AppWorks Successfully Closes US$150 Million Fund III with Outlook to Ramp Up Regional and Global Investment Activity

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.

A Regional Fund Capable of Leading Seed to Series C

At US$150 million, AppWorks Fund III is 7.5x larger than the average VC fund size of US$20 million (NT$600 million) in Taiwan. AppWorks is also one of the few firms born out of Taiwan with a truly regional presence. With this close, AppWorks Fund III is in the process of constructing a portfolio of roughly 40 deals, including 20 investments starting at US$2 million in Series A-C companies and 20 seed-stage investments. AppWorks will also reserve capital to support its portfolio companies as they reach maturation.

In terms of AUM, AppWorks has reached US$212 million, becoming one of the largest early-stage VC firms in the Greater Southeast Asia region. On the regional stage, AppWorks invests in deals ranging from Seed to Series C stages, writing lead tickets in high-growth startups demonstrating breakout potential. In the world of blockchain, AppWorks has also stepped onto the global stage, co-investing in highly sought-after deals such as Dapper Labs/Flow, Animoca Brands and Splinterlands alongside prominent crypto investors. 

Currently, AppWorks Fund III has backed more than 20 startups, including AppWorks Accelerator alumni Pickone (AW#9), WeMo Scooter (AW#12), Omnichat (AW#16), XREX (AW#17), Blocto (AW#19), SoopahGenius (AW#20), Docosan (AW#21). The fund also invested in companies led by a handful of AppWorks Mentors, including Carousell, Dapper Labs/Flow, Tiki, Dcard, Yummy Corp, and Animoca Brands. Among them, Dapper Labs and Animoca Brands have both crossed the unicorn threshold, having demonstrated significant traction in the burgeoning non-fungible token (NFT) space. 

“AppWorks was established in 2009, launched AppWorks Accelerator—the region’s leading startup accelerator—in 2010, and started our journey of raising and managing venture capital funds in 2011. Twelve years after our inception, we managed to successfully raise our third fund of US$150 million, a huge milestone for the firm,” said Jamie Lin, Chairman and Partner at AppWorks. “From a humble beginning, AppWorks is now one of the region’s leading investors, working together with other prominent venture capital firms to cultivate the startup ecosystem in fast-emerging Southeast Asia. On the AI and blockchain front, we have become a major player on the global stage.”

For the firm’s portfolio companies, AppWorks unlocks the Taiwan market’s distinct advantages in talent and manufacturing capabilities. AppWorks offers founders access to Taiwan’s large pool of talent in engineering, manufacturing, and other vertical expertise, creating a direct pipeline to talent via the AppWorks School. In addition, through AppWorks’ network of strategic partners, the firm provides founders with direct access to Taiwan’s world-leading hardware manufacturing resources, giving startups a manufacturing edge in critical areas that will define the future.

For the Southeast Asia market, AppWorks has implemented a local seed fund strategy, investing in different seed funds across the market to secure proprietary deal flow. These funds provide meaningful exposure to the region, giving AppWorks insights and access into potential breakout deals. In addition, during the pandemic, this strategy has allowed AppWorks to continue to deploy capital into promising deals throughout the region despite regional travel restrictions.

AppWorks Fund II Exhibits Top Quartile Investment Performance

Launched in 2014, AppWorks Fund II has entered its harvest phase and is currently performing among the top quartile of global venture capital and private equity funds within the same vintage, generating substantial financial returns for investors and carried interest for AppWorks team members. Fund II’s investment portfolio includes Lalamove, which recently became a decacorn, and Taipei Exchange-listed 91APP, Taiwan’s first locally grown unicorn with a market cap exceeding US$1.4 billion (NT$40 billion)—with the 91APP deal alone poised to return the fund two times over. 

As of the end of July 2021, AppWorks Fund II’s TVPI reached 3.3x, with DPI at 1.3x and IRR reaching 34.7%. By comparison, the top quartile of global VC and PE funds with the same vintage have a TVPI of 2.4x, DPI of 0.7x, and IRR of 26.1%. With this fund performance, nearly all shareholders in AppWorks Fund II upped their subscription to Fund III, resulting in the significant oversubscription.

After more than a decade of development, the AppWorks flywheel is now in full swing. The overall ecosystem now encompasses 414 active startups and 1,396 founders, collectively raising US$4.3 billion and boasting an aggregate valuation of US$17.4 billion. Together, the community generates US$12.9 billion in annual turnover and created 18,591 jobs in the process. Looking towards the next ten years, AppWorks has set a goal of creating an ecosystem encompassing 1,000 active startups with a collective value exceeding US$100 billion and generating 50,000 employment opportunities.

【We welcome all AI, Blockchain, NFT, or Southeast Asia founders to join AppWorks Accelerator

AppWorks Fund III 完成 1.5 億美元最終募集,擴大人才招募

大東南亞創業加速器龍頭,同時也是本區指標性創投的 AppWorks,在今日 (12 日) 宣布,旗下第三支創投基金 AppWorks Fund III 完成最終募集 (Final Closing),由於獲得投資人超額認購,使得整體資金規模為 1.5 億美元 (45 億新台幣) ,這讓 AppWorks 管理的總資產規模成長至 2.12 億美元,躍升大東南亞較具規模的專業創投機構之一,並擴大展開人才招募。 

AppWorks Fund III 是 AppWorks 自 2012 年 Fund I 以來,完成募集的第三號基金,主要投資人包括:台灣大哥大、Axiom Asia Private Capital、富邦人壽、全球人壽、宏泰集團、緯創資通、國泰人壽、群聯電子以及國發基金。相較於前次募集、規模 5,000 萬美元的 AppWorks Fund II 基金,AppWorks Fund III 規模為三倍。

AppWorks Fund III 最初設定規模為 1 億美元,但因聚焦的 ABS (AI、Blockchain、Southeast Asia) 三大領域成長速度高過預期,且 AppWorks Accelerator 校友、Mentors 等獨有案源管道持續發酵,使得優質投資機會流入速度持續加快。為幫助股東充分把握 ABS 三大引擎未來 5-7 年的成長動能,且進一步提升 AppWorks 在區域的規模優勢、強化從種子輪到 C 輪能全方位領投的地位,AppWorks 最終決定募滿股東合約允許的募資上限 (Hard Cap),總金額達 1.5 億美元。且由於 AppWorks Fund II 投資績效傑出,此次 AppWorks Fund III 最終募集獲得投資人超額認購達 1.6 倍。

