Startups in AppWorks Accelerator to receive support from Google for Startups Cloud Program so they can build and innovate at speed and at scale

AppWorks is proud to announce a partnership with Google Cloud to advance its mission of fostering the next generation of entrepreneurs in Taiwan and Southeast Asia. This partnership gives startups in AppWorks Accelerator support from the Google for Startups Cloud Program, including access to a breadth of Google resources designed for early-stage startup founders to unlock the full potential of Google Cloud, including its latest innovations in AI.

Benefits for startup founders in AppWorks include:

• Dedicated package of Google Cloud credits to enable founders to cost-effectively experiment, build, and scale their businesses 
• Learning resources including hands-on labs, exclusive workshops, access to Google Cloud experts, and live in-depth classes to help startups build with the latest generative AI (gen AI) solutions, including Gemini
• Access to a dedicated Startup Success Manager, giving founders a single point of contact for all things Google
• Discounts on Google products including Google Workspace (Gmail, Drive, Meet), Google Maps Platform, and more

“AppWorks is thrilled to partner with the Google Cloud. The dedicated resources and tools from Google for Startups Cloud Program will be valuable assets to help startups in our community succeed. We are particularly excited about Google Cloud’s innovations and developments in AI, and believe this partnership will provide an accelerated path for startups to leverage their AI solutions and power their growth.” –Jamie Lin, Chairman and Founder of AppWorks.

“At Google Cloud, we are committed to supporting startups from the beginning of their journey. Partnering with AppWorks to provide dedicated resources for startups in their portfolio is part of our effort to continue that commitment and power the next generation of AI and web3 startups. We are excited to equip AppWorks’ startups community with our open and optimized stack for AI, broad choice of infrastructure solutions, and many important resources tailored for startups.” – James Lee, General Manager, Startups and AI, Google Cloud.

AppWorks has contributed to the success of the frontier startups in Taiwan and Southeast Asia such as 91APP, 17LIVE, ShopBack, Cubo.ai and Instill AI. The partnership with Google Cloud will further support early stage startups as they grow and scale.

“At Instill AI, we’re glad to see this collaboration between Google Cloud and AppWorks come to fruition, marking a new chapter for AI innovation in Taiwan. Our experience working closely with both Google Cloud and AppWorks has shown us firsthand the power of their resources, networks, and expertise in accelerating startup growth. This partnership brings exciting new opportunities, providing invaluable support for Taiwan’s AI ecosystem and allowing startups like ours to reach new heights.

With Google Cloud’s advanced technology and AppWorks’ robust regional network, this collaboration will empower AI startups to address complex challenges and scale more effectively. We’re excited to see the impact of this joint effort on the broader AI community in Taiwan, helping startups unlock potential and push boundaries. Instill AI looks forward to witnessing the transformative effect this partnership will have on shaping the future of AI innovation here.”– Co-Founder and CEO, Ping-Lin Chang

“The strong alliance between AppWorks and Google Cloud will inject more favorable resources into startups and expand their development opportunities. In the past few years, 91APP has benefited from diverse collaborations and support through both the AppWorks community and Google Cloud. We believe that in the future, regardless of whether startups are developing AI or other innovative solutions, AppWorks and Google Cloud will be able to provide the best solutions and resource support.” – CPO of 91APP, Happy Lee

Startups can learn more about the Google for Startups Cloud Program at https://cloud.google.com/startup.

About AppWorks

Founded in 2009, AppWorks is a leading accelerator and venture capital firm built by founders, for founders. AppWorks is committed to backing the next generation of entrepreneurs in Greater Southeast Asia and helping them facilitate the region’s transition into the digital age. Just as how mobile and the internet completely transformed the status quo, AppWorks believes the current era of technology is currently being defined by major three paradigm shifts: AI, Blockchain, and Southeast Asia (ABS), and has established a one-stop-shop for founders willing to drive a change they want to see in the world.

There are now a total of 607 active startups and 1,846 founders in the AppWorks ecosystem. Collectively, all companies in the ecosystem generate annual revenue totaling US$16 billion and have created 24,570 jobs. Altogether, the ecosystem raised a total of US$6.4 billion, with an aggregate valuation reaching US$30.3 billion.

