave of innovation from live streaming is a decade old now. It has allowed many top gamers and streamers to create multi million dollar net worths, such as the notable PewDiePie and Tyler “Ninja.” We believe the AI evolution now presents another disruptive opportunity. While Scarlett Johansson was not happy with “Her” voice being resembled by OpenAI’s new product during its launch, AI companionship has huge potential for the coaching purpose. People used to rely on watching the best players on Twitch to learn and sharpen their skills. Now the best players can impart their time-honoured knowledge and expertise to an AI model. That’s why Clout Kitchen’s recent beta launch, Backseat AI, received great attention, earning 300,000 views across multiple platforms within a few hours. Backseat AI is a personal AI gaming coach companion. The first persona they onboarded is the notable Tyler1, a top League of Legends gamer with over 10 million followers.
AI companionship for everything
We believe there’s a huge opportunity for personalised AI in every vertical. Among the latest AppWorks Accelerator #28, Olli is integrating personalised AI into toys, powered by chips designed by MediaTek, a US$70B market cap IC design house from Taiwan. Olli was founded by Hai Ta, a serial entrepreneur from Vietnam. Meanwhile, our latest investment in Bythen, founded by Kevin Mintaraga, another serial entrepreneur from Indonesia, is building AI personas with NFTs.
Technological advancements allow builders from around the world to create the next great products. This is particularly meaningful for Asia, as it presents a global opportunity that surpasses domestic market limitations. Additionally, the region’s long-established hardware and semiconductor advantages provide founders with a slightly better chance of accessing the latest technology in computation and chip design.
At AppWorks, we have an extensive startup ecosystem of 1,700+ founders in this part of the world. Our corporate network in Taiwan, including top electronic manufacturers, can provide an experimental environment and direct resource support. Our goal is always to help founders stay ahead of their game. We’re very excited to be part of the journey with Justin, Marcel, and Gabriel.
We are proud to announce our investment in Daniel Hannum and Daniel Pfeffer, the CEO and CTO of GasHawk. They are tackling one of the fundamental elements of blockchain—transaction efficiencies—including gas fee optimization, fraud detection, and MEV protection. Here’s why we decided to back these two outstanding founders.
Daniel Hannum, A Story of Determination and Execution
We have always placed our faith in founders who exhibit exceptional determination and execution. Daniel Hannum embodies these qualities, making him the ideal leader to position GasHawk for scalable success.
Dan’s journey is a testament to his resilience and determination. Raised by a single mother in Washington, D.C., Dan’s early life instilled in him a powerful drive for greater attainment. His business acumen became evident at Hawke Media, where he played a crucial role in boosting the company’s annual recurring revenue (ARR) from US$10K to US$25M. This success continued at ZenLedger, where, as COO, he dedicated himself to the company’s growth, helping it achieve several millions in ARR.
However, Dan consequently faced a major setback at ZenLedger with resume inconsistencies, which led to the loss of years of hard work overnight. Rather than sulking in defeat, Dan took full responsibility for his actions and used the experience as a motivator to restart, do the right thing and truly prove himself.
Dan’s life story includes overcoming significant challenges, including a legal setback as a teenager, and later, public scrutiny after his departure from ZenLedger. Despite these obstacles, Dan continued to demonstrate resilience. His ability to regroup, learn from his mistakes, and correct his mindset caught the attention of the founder of Corpus Ventures, the incubator behind GasHawk, who eventually offered Dan the position of CEO after countless hours of conversations.
In 15 months, Dan has led GasHawk to onboard nearly 7,000 users, generate US$500K in revenue and grants, and demonstrated solid early traction. Dan’s journey reflects his ability to face challenges, even those of his own making, and turn them into opportunities for growth, success, and redemption.
Daniel Pfeffer, The Data Science PhD Revolutionizing Blockchain Transactions
Daniel Pfeffer brings a diverse and technical background to his role as CTO of GasHawk. From a young age, Daniel was influenced by his father’s handyman skills, which sparked his interest in building and understanding how things work. This early passion led him to pursue a Ph.D. in Electrical Engineering and Information Technology. Throughout his career, Daniel has worked on data-related projects across various industries, including manufacturing, IoT, and construction. His experience spans embedded systems, data science, and web applications, giving him a well-rounded technical perspective.
Daniel’s transition into blockchain technology was influenced by his brother, who was involved with Corpus Ventures. This connection led Daniel to apply his data science expertise to optimize blockchain transactions, ultimately resulting in the development of GasHawk’s core technology. Daniel’s combination of academic rigor, hands-on experience in multiple industries, and deep understanding of data science positions him well to drive GasHawk’s technical development and innovation in the blockchain space.
GasHawk’s Vision for a Comprehensive Transaction Layer
GasHawk is addressing a significant challenge in the blockchain space: high and volatile transaction fees, particularly on turbulent networks like Ethereum. The company offers an innovative solution that can save users, including individuals and institutions, up to 95% on transaction fees by monitoring network activity and predicting optimal times to submit transactions. While recent improvements like EIP-4844 have reduced gas fees, as more Layer 2 networks, app-chains, and rollup-as-a-service platforms launch, there’s potential for significant congestion in Layer 2 transactions, which could lead to surges in blob fees. The team is already developing a blob-based service for enterprise clients, which is set to launch in the second half of 2024.
Looking ahead, GasHawk envisions itself as more than just a gas optimization tool. The company aims to position itself as a transaction layer between users’ wallets and blockchain networks, potentially offering additional services such as security protections, transaction previews, unified management, and even features like rebates or private order flow. By owning this critical transaction layer, GasHawk seeks to add value and leverage for its customers across multiple blockchain ecosystems.
As investors in GasHawk, we’re excited about their potential to revolutionize blockchain transactions. If you’re a wallet provider, Layer 2 protocol, exchange, DeFi platform, NFT marketplace, DAO, or any blockchain-based enterprise looking to optimize transaction costs and enhance user experience, reach out to the GasHawk team and us!