AppWorks Fund II 投資績效優異

2014 年啟動、目前進入收成期的 AppWorks Fund II,投資績效持續領先同期全球排名前 1/4 的創投與私募基金,為投資人創造優異的財務報酬,同時也為 AppWorks 帶來豐厚的績效獎金收益。在 AppWorks Fund II 的投資組合中,包括已晉升為十角獸 (估值超過 100 億美元) 的 Lalamove,以及今年順利在台股 IPO、總市值突破 400 億新台幣的第一隻全本土獨角獸 91APP 等。其中,僅 91APP 一檔持股的總市值,就已達到 AppWorks Fund II 規模的兩倍。

在優質投資組合陸續進入收成期帶動下,截至 2021 年 7 月底,AppWorks Fund II 總收益乘數 TVPI (Total Value to Paid-in-Capital) 達到 3.3倍,已分配收益乘數 DPI (Distribution to Paid-in Capital) 達到 1.3 倍,年化內部報酬率 IRR (Internal Rate of Return) 達 34.7%。相較之下,同期全球排名前 1/4 的創投與私募基金, TVPI 為 2.4 倍、DPI 為 0.7 倍、IRR 為 26.1%。績效表現如此優異之下,AppWorks Fund II 股東幾乎全數加碼投資 AppWorks Fund III,也因此造成超額認購。

區域級基金:可領投種子輪到 C 輪的全方位機構

台灣平均每檔創投基金 0.2 億美金 (6 億新台幣) 規模來看,1.5 億美元的 AppWorks Fund III 為均值 7.5 倍,可說是相當獨特的存在。事實上,AppWorks 是極少數從台灣出發,達到區域級規模、投資足跡遍佈大東南亞的創投機構。

以總管理資產規模 (AUM / Asset Under Management) 而言,AppWorks 達到 2.12 億美元,已躋身大東南亞資金規模較大的專業創投機構之一。在區域舞台上,AppWorks 與類似規模的同儕包括  Sequoia India (紅杉印度)、Vertex、B Capital、Golden Gate Ventures、East Ventures、Asia Partners 等,一起角逐優質案源,時而競爭、時而合作。在區塊鏈的世界,AppWorks 更已站上全球舞台,與 A16Z、Union Square Ventures 等一線加密貨幣創投,共同投資 Dapper Labs / Flow 等新創。

因此,AppWorks 決定將 Fund III 募集至 1.5 億美元規模,讓 AppWorks 的投資階段,能從約 20 萬美元的種子輪、300 萬美元的 A 輪,一路橫跨至 C 輪,必要時能出手領投達 1,500 萬美元規模,如此,大幅提升 AppWorks 支持優秀校友、Mentors,加速新創規模化,並且幫股東創造優質報酬的能力。

目前 AppWorks Fund III 已投資超過 20 家新創,包括 AppWorks Accelerator 校友 Pickone (AW#9)、WeMo Scooter (AW#12)、Omnichat (AW#16)、XREX (AW#17)、Blocto (AW#19)、SoopahGenius (AW#20)、Docosan (AW#21) 等,以及 CarousellTiki、Dapper Labs / Flow、DcardYummyAnimoca Brands 等 AppWorks Mentors 帶領的新創,其中,在 NFT 次領域上極具成長潛力的 Dapper Labs / Flow 與 Animoca Brands 已成功晉升為新創獨角獸。

AppWorks 董事長暨合夥人林之晨指出:「AppWorks 從 2009 年草創,2010 年啟動創業加速器,2011 年展開升級投資機構之旅,經歷 1,100 萬美元 的 Fund I、 5,000 萬美元的 Fund II,如今在第 12 個年頭完成 1.5 億美元 Fund III 的募集,可說是正式進入大聯盟,能與國際一線創投一起耕耘大東南亞新創生態,同時在全球舞台加速 AI、區塊鏈的發展。回想當年草創時,台灣軟體新創投資幾乎等同於沙漠,根本無法想像今日可以開出如此茂盛的花朵。當然,能力越多、責任越大,AppWorks 將本著初衷,持續努力不懈,幫助更多台灣新創走出去,同時讓更多東南亞、乃至於全球新創來台落地,加速台灣成為大東南亞的台灣、世界的台灣,才是我們存在的真正目的。」


隨著晉升大聯盟,AppWorks 給予人才的待遇也拉齊國際一線機構水準,並即刻擴大人才招募。目前積極招募的職務,主要為投資經理 (Associate) 、分析師 (Analyst)、投資人關係經理 (Investor Relations Manager),各個職務皆按專業能力與工作表現敘薪。

其中,投資經理要求 5 年以上相關工作經驗或國際頂尖 MBA 畢業,年收入 9.2 萬至 18 萬美元 (258 – 504 萬新台幣) 、分析師需要 3 年以上相關經驗,年收入在 5.2 萬至 10.3 萬美元 (146 – 288 萬新台幣)、而投資人關係經理則需要 2 年以上相關經驗,年收入在 3 萬至 5 萬美元 (84 – 140 萬新台幣)。此外,還有包括:第一天開始年假無上限、年度健康檢查、年度員工旅遊、0 到 6 歲每位每月 3 萬新台幣育兒補助等福利。

創投績效產生沒有捷徑,只能仰賴長期、持續的投入新創團隊輔導,同時隨時掌握最前緣的科技、產業動態,對 AppWorks 來說,「人才是根本」不是口號,而是 DNA。在各個環節,皆展現對人才的重視。除了提供有區域競爭力的待遇與福利,AppWorks 也打造出資訊公開、制度透明、比想法不比位階的工作環境。例如,從每一支進駐 AppWorks Accelerator 的新創團隊、每一個投資案,到 AppWorks 內部的政策與制度,每一步策略與行動,皆採取共識決議,每位成員不受限職稱皆有提供建議、表達不同意見的平等權利,藉由最充分的溝通與交流,讓擁有不同專業與工作內容的每一個人,都能因為共同參與、且完全理解團隊的所有決議,一起準確對齊目標,方能加速前進。