Startups building on AI, web3 and facing the Greater Southeast Asia,can learn more about AppWorks and its programs by visiting appworks.tw

About Google Cloud

Google Cloud is the new way to the cloud, providing AI, infrastructure, developer, data, security, and collaboration tools built for today and tomorrow. Google Cloud offers a powerful, fully integrated and optimized AI stack with its own planet-scale infrastructure, custom-built chips, generative AI models and development platform, as well as AI-powered applications, to help organizations transform. Customers in more than 200 countries and territories turn to Google Cloud as their trusted technology partner.

AppWorks 加速器中的新創公司將獲得 Google for Startups Cloud Program 雲端資源與專業輔導，以快速、大規模地建置與創新服務與產品

AppWorks 宣布與 Google Cloud 建立合作夥伴關係，推進其在台灣與東南亞培育下一代創業家的使命。通過這項合作，AppWorks 加速器的新創公司將能夠使用來自 Google for Startups Cloud Programs 的支援，包括為早期新創所提供的完整資源，幫助他們運用 Google Cloud 以及其在 AI 領域的最新技術，加速產品發展。

AppWorks 加速器內的新創團隊將享有以下由 Google 所提供的福利：

• Google Cloud 抵免額：新創團隊可利用抵免額，以較低的成本進行實驗、構建和擴展產品業務
• 豐富的學習資源：包括技術實驗室、專屬工作坊、Google Cloud 專家顧問諮詢，及最新 生成式 AI 解決方案，例如 Gemini
• 專屬 Startup Success Manager：為新創者提供一站式的 Google 支援
• Google 產品優惠：包括 Google Workspace（Gmail、雲端硬碟、Meet）、Google Maps Platform 等多項產品的優惠

AppWorks 董事長暨合夥人林之晨表示：「AppWorks 非常高興能與 Google Cloud 加深合作。Google for Startups Cloud Program 的資源和開發工具，將成為我們社群中新創公司的寶貴資產，加速他們邁向成功。我們尤其期待 Google Cloud 在 AI 領域不斷推陳出新的創新技術，相信藉由我們的合作，將讓 AppWorks 新創更大膽運用這些 AI，創造突破性的成長。」—。

Google Cloud 新創與 AI 事業總經理 李漢麟表示：「Google Cloud 致力於從創業初期支持新創公司，此次與 AppWorks 合作為其加速器與社群中的新創公司提供專屬資源，是我們延續這一承諾的一部分。我們期待能為 AppWorks 的創業者提供 Google Cloud 最先進、開放且優化的 AI 技術堆疊、廣泛的基礎架構解決方案，以及專為新創公司量身打造的重要資源。」

AppWorks 成功扶植了台灣及東南亞的新創公司，如 91APP、 17LIVE、ShopBack、Cubo.ai 以及 Instill AI 等。此次與 Google Cloud  的合作，將能進一步支持早期階段的新創公司，協助他們成長與擴展。

91APP產品長李昆謀表示：「AppWorks 與 Google Cloud 的合作，將為新創公司注入更多有利資源，與拓展更多的發展空間。91APP在過去幾年中，也透過 AppWorks 加速器社群與 Google Cloud ，雙雙獲取多元合作與支持。相信未來新創公司無論在 AI 發展或許多的創新開發上，AppWorks 與 Google Cloud 都能提供最佳方案與資源上的支持。」

Instill AI 創辦人與執行長張秉霖表示：「我們很高興看到 Google Cloud 與 AppWorks 的具體合作，這標誌著台灣 AI 創新的一個全新篇章。我們有幸與 Google Cloud 和 AppWorks 密切合作，親身體驗到他們在資源、網絡和專業知識上的強大支持，這對加速新創成長至關重要。這次合作帶來了令人振奮的新機遇，為台灣的 AI 生態系統提供了寶貴的支持，讓像我們這樣的初創公司得以攀上新的高峰。」

有興趣的新創公司，可造訪 Google for Startups Cloud Program 網站，了解更多資訊：https://cloud.google.com/startup 

 

關於 AppWorks 之初加速器集團

2009 年成立，由「創業者」為「創業者」設立的加速器，以及基於加速器發展的新創社群與創投機構，為希望改變世界的創業者提供了一站式的服務平台，幫助致力在大東南亞地區協助下世代的創業者，抓住數位革命的成長機會。正如同 Mobile Internet 帶來了巨變，我們相信 ABS – AI、Blockchain 與 Southeast Asia 是今日的三大典範轉移。我們認為，創造一個偉大事業的過程中，團隊是主角，而投資人則是配角，我們專注扮演配角，從種子時期開始支持有想法的團隊，一路陪著他們打造區域級、世界級的偉大企業。