林之晨指出:「創投永遠在面對新領域、評估新創業者,在這些大哉問面前,你過去有的經驗,有時會幫助你,但更多時候只會害你。我清楚記得,兩年前,我與當時 26 歲、我們的投資經理曾意晴,對於是否投資 Dapper Labs / Flow,有過長達數週的激烈辯論,辯到兩個人都生氣了。但最終,她說服了我與全公司,而結果證明這是一個數百倍收益的投資。所以,在 AppWorks,沒有人是老闆,好想法、好邏輯、好的產業洞察,就是我們的老闆。」

他進一步說:「創投是一個國家要與時俱進、增進新陳代謝,最重要的渦輪加速器。好創投可以賦能創業者、加速新興產業建立、創造經濟成長,同時提供大量優質且具向上流動性的就業機會給新生代工作者。創造這麼多公益的同時,好創投又能為基金股東產生優異投資收益,同時給予同仁豐厚的報酬。一個社會要持續轉型升級,幾乎很難找到比創投更多贏,更有策略槓桿的工具。因此,我們積極把 AppWorks 經營為一個國際級、具指標性的創投,希望吸引更多優秀人才加入,未來開枝散葉成更多創投機構,台灣就能擁有生生不息的原力。」

歷經十年發展後,AppWorks 的飛輪已呈現高速運轉,整體生態系累積 414 家活躍新創、1,396 位創業者,全體新創募資金額 43 億美元、價值 174 億美元、年營收 129 億美元、創造高達 18,591 個就業機會。展望下個十年,AppWorks 設定生態系活躍新創達到 1,000 家、整體價值 1,000 億美元、創造 5 萬個就業機會的目標。

【歡迎所有 AI、Blockchain、NFT 與目標東南亞市場的創業者,加入專為你們服務的 AppWorks Accelerator

AppWorks Celebrates 10th Anniversary and 2020 Milestones with Dedicated Landing Page

  • AppWorks Ecosystem breaks a US$10B valuation, with aggregate turnover and funds raised both more than doubling in growth
  • AppWorks Funds outperforms the world’s top quartile of venture capital and private equity funds, generating 2.5x TVPI, 1x DPI, and 26.5% IRR
  • AppWorks School graduates 256 students, with a 92% placement rate

On February 2, 2021, AppWorks unveiled its key milestones over the past decade, while highlighting operational results from 2020 in the “10th anniversary and 2020 Year in Review” webpage. Despite the raging impact of the pandemic, the AppWorks Ecosystem displayed the utmost resiliency, with the funds and all encompassing companies producing healthy growth and profits.

AppWorks has just passed its 10 year anniversary in 2020, and with all pillars of its influence only continuing to grow, including AppWorks Accelerator, the AppWorks Ecosystem alumni, AppWorks Funds, and AppWorks School. AppWorks has achieved several key milestones, and made significant headway in establishing Taiwan as the technology epicenter of Greater Southeast Asia (ASEAN+TW). Looking forward into the next 10 years, AppWorks’ goal is to continue positioning Greater Southeast Asia at the forefront of an increasingly digital, automated, and decentralized 21st century.

Milestones in the AppWorks Ecosystem: Aggregate valuation, fundraising, and turnover each exhibited more than 2x growth, with the overall valuation exceeding US$10B

In 2020, AppWorks Accelerator announced its updated focus on “ABS” strategy, narrowing the recruitment of startups to only those focusing on AI, blockchain, and Southeast Asia. Despite the challenges brought on by the pandemic, AppWorks Accelerator graduated 51 new startups across AW#20 and AW#21, of which 27 are working in AI/IoT and 13 in blockchain/crypto. More than 62% of the entrepreneurs hail from countries across Greater Southeast Asia, including Hong Kong, Singapore, Vietnam, Malaysia, Philippines, and Indonesia. In response to the widespread lockdowns and travel restrictions, we also shifted our program to a hybrid online-offline model in order to facilitate a seamless experience for all of our founders despite physical limitations.

With the addition of AW#20 and AW#21, there are now a total of 395 active startups and 1,331 founders in the AppWorks Ecosystem (including accelerator alumni and portfolio companies). Collectively, all companies produce a turnover of US$ 8 billion, an annual increase of 162% compared to the same time last year, and foster 17,359 employees, 73% more than the year prior. Altogether, the Ecosystem raised a total of US$ 2.36 billion, an annual increase of 140%, with an aggregate valuation reaching US$ 11 billion, growing 160% YoY.

With COVID-19 effectively turbocharging the demand for digital technologies in 2020, the Ecosystem’s overall valuation, total funds raised, and annual turnover have each more than doubled in growth, notably exceeding the 29%, 36%, and 98% respectively experienced a year prior.

In the course of building this ecosystem and cultivating Taiwan and Southeast Asia’s innovative capabilities, AppWorks has helped generate sizable economic impact both in terms of value created and jobs produced. The combined annual turnover of US$ 8 billion is now equivalent to 0.7% of Indonesia’s GDP, and the more than 17,000 employment opportunities created are equivalent to 0.3% of Singapore’s working population.

Coincidentally, the year AppWorks exceeded a decacorn valuation is the very same year of our 10th anniversary. The increased adoption of digital technologies and outsized demand for innovative business models under COVID-19 was just enough to inch the Ecosystem into the ten billion dollar territory, not only marking a new milestone in AppWorks’ history but also representing the sheer impact that a community of digital innovators can bring. We see the scale and influence of our ecosystem only growing from here on out, into the next decade. 

The strength and potential of the AppWorks Ecosystem is perhaps best represented through the many achievements over our alumni this past year:

AppWorks Ecosystem highlights: ShopBack successfully entered the Vietnamese market; Mighty Jaxx successfully sold 5 million collectibles

Medtech startup iWEECARE (AW#9) closed a US$2.4M pre-A financing, led by previous round investor TransLink Capital. The company’s ergonomic, child-friendly smart thermometer “Temp Pal” played a critical role in disease prevention and control in hospital systems across the world during this pandemic including Taiwan, Japan, Thailand, and Ireland.
Online cashback platform ShopBack (AW#13) officially landed in Vietnam, attracting more than 800,000 users since launch and generating nearly US$200K in cashback rewards. The company now maintains a presence in 9 countries across GSEA, covering more than 20 million users.

ShopBack team

CakeResume (AW#14), Taiwan’s leading technology job search platform, announced in 2020 that it completed a seed round of approximately US$900K. It plans to use the funds to expand into Japan and India, ultimately striving to become the largest talent platform in Asia.

Hong-Kong based Omnichat (AW#16) recently completely a seed round of US$800K in 2020. The company offers a chatbot-based marketing automation service that helps e-commerce clients enhance performance and improve checkout conversion rates by 3x – 7x. Building on its success in the Hong Kong and Taiwanese markets, Omnichat is planning on expanding its service to Southeast Asia in 2021. 

Taiwan’s leading digital identity verification solution AuthMe (AW#18) helped identify a security flaw in the MyData platform, the National Development Council’s latest effort to promote personal data ownership and privacy protection. After stumbling upon the vulnerability, the AuthMe team worked together with digital minister Audrey Tang to quickly investigate the issue and install a security patch before re-launching the service 24 hours later. 

MightyJaxx (AW#20), a technology-driven trading platform for art and toy collectibles, received US$3.2M in financing this past year.  They’ve partnered with some of the world’s leading brands such as Warner Bros, Marvel, and Disney to design a variety of pop culture collectibles, shipping 5 million units to collectors in over 60 countries in 2020.

Cryptokitties developer Dapper Labs announced several partnerships with IP owners such as NBA and UFC, while launching a new public chain designed specifically for the entertainment ecosystem called Flow, which recently raised US$18M in a token sale. 

Taiwan’s largest cloud POS provider iCHEF, completed a US$5M Series B round of financing, while accumulating more than 8,000 restaurant clients across Taiwan, Hong Kong, Singapore, and Malaysia. At the same time, it successfully integrated delivery services with platforms such as Uber Eats and foodpanda, while putting in place imminent plans for an IPO.

KKday, Asia’s leading e-commerce platform for travel experiences, successfully closed a US$75M Series C round of financing. With the support of strategic investors, the funds will be used to deepen its presence across all its international markets.

The good news and milestones also extended into the personal lives of our founders, with several newlyweds coming to light. In 2020, Kevin Wong of Origami Labs (AW#15), and Tina Lin of Flipweb (AW#15) became locked in holy matrimony; Just as well, in the same year, Matthew Lee of Codibook (AW#15) and Hanna Wu of Anno (AW#15), also found themselves entering the next stage of their lives together. This is the second and third AppWorks couple after Richard Zhu of WriteTime (AW#15) and Fiona Shi of Good Moon Mood (AW#15) became the first in 2019. 

AppWorks Funds II has outstanding performance: TVPI reached 2.5x, DPI reached 1x, and IRR reached 26.5%, outperforming the world’s top quartile of venture capital and private equity funds.

After 10 years of hard work, AppWorks Funds is today one of the largest and most active early-stage venture capital funds in Greater Southeast Asia. It has three venture capital funds totaling US$176M AUM, with investments in 56 startups encompassing 4 IPOs, 1 decacorn (worth more than US$10B), 1 unicorn (worth more than US$1B), and 6 centaurs (worth more than US$100M).

In 2020, AppWorks Funds continues doubling down on three key areas AI, blockchain, and Southeast Asia, with a total of 9 new investments this past year, including WeMo Scooter, Taiwan’s leading shared electric scooter operator; Fabelio, a fast-fashion furniture retailer that provides OMO consumer experience in Indonesia; and Dcard, the most widely used social media platform among Taiwanese youth.

In addition, AppWorks Fund II, which was established in 2014, reached peak performance in 2020, reaching a TVPI multiple (Total Value to Paid-in-Capital) of 2.5x, a DPI multiple (Distribution to Paid-in Capital) of 1x, and an IRR (internal rate of return) of 26.5%, surpassing the top quartile of global venture capital and private equity funds with the same vintage, while creating superior financial returns for our investors.

Source: Cambridge Associates

Exceeding a 1x DPI multiple not only means that we’re now at a point where we can generate substantial returns to our shareholders, but also that AppWorks Fund II has begun to produce carried interest, generating profits that effectively cover all the accumulated losses over the last 10 years.

Most of these bonuses have been distributed to all members of the AppWorks team. Thank you to all of our colleagues for their hard work in the past 10 years. With the addition of the bonuses, the average annual salary of AppWorks (excluding partners) colleagues has reached US$ 87,000  in 2020, operating on par with most internationally recognized VCs.  In the next few years, as AppWorks Funds continue to realize profits, we plan to further increase the annual compensation packages to better attract and retain the best talents both domestically and from abroad. 

Key figures of AppWorks School: 256 graduates, 92% successfully placed in software engineering roles

Needless to say, quality talents are the lifeblood of any startup, but they continue to be a scarce resource in this part of the world. In order to plug the increasing talent gap and truly help facilitate the region’s digital economy, AppWorks School was started in June 2016, offering intensive 4-month long coding programs spanning iOS, android, front-end, back-end, and data science which are free, practical, and efficient.

Since its establishment in 2016, AppWorks School has successfully graduated 256 students across 12 batches. 92% of the graduates have been successfully placed in prominent tech companies such as iCHEF, 91APP, KKBOX, LINE TV, WeMo Scooter, LineTaxi, PicCollage, Hahow, VoiceTube, Bonio, Omnichat, and Gogoro, with a median starting salary is US$25,060 (approximately NT$700,000).

AppWorks School Batch #12 Orientation Day

Chairman & Partner Jamie Lin: AppWorks will help grow an early-stage VC ecosystem in Southeast Asia over the next 10 years

Looking back on the first 10 years since its establishment, AppWorks chairman and partner Jamie Lin said: “It was no miracle that helped us get to this point, only hard work and consistent effort. After a long and continuous 20-mile march, AppWorks’ flywheel has finally begun spinning at high velocity. Whether it’s the nearly 400 startups fostered, US$ 8 billion of economic value produced, or over 17,000 jobs created, AppWorks has helped spawn an entirely new digital ecosystem in Taiwan and across the region without consuming a single dollar of social capital. We’ve also helped solidify venture capital and the broader startup industry as a prominent asset class for potential investors and employees.”