目前，AppWorks 生態系統內有 607 家活躍新創公司和 1,846 位創業者。整體而言，這些公司每年共創造 160 億美元的營收，並提供了 24,570 個工作機會。至今，生態系統內的公司共籌集了 64 億美元，總估值達 303 億美元。

面向大東南亞、致力於打造 AI 與區塊鏈創新應用的創業者，歡迎到 appworks.tw 了解更多關於 AppWorks 所提供的服務

關於 Google Cloud

Google Cloud 為企業上雲帶來嶄新方式，提供人工智慧（AI）、基礎架構、開發者支援、資料處理、安全與協作等工具，協助企業應對現今與未來的挑戰。Google Cloud 以龐大的全球基礎架構、客製化晶片、生成式 AI 模型和開發平台，以及 AI 驅動的應用程式，提供功能強大、全面整合且經優化的 AI 堆疊，協助企業與組織實現轉型。目前已有超過 200 個國家與地區的客戶選擇 Google Cloud 作為他們所信賴的合作夥伴。

By Sophie Chiu, AppWorks Principal

Taiwan Equity Market: Huge, Liquid, and High Multiple

Taiwan’s equity market, with a market cap of US$2.6 trillion, ranks as the 4th largest in APAC, just behind China, Japan, and Hong Kong. It overshadows both Korea and Australia, standing at 4x the size of  major equity markets in Southeast Asia.

While not the largest, Taiwan’s equity market has been the best-performing in the world this year, buoyed by strong fundamentals and investor sentiment around AI and related technology sectors. (For this, Bloomberg’s Editor-in-Chief wrote an article on 16-October about some of the fundamental supports behind the performance: Taiwan Outperforming World with Tech Halo.) This market boasts the highest trading turnover (US$15B daily) and valuation multiples (average P/E ratio of 22x) across Asia Pacific, supported by a tech-heavy composition, accounting for 60% of market cap. Such a density is the highest in Asia, whilst the next is Japan with merely 16%.

Meanwhile, the high retail participation, with 60% of trades by individual investors, also contributes to this vibrant market. It’s common for individuals to be highly informed, sometimes even more so than professionals, on company moves, like TSMC’s latest CAPEX plan, Tesla’s supply chain details, and which company would expand to Vietnam in the next quarter. Beyond retail, 30% of transactions come from foreign institutional investors, and 10% from local institutions, allowing a balanced investment thesis and trading momentum for the overall equity market. 

A Liquid Choice For Small-Mid Cap

It is a market particularly good for small-mid cap companies with lower than US$10 billion market cap. In larger markets like Japan, where institutional investors make up 70% of trading, trading turnover tends to be lower. Having worked as an equity researcher and fund manager for ten years before joining AppWorks, I know institutional investors often avoid smaller stocks due to the “liquidity discount.” Taiwan, however, is an exception.

Taiwan’s market includes 2,200 stocks. Among them, 900 stocks are with caps below US$100 million and 1,200 are between US$100 million to US$3 billion. These companies don’t suffer from the liquidity discount and actually trade at higher P/E multiples than larger peers in the US$3-100 billion range. Their trading turnover is robust at 280-370%, meaning market cap turnover can reach 3-4 times per year.

Comparatively, this liquidity advantage makes Taiwan a strong listing choice for companies from Southeast Asia. For companies the size of GoTo, Bukalapak, and 17LIVE, peer groups in Taiwan trade at higher P/S ratios and offer 3x (or even 20x in 17LIVE’s case) the daily liquidity. For a company like Grab, Taiwan’s trading volume is comparable at US$81 million daily, close to Nasdaq’s US$87 million. 

 

A Long History of Welcoming Companies from Outside Taiwan 

Encouraging Southeast Asian companies to list in Taiwan isn’t a new concept. Taiwan has long welcomed international companies, with strong investor interest in firms demonstrating overseas revenue and growth—an ideal fit for this small, export-driven island. After all, the majority of listed tech companies in Taiwan typically generate 70-100% of their revenue outside the country. 