He took a step deeper and pointed out: “A society that wants to accelerate digital transformation while empowering and providing opportunities for the younger generation to flourish requires more VCs like AppWorks — I think Taiwan and Southeast Asia can have at least 10 more AppWorks. Therefore, looking at the next 10 years, AppWorks will continue to operate accelerators, alumni communities, and venture capital funds based on the original ethos of “by founders, for founders”, that is assisting more startups and promoting win-win collaborations between them and corporates. To promote the development of the digital economy in Greater Southeast Asia, we will dedicate our resources to cultivating the “venture investment ecosystem”, with hopes of producing more high-quality venture capital firms, especially those focusing on early stages to seed the region’s future pipeline of innovators. On the other hand, the scale of AppWorks School will continue to expand, providing more interested tech talents an intensive environment to learn and hone their craft among like-minded peers. In other words, building on top of the current momentum, AppWorks hopes to further accelerate and amplify our contributions in the next 10 years, and we look forward to presenting an even more outsized impact during AppWorks’ 20th anniversary.”

At the end of the year, taking this opportunity to look back, Jamie also extends his gratitude to all the friends, partners, and stakeholders that have assisted AppWorks along the way: “I sincerely thank the 1,331 entrepreneurs who have given AppWorks the opportunity to serve you over the past 10 years. I also thank all AppWorks Mentors who have enthusiastically mentored these founders without asking for anything in return. I would also like to thank our platform partners, including AWS and GCP,  investors in AppWorks Funds, and partners in government departments that have given us their continued support over the past 10 years. Of course, I also want to thank our media friends for their long-term interest in AppWorks and all the initiatives that we’ve undertaken in the past decade. In addition, I would like to especially thank all the present and former AppWorks colleagues who have participated in this journey, if it were not for your contribution, the company would not have been able to reach this point. Finally, I would like to take this opportunity to thank the angel investor who took a bet on me and generously lent the tens of millions of NT dollars that helped get AppWorks started — my mother, Dr. Lin Jeang-Yun, without you and your blind faith, all of this would not have been possible; Grandpa and grandma are proudly looking down from the heavens. Thank you, everyone, and please continue to lend us your support and guidance over the next 10 years.”

Jamie’s sharing on long-term thinking

【If you are a founder working on a startup in SEA, or working with AI / IoT, Blockchain / DeFi, apply to AppWorks Accelerator to join the largest founder community in Greater Southeast Asia.】

AppWorks 10 週年暨 2020 年終總回顧:生態系整體價值突破百億美元,創投基金、公司同步展開獲利

正值歲末年終之際,2020 年創立滿 10 週年的 AppWorks,在今日 (2/2) 公布「10 週年里程碑暨 2020 Year in Review 年終總回顧專屬網頁」,具體展現 AppWorks 過去 10 年的經營成果,尤其在疫情衝擊之下的 2020 年,AppWorks 以及其生態系新創仍舊大步逆風前行,旗下基金與 AppWorks 公司本身也開始產出健康獲利,整體進入收成階段。

在 2020 年,剛走過第一個 10 年的 AppWorks,影響力持續放大。包括 AppWorks Accelerator 創業加速器、The AppWorks Ecosystem 校友生態系、AppWorks Funds 創投基金,以及 AppWorks School 數位人才培育等各主要服務,AppWorks 都寫下重要里程碑,推升台灣在大東南亞 (東協 + 台灣) 數位經濟的重鎮地位。展望下一個 10 年,AppWorks  的目標是在日益數位化、自動化、去中心化的 21 世紀中,繼續扮演一股推升的力量,讓大東南亞能居於領先的地位。

AppWorks 生態系里程碑:2020 年整體價值、募資金額、營業額翻倍成長,整體價值首度突破百億美元

2020 年,AppWorks Accelerator 宣佈聚焦在 ABS 策略,限定招募來自 AI、Blockchain 與 Southeast Asia 的團隊。這一年,對加入 AppWorks 的創業者來說,過得並不容易,因應疫情帶來各種挑戰,得要展現絕佳的創新與韌性,在 2020 年自 AppWorks Accelerator 畢業的 AW#20、AW#21 兩屆中,共有 51 支新創團隊,其中,有 27 支來自 AI / IoT 領域,另外有 13 支來自 Blockchain / Crypto 領域,超過 62% 的創業者來自大東南亞,包括香港、新加坡、越南、馬來西亞、菲律賓、印尼等。由於疫情造成國境封閉,AppWorks Accelerator 也改為兼顧線上與實體活動的混合模式,以利創業者更方便參加。

隨著 AW#20 與 AW#21 兩屆生力軍加入,以及 AppWorks 生態系所有新創的共同努力,在 2020 年帶動 The AppWorks Ecosystem 新創生態系大幅成長。活躍新創累積至 395 家、共 1,331 位創業者;全體總價值達到 110.7 億美元,較前一年大幅成長 160%;生態系累積募資金額為 23.6 億美元,年增率達 140%;所有新創的加總年營業額來到 80.5 億美元,較 2019 年大幅成長 162%;整體新創提供的就業人數達 17,359 位,年增率為 73%。

其中,全體總價值、累積募資金額、整體年營業額均有一倍以上的成長,較 2019 的 29%、36%、98% 高出許多,顯示出疫情之下,AppWorks 生態系新創,仍舊快速且健康的成長,成長幅度甚至超越疫情前。

另外,值得一提的是,80.5 億美元的加總年營業額,相當於 1.3% 台灣的整體 GDP,1.7 萬工作機會則相當於 0.15% 台灣的工作人口,代表所有 AppWorks 生態系新創加總起來的力量,已確實帶來可觀的經濟推升力,並為創造就業提供具體貢獻。

巧合的是,AppWorks 生態系全體總價值在 10 週年這一刻,在疫情加速數位轉型、應用及新商業模式的帶動下,突破百億美元大關,不僅因此寫下新頁,也代表 AppWorks 生態系的規模與影響力,將在 2021 年起的下一個十年,換檔進入另一個成長階段。

回顧 2020 年,AppWorks 生態系中有多家新創,繳出了以下的好成績:

AppWorks 生態系新創好成績:ShopBack 成功進軍越南市場;Mighty Jaxx 完成 500 萬件收藏品認證

醫療科技新創 iWeecare 愛微科 (AW#9) 在 2020 年宣佈獲得 240 萬美元 Pre-A 輪延伸投資。在疫情當下,iWeecare 站在防疫最前線,開發出世界上最小的連網智慧體溫貼片「添寶」(Temp Pal),並加速佈局中國與美國等國際市場。

大東南亞最大電商現金反饋平台 ShopBack (AW#13),在 2020 年完成越南市場落地與拓展。目前,ShopBack 已成功進軍新加坡、馬來西亞、菲律賓、印尼、台灣、泰國、越南、澳洲、韓國等 9 個重要市場。

2020 年,ShopBack 成功進軍越南,目前版圖涵蓋 9 個亞太區的重要市場。

台灣領先的科技求職平台 CakeResume (AW#14),在 2020 年宣佈完成約合 90 萬美元的種子輪融資,計畫將把這筆資金,用於拓展日本與印度市場,並致力成為亞洲最大的科技人才平台。

提供業界領先的行銷機器人訂閱服務 (SaaS)、來自香港的新創 Omnichat (AW#16),在 2020 年完成 80 萬美元的種子輪融資。整體而言,Omnichat 能為電商客戶帶來顯著的業績成長,例如,轉換率比電商整體平均高 3 到 7 倍。站在既有的成功基礎上,Omnichat 預計在 2021 年啟動大東南亞拓展計畫。

台灣領先的數位身份驗證解決方案 AuthMe (AW#18),在 2020 年與 MyData 數位服務個人化平台進行串接測試時,意外發現 MyData 平台及戶政系統存在資安瑕疵,所幸迅速通報政務委員唐鳳,針對漏洞進行調查,在 24 小時內完成漏洞修補並將 MyData 平台重新上線,重啟服務。

打造由技術驅動的潮玩與收藏品的交易平台 Mighty Jaxx (AW#20),在 2020 年獲得 320 萬美元融資,至今,Mighty Jaxx 已與全球數百名藝術家,以及 Marvel、DC、Disney、New Balance、Fox 等國際品牌合作,預計在 2020 年,完成 500 萬件潮玩與收藏品認證。

Cryptokitties 開發商 Dapper Labs,宣佈與 NBA、UFC 等 IP 擁有者合作,並推出專為娛樂生態系統所設計的新公鏈 Flow,完成 Token 社群銷售,募資 1,800 萬美元。

台灣最大 SaaS 模式的餐飲 POS 系統 iCHEF,完成 500 萬美元 B 輪融資,在台灣、香港、新加坡與馬來西亞等市場,成功累積超過 8,000 家餐飲客戶,同時成功與 Uber Eats 及 foodpanda 等平台整合外送服務,並正式啟動 IPO 計畫。

亞洲領先的旅遊體驗電商平台 KKday,成功完成 7,500 萬 C 輪融資,在策略投資人的支持下,這輪資金將用於深化國際拓展。

除了事業上的好消息,AppWorks 生態系也陸續有校友宣佈人生好消息。在 2020 年,同為 AW#15,來自香港 Origami Labs 的 Kevin Wong,與 Flipweb 的 Tina 林姸廷共結連理;同樣也是 AW#15,來自韓國 Codibook 的 Matthew 李侑錫,與同屆的 Hanna 吳小涵在 2020 年邁入婚姻的新人生階段。這是繼 2019 年 AW#15、WriteTime 手寫時光的 Richard 竺佳慶,與同屆的望月女子谷慕慕 Fiona 史文妃締結百年之好,成為首對 AppWorks 夫妻後,第二及第三對 AppWorks 夫妻。 

AppWorks Funds II 績效卓越:TVPI 達 2.5 倍、DPI 達 1 倍、IRR 達 26.5%,優於全球前 1/4 創投與私募基金 

經過 10 年的努力,AppWorks 今日已是大東南亞區管理資產規模最大的早期創投之一,旗下三支創投基金,總計達 1.76 億美元,累計投資 56 家新創,目前為止創造 4 個 IPO、1 家十角獸 (Decacorn,價值 100 億美元以上)、1 家獨角獸 (Unicorn,價值 10 億美元以上),以及 6 家半人馬 (Centaur,價值 1 億美元以上)。

在 2020 年,AppWorks Funds 持續深耕 AI、Blockchain、Southeast Asia 三大重點領域,共有 9 筆投資案。包括台灣領先的共享電動機車平台 WeMo Scooter、印尼最大的快時尚 OMO 傢俱零售商 Fabelio、台灣年輕世代最常使用的社群媒體平台 Dcard 等。

此外,2014 年設立,目前進入收成期的 AppWorks Fund II (本誠創投基金) 在 2020 年繳出亮眼的投資績效,收益乘數 TVPI (Total Value to Paid-in-Capital) 達 2.5 倍,已分配收益乘數 DPI (Distribution to Paid-in Capital) 達到 1 倍,年化內部報酬率 IRR (Internal Rate of Return) 達 26.5%,皆勝過同時期全球績效前 1/4 的創投與私募基金,為投資人創造優異的財務報酬。

資料來源:Cambridge Associates

跨越 1 倍已分配收益乘數 DPI,除了代表 AppWorks 已開始實質貢獻獲利給予基金股東,同時也代表 AppWorks Fund II 開始支付收益獎金 (Carried Interests) 給予 AppWorks,讓創業 10 年的 AppWorks 正式開始獲利,並且一口氣彌補過去 10 年所有的累積虧損。

這些獎金絕大多數已分配給 AppWorks 團隊全體成員,感謝同仁們過去 10 年的辛勤付出。加計所有獎金,AppWorks (合夥人以外) 同仁的平均年薪,在 2020 年達到 243 萬新台幣,初步拉齊與國際投資機構的水準。接下來幾年,隨著 AppWorks Funds 投資案陸續實現收益,AppWorks 計畫持續拉高同仁的年薪,以吸引並留下國際最優秀的生態系經營、投資人才。

AppWorks School 關鍵數字:256 名畢業學員,92% 順利轉任軟體工程師

人才是新創企業最重要的資產,為了因應新創以及網路企業對軟體工程師的龐大需求,同時也提供想投入數位、網路與電商產業的人才,重新快速學習與成長的機會。AppWorks 在 2016 年 6 月開辦 AppWorks School,現經營有 iOS、Android、Front-End、Back-End 與 Data Engineering 專班。透過免費、實作、高效、與業界結合的紮實培訓計畫,培育新一代的優秀工程師。