In 2009, Taiwan Stock Exchange (TWSE) allowed international companies to list, and today 115 such companies are listed here (in contrast, only 17 non-Japan companies are listed on the Tokyo Stock Exchange). Among them, 40% have caps below US$100 million, 50% between US$100 million and US$1 billion, and 10% exceed US$1 billion. These companies trade at an average 28x P/E with a 240% stock turnover, showing no discount for being not a Taiwanese company.

To promote the Taiwan market, AppWorks was invited by Startup Island Taiwan (a national startup ecosystem builder under the national fund) to host a panel with TWSE in Singapore on October 29 featuring Kelvin Wee, CEO of Patec (2236.TW), and May Kao, CFO of 91APP (6741.TW). 91APP is the first SaaS company listed in Taiwan, and Patec is a Singaporean company. Kelvin kindly shared why among all options, they chose to list in Taiwan where Patec has no operation, no business, no Taiwanese shareholders or family members, back in 2015.

As Kelvin shared, “Liquidity was the key reason. Taiwan’s equity market offers excellent liquidity, allowing our shareholders favorable trading conditions. As a Singapore company and a small cap, we didn’t consider the US. We thought about China as China was a big part of our revenues, but the stock market itself is more for its own domestic story and participation.”

Strong Support for New IPO and Post-IPO Fundraising

Kelvin further emphasized Taiwan’s unique post-IPO fundraising support: “After becoming a listed company, raising equity in Taiwan is straightforward. We can also issue zero-interest convertible bonds, repay with zero interest at maturity, or let them convert. This is very unique and probably only available in the Taiwan market.”

Indeed, in 2023, IPOs raised US$1.4 billion, and post-IPO equity raises amounted to US$6 billion, with convertible bonds reaching US$1.1 billion. This 5x secondary raise ratio is consistent year after year. 

Unlike other markets where IPOs often underperform, Taiwan’s new IPOs tend to perform well, with 50% of IPOs since January 2023 (a total of 200 companies) still above their listing price after six months, and 42% and 55% at 12 and 18 months, respectively. 

If we look deeper, those that stayed above the listing price could do 2-4x the stock performance the maximum, and up 24-46% the medium performance. Those that stayed below the listing price, they went down 40-45% the worst, with down 10-20% the median. It means, new IPO still tends to gain more and suffer less if we compare to other markets. For Grab, Goto, and Bukalapak, by the 18th month, the stock price went down 70-90%. 

Join The Asian Nasdaq for Small-Mid Cap

The lackluster stock performance of Southeast Asian unicorns stems not only from their financial performance but also from the characteristics of their listing markets. Only mid-to-large-cap companies find it worthwhile to bear the effort and cost of listing in the U.S.—a path unsuitable for most Southeast Asian startups. Most Southeast Asian markets are still dominated by traditional industries, lacking a critical mass of tech stocks that would allow investors to benchmark and trade within, and justify the costs of coming to this market. Meanwhile, equity markets take decades to mature, shaped by economic growth and investor confidence, as well as stable currencies and favorable foreign investment policies to attract long-term institutional support. This is the allure of the mature market like Nasdaq and Taiwan. Taiwan’s equity market has taken 30 years to reach its current stage since the listing of TSMC and other rising tech companies.

We can proudly describe Taiwan’s equity market the “Asian Nasdaq for small-mid caps,” with a rich variety of tech sectors, including Semiconductor, Telecommunication, Electronic Distribution, Electronic Component, Electric Machinery, Computer, Software and System, Digital & Cloud, Fintech, Solar & GreenTech, and Biotech, among many others. This diversity allows tech companies clear sector positioning and benchmarking for investors.

Tech companies particularly benefit from Taiwan’s investor appetite for tech-centric investments. Taiwan offers high multiples, liquidity, funding access, and an understanding of tech companies’ intrinsic value—without penalizing them for being a small-mid cap or a non-Taiwan company. 

Listing in Taiwan could offer an immediate remedy to the bleak exit prospects facing Southeast Asian tech startups. The favorable market dynamics in Taiwan might allow Southeast Asian unicorns to benefit from stronger investment interest and greater trading liquidity. With an improved exit outlook, VC investment in tech startups in this region could receive a much-needed boost, as it currently sits at a five-year low—or even a ten-year low if we consider only equity investments. The tech winter in Southeast Asia needs just a ray of sunlight to start melting the frozen investment confidence. Perhaps it’s time to look north.