自 2016 年創辦以來,AppWorks School 已有 256 名學員順利畢業。其中 92% 的畢業生,順利轉職投入軟體產業,在 iCHEF、91APP、KKBOX、LINE TV、WeMo Scooter、LineTaxi、PicCollage、Hahow、VoiceTube、Bonio、Omnichat、Gogoro 等知名新創中服務,年起薪中位數為 25,060 美元 (約 70 萬元新台幣)。

AppWorks School 成立四年多來,已有 256 名畢業學員,其中 92% 順利轉職為軟體工程師。

林之晨總結 AppWorks 經驗:創投是加速社會新陳代謝,幫助有志者上進的關鍵物種,下個十年,將在台灣與區域催生更多 AppWorks

回顧創辦至今的第一個 10 年,AppWorks 董事長暨合夥人林之晨說:「沒有奇蹟、只有累積。經過長期且持續的 20 哩行軍,AppWorks 的飛輪已高速運轉,在 2020 年大放異彩。生態系近 400 家活躍新創價值跨越 100 億美元、貢獻每年 80 億美元產值與超過 1.7 萬個工作機會,創投基金展現健康獲利,產生實質收益給予股東,AppWorks 公司本身亦彌補累虧,進入長期獲利階段。換言之,AppWorks 過去 10 年為台灣與區域深耕新創生態系,催生出巨大且實質的數位經濟產出,以及大量的新興工作機會,不僅沒有消耗一塊錢社會資本,還創造出新的資產給予股東與員工,這就是『創投』這個物種神奇的地方。」

他更近一步指出:「一個社會要加速新陳代謝,促進轉型,提供有志者上進的機會,需要更多像 AppWorks 這樣的創投 — 我想台灣與東南亞,至少可以再有 10 個 AppWorks。因此,放眼下個 10 年,AppWorks 除將本著由『創業者、為創業者』的初衷,持續經營加速器、校友社群與創投基金,協助更多新創、促進他們與企業雙贏合作,以此推動大東南亞區域數位經濟的發展,我們也將投入『創投生態系』的深耕,催生更多優質創投,尤其是早期創投,透過他們來加速台灣與區域的發展。另一方面,AppWorks School 規模化也將增速,提供更多想轉職科技公司的人才,最有效的衝刺環境。換言之,基於目前的基礎,下個 10 年,AppWorks 將全面加速、放大我們的貢獻,請大家跟我一起期待,20 週年時 AppWorks 能呈現的 Impact。」

歲末年終,趁此回顧機會,林之晨也代表 AppWorks,對曾協助過 AppWorks 的各界夥伴致謝。他說:「衷心感謝過去 10 年來,給 AppWorks 機會、接受我們服務的 1,331 位創業者,也感謝所有過程中不求回報、熱情輔導他們的 AppWorks Mentors,還要感謝包括 AWS、GCP 在內的所有加速器平台夥伴,以及 AppWorks Funds 的投資人,政府部門的夥伴,在過去 10 年給我們的支持和指導。當然也要感謝媒體朋友們對 AppWorks 以及眾多 AppWorks 新創的長期關心,謝謝你們持續講述這些故事,激勵更多有為亦若是的年輕人。此外,更要感謝所有參與過這段旅程的每一位同仁,如果不是你們的參與和貢獻,AppWorks 無法達到今天的里程碑。最後,我想藉這個機會感謝當初慷慨借款千萬,讓 AppWorks 得以成立的天使投資人、我的母親林靜芸醫師,您的善款,催生了如今對台灣的巨大貢獻,外公外婆在天上看到,應該會覺得非常驕傲。謝謝大家,往後的 10 年,還請繼續支持、指教。」

AppWorks 董事長暨合夥人林之晨期待在既有的基礎上,AppWorks 的下一個 10 年將更為精彩。

【歡迎所有 AI / IoT、Blockchain / DeFi、面向東南亞市場的創業者,加入專為你們服務的 AppWorks Accelerator

2019 Year in Review: The AppWorks Ecosystem Grows Annual Revenues to US$5 B and Fosters Expansion of 376 Startups in Greater Southeast Asia

In 2019, AppWorks continued to help founders from many different countries, contributing to growth in revenue and jobs in the Taiwanese and regional economies

AppWorks, a leading accelerator and one of the most active VCs in the region, finished 2019 prepared for the next decade by bringing it total capital raised to over US$170 million across three funds, and generating an amount of revenue and new jobs creation for Southeast Asia and Taiwan that is equal to the GDP of the island nation of Barbados. The AppWorks Ecosystem, a community of startups and founders directly associated with AppWorks, grew to 376 startups from 356 last year, and 1,113 founders from 925, with the graduation of cohorts AppWorks #18 and AppWorks #19, a total of 49 startups working on AI and blockchain  businesses. The total AppWorks Ecosystem created over 11,000 jobs in Taiwan. 

Over 60% of the accelerator founders hail from territories in SEA, including: Hong Kong, Singapore, Vietnam, Malaysia and Indonesia. Over 35% of these founders are women. AppWorks continues to be a pivotal catalyst for startup growth and diversity in the GSEA region.

The AppWorks community of startup founders and teams continues to thrive in Taiwan and in Southeast Asia, growing annual revenues to US$5 B per year in the region

In reviewing the growth and successes over the past year, AppWorks Chairman and Partner Jamie Lin says, “The combined efforts of the company and the founders we assist are helping Taiwan further position itself as a regional hub that is uniting the Greater Southeast Asia startup ecosystem.”

“We look forward to a decade of radical innovation and transformation, as the newly minted middle class continues to grow across GSEA and new technologies and smart founders contribute to powerful trade and market creation that lifts the entire region and demonstrates to markets around the world how Asia is leading in technology and business.”

“We could not have done this without the help of our limited partners, but most especially, we thank the founders from across GSEA who have contributed some new leading edge technology to a fast-growing region.  GSEA will over the next ten years generate numerous unicorns and Taiwan will be a fundamental part of that movement and growth.” 

The Funds’ capital raise will assist the fund and the accelerator in continuing in its mission to support founders of AI and Blockchain startups throughout Greater Southeast Asia. 

In 2019, AppWorks made investments in 11 promising startups, including Dapper Labs, a world-class Blockchain company creating new methods for enjoying entertainment; Deep Sentinel, an AI-driven home security camera network; as well as HarukaEDU, an online learning platform, and Infra Digital, a revolutionary payments application, both of which are based in Indonesia.

“We continue to be bullish on AI, blockchain and the growing Greater Southeast Asia market,” says Jamie Lin. “Over the next five to ten years, Taiwan’s startup ecosystem will contribute to some of the next innovations in these industries, and what will make those contributions special will be the integrated way in which founders working in this space will launch from Taiwan and expand and localise throughout this massive region.” 

“Taiwan has much in common with the SEA region, but most directly this connection is it e-economy and the way that its bilingual engineering talent and familiarity with the newest technologies and programming methods are easily paired with unique strategies that are growing out of countries like Indonesia, Vietnam, Singapore and the Philippines, if not the entire SEA ecosystem.” 

“AppWorks will continue to work side by side with founders. With our new Fund III, we are now prepared to invest greater sums of money in rounds up to Series C and lead some of these deals that we think will bring unique changes to the regional economy. We look forward to supporting and working closely with founders in this next decade.” 

Key Company Highlights

  • In 2019, AppWorks Accelerator continued with its focus to recruiting and accelerating only AI / blockchain startups, graduating a total of 48 startups across AW#18 & AW#19, with 29 startups developing for AI / IoT and 19 deploying solutions in Blockchain
  • Across AW#18 & AW#19, over 60% of the accelerator founders hail from territories in GSEA, including: Hong Kong, Singapore, Vietnam, Malaysia and Indonesia.
  • AppWorks Funds invested  across 11 deals spanning AI, blockchain, EC & fintech
  • The AppWorks Ecosystem reached US$ 4.72B in valuation, encompassing 376 startups & 1,113 founders, with the number of startups in the ecosystem accounts for over 11,100 new jobs in Taiwan
  • Many of the existing startups in the ecosystem raised significant amounts of capital this year and drove their expansion plans into GSEA, opening up markets in places like Hong Kong, Indonesia and Vietnam, as well as in other parts of Asia like Japan

The AppWorks ecosystem continued to be a powerful driver of economic growth and a stunning creator of innovation. Several of the early entrants of the startup accelerator raised capital this year and many of the founders and companies achieved new milestones.

Key Milestones of AppWorks Alumni in 2019

Tagtoo (AW#1) became the Leading MarTech Startup in Taiwan, raising a US$ 1.8M Series A to Drive expansion in GSEA.

PetPetGo (AW#3) was acquired by WonderPet Group, the largest pet chain group in Taiwan

VoiceTube (AW#7) will expand beyond Taiwan into the Japan and Vietnam markets in the future. 

VoiceTube (AW#7), the largest language edtech platform in Taiwan, raised US$3.5 M in a Series A to fuel its ambition to become the largest edtech platform in Japan and Vietnam. 

UmboCV (AW#9), the leading AI video security solutions provider, sold to more than 30 countries and raised US$ 8 M in a post-A round to continue its global expansion.

TaxiGo (AW#17), a ride-hailing platform created by founder Kevin Chan was acquired by LINE Taiwan and rebranded as LINE TAXI. 

WeMo Scooter (AW#12) growing and expanding throughout Taiwan in 2019-2020, hitting 5M trips per year

Additionally, another transport startup from a previous accelerator batch, WeMo Scooter (AW#12), the largest e-scooter sharing service in Taiwan, expanded to KaoHsiung and achieved more than 5M trips per year. 

Fugle (AW#12), the leading stock investment mobile platform in Taiwan, surpassed NT$ 500 M in GTV within six months. It raised a NT$ 29 M angel round. 

ShopBack (AW#13), the largest cashback platform in GSEA, raised US$ 45M to drive GSEA growth. 

FBbuy (AW#15), Asia’s leading B2B live social commerce SaaS product, was acquired by M17 and rebranded to HandsUp.

Booqed (AW#15), the Airbnb for workspaces in Hong Kong, raised Us$ 1.68 M in a seed round. It currently possesses 1,600 listings for spaces. 

In the area of AI, MoBagel (AW#16), the leading AI-driven data solutions provider in Taiwan, raised US$5 M in a Series A, to bring widespread AutoML tech into enterprises.

Novelship (AW#16), GSEA’s leading online marketplace for limited-edition sneakers and streetwear, raised over US$2 M in a seed round.

TWDD (AW#16), the leading designated driver service in Taiwan, raised US$ 1.3M in a Series A. 

Soda Labs (AW#17), the leading Hardware-as-a-Service venture builder in Taiwan, raised US$ 2M in a seed round, aiming to create a better connected world. They will be hiring in 1Q 2020. 

Outside of the direct work we do with startups, our Funds team announced that the development of AppWorks Fund III had created opportunities to work closely with a host of new limited partners such as Taiwan Mobile, Fubon Life Insurance, Cathay Life Insurance, Wistron Corporation, Hungtai Group, Capital Securities, as well as Taiwan’s National Development Fund. 

With the addition of Fund III, total assets under management has grown to US$ 170 million, making it one of the largest venture capital firms in Greater Southeast Asia.  

AppWorks School

AppWorks School continues to expand, shaping digital and engineering talent in Taiwan to assist the rapid growth of startups in the country

Since mid-2016, AppWorks School has graduated 179 newly trained software engineers (an increase of 73 in 2019) through a 16-week free coding program. Of these trainees, 91.6% of graduates went on to pursue successful software engineering careers in prominent internet companies such as 91APP, KKBOX, LINE TV (CHOCO Media), WeMo Scooter, LINE Taxi, PicCollage, VoiceTube, Gogoro and UDN Group, with a media starting salary of US$ 23,333 (annually). 

To say it’s been a productive year would have been an understatement. Tapping into the collective effort of each and every one of our team members, we successfully shifted our focus to AI / blockchain and made substantial strides in empowering founders across Greater Southeast Asia to fully embrace a smart and decentralized future. Finally, we’d like to extend a special thanks to all of our partners and friends in the startup community and look forward to working together to strengthen the regional ecosystem even further in 2020.

If you are a blockchain or AI founder in Greater Southeast Asia, and you would like to explore working with us in our semi-annual accelerator program, keep updated by following our blog or the Accelerator page on this site.

You may also find us on LinkedIn and Facebook, where we interact with founders on a daily basis.