Here below we show the listing threshold. For international companies, Taiwan’s listing requirements are very friendly, particularly with no need for operations, revenues or representatives in Taiwan, and a cost-effective, streamlined process. That’s an almost opposite approach with those from Tokyo Stock Exchange and Singapore Stock Exchange. 

We hope more of you will join Taiwan’s tech landscape! 

This article is done with great support from our IR Manager, Candice Su, and our wonderful AW#29 interns: Callista Harijanto, Jeremy Sutiono, and Lily Dai.

With the success of TINC Batch #9, Telkomsel Ventures will continue its partnership with AppWorks through new strategic initiatives to be unveiled in 2025.

Telkomsel Ventures, the corporate venture arm of Telkomsel, in collaboration with AppWorks, Greater Southeast Asia’s leading startup accelerator and venture capital firm, today jointly hosted TINC Batch #9 Demo Day, recognizing seven outstanding startups innovating under the theme “B2B Solutions & Emerging Technologies.” TINC Batch #9 was joined by seven select startups from AppWorks Batch #29 (AW#29), featuring startups hailing from Indonesia and Malaysia, as AppWorks’ first Jakarta-based Demo Day event.

With the success of TINC Batch #9, Telkomsel Ventures and AppWorks will continue close collaboration in 2025, enhancing the partnership through new strategic initiatives. By partnering together, Telkomsel Ventures and AppWorks will jointly cultivate the startup ecosystem, leveraging their rich resources to provide outsized support to startups and help founders succeed.

The deepening partnership comes as Telkomsel Ventures and AppWorks jointly held TINC Batch #9 Demo Day, unveiling seven startups focusing on the theme of B2B Solutions & Emerging Technologies. Over the past six months, participating startups worked closely with Telkomsel Business Units (BUs). All startups were able to create successful proof of concepts (PoCs) with Telkomsel, demonstrating significant commercial value for both sides. The program successfully promoted the development of Indonesia’s digital economy as well as drive forward inclusive and sustainability initiatives.

In tandem, AppWorks Demo Day #29 made its debut in Jakarta as the first stop on a roadshow before Taipei and Singapore in December, with seven out of forty-nine startups from AppWorks #29 (AW#29) presenting this time. Many AW#29 startups are led by seasoned founders and have demonstrated strong traction, with several already securing institutional funding. Selected startups for the event hailed from Indonesia and Malaysia, showcasing their innovative solutions for education, construction, finance, tourism, healthcare, and agriculture. 

The seven startups from TINC Batch #9, and corresponding Telkomsel BUs included:

• PrimaKu: Simplifying record-keeping and milestone tracking for new parents with a dedicated newborn baby health platform (Founder: Didit Indraputra) (Telkomsel BU: Enterprise Product Enablement and Solutions);

• Rey.ID: Empowering Indonesians to manage their health holistically through a platform that integrates insurance, wellness programs, and medical records (Founder: Evan Tanotogono) (Telkomsel BU: Enterprise Product Management and Development);

• Skorlife: Empowering Indonesians to achieve financial well-being and to obtain fair credit through easy access and simplified credit monitoring. (Founder: Ongki Kurniawan) (Telkomsel BU: Data Solutions and Digital Financial Services);

• Peacom: Multichannel messaging platform for carriers and enterprises. (Founder: Han Truong) (Telkomsel BU: Digital Advertising, Wholesale and Interconnect);

• Finfra: Building the financial infrastructure of Southeast Asia by enabling seamless integration of financial services for companies. (Founder: Markus Prommik) (Telkomsel BU: Enterprise Product Management and Development);

• CarbonEthics: Combating climate change through innovative solutions for carbon offsetting and sustainable development projects. (Founder: Agung Bimo Listyanu) (Telkomsel BU: Corporate Strategy, Innovation, Sustainability and Marketing);

• myECO: A smart home hardware-software solution for electricity savings, offering automation and easy device management for both B2C and B2B. (Founder: Maulana Derifato Achmad) (Telkomsel BU: Technology Strategy and Consumer Product Innovation);

The seven startups selected from AW#29 included:

1. AMODA (ID): Streamlining construction processes. (Founder: Robin Renardi Yovianto);
2. AOne (MY): Digitalizing via B2B SaaS and payment system for education businesses. (Founder: Dr. Darren Gouk);
3. BroilerX (ID): Developing end-to-end poultry technology solutions. (Founder: Prastyo Ruandhito);
4. CapBay (MY): Promoting financial inclusion for MSMEs through innovative fintech lending services. (Founder: Darrel Ang Tzer Hong);
5. GOERS (ID): Enriching fan experience with dynamic ticketing and live entertainment discovery. (Founder: Niki Tsuraya Yaumi);
6. Verihubs (ID): Developing AI-Powered verification solutions for fraud prevention. (Founder: Rick Firnando);
7. Nexmedis (ID): Empowering healthcare services through AI-driven data analysis and diagnosis recommendations. (Founder: Yehuda Dani Utomo);

“This partnership with AppWorks marks a significant step forward in Telkomsel Ventures’ commitment to fostering innovation and driving the growth of Indonesia’s digital economy. By combining our resources and expertise, we aim to empower promising startups and create a vibrant ecosystem that benefits businesses and consumers alike. The success of TINC Batch #9 demonstrates the strength of our partnership to deliver concrete value to startups and position them for lasting success,” said Mia Melinda, CEO, Telkomsel Ventures. “Every startup in TINC Batch #9 was able to successfully create a Proof of Concept (PoC) with Telkomsel, resulting in meaningful value for both Telkomsel and our startups, and a huge validation for the TINC program.”

“The startups showcased today from both TINC Batch #9 and AppWorks #29 represent the incredible talent and drive within the Southeast Asian ecosystem” said Jamie Lin, Chairman & Partner, AppWorks. “We’re thrilled to deepen our collaboration with Telkomsel Ventures. This partnership reflects our shared belief in the power of Southeast Asia’s digital economy and the potential of its founders. By combining AppWorks’ 15 years of experience cultivating the startup ecosystem in the Greater Southeast Asia with Telkomsel Ventures’ strategic resources and market access, we can supercharge the growth of these promising startups and contribute to the region’s continued development.”

 

About Telkomsel Ventures

Telkomsel Ventures, established in 2019, is the investment arm of Telkomsel. As a strategic investor, Telkomsel Ventures invests and collaborates with promising startups to accelerate Telkomsel’s digital transformation and create innovative services. With a current portfolio of 18 startups, Telkomsel Ventures is committed to empowering startups through strategic investments, leveraging Telkomsel’s expansive ecosystem and capabilities. The goal is to actively contribute to Indonesia’s technology landscape while supporting Telkomsel’s strategic objectives.

More information: telkomsel.vc

About AppWorks

Founded in 2009, AppWorks is a leading startup community and venture capital firm built by founders, for founders. We are committed to backing the next generation of entrepreneurs in Greater Southeast Asia (ASEAN+Taiwan) and helping them facilitate the region’s transition into the digital age. Just as how mobile and the internet completely transformed the status quo, we believe the current era of technology is currently being defined by major three paradigm shifts: AI, Blockchain, and Southeast Asia (ABS). 

As such, whether its mentorship, investment, or talent, AppWorks has established a one-stop-shop for ambitious founders willing to bet against the consensus and drive a change they want to see in the world. We help startups build disruptive businesses from even an inkling of an idea into world-class enterprises through our three primary lines of service: Accelerator, Funds, and School.

More information: appworks.tw

Dramatic shifts in consumer behavior and social awareness have created demand for new categories of startups to address emerging consumer demands around social commerce, sustainability, and privacy.

TAIPEI, TAIWAN—June 12, 2024—AppWorks Accelerator, Greater Southeast Asia’s largest startup community, today held its 28th demo day (AW#28), unveiling 17 startups embracing AI to transform enterprise and commerce for a new era. The batch featured companies connecting social commerce with offline channel logistics, innovative payment solutions, and new applications for blockchain and AI—building tools and infrastructure for a more socially-connected, privacy-concerned, and digitally-conscious generation of businesses and consumers.

AppWorks Accelerator #28 (AW#28) demo day featured a total 16 teams on stage. As a batch, AW#28 hosted 38 innovative companies, with founders hailing from 17 different countries and regions, including Greater Southeast Asia, the United Arab Emirates, South Korea, the United States, France, Finland, and beyond. The batch featured several serial founders and 20% of participating startups were founded by female founders. The diverse geographic background of AW#28 illustrates the increasing globalization of tech entrepreneurship, as founders are building both global and hyperlocal solutions with AI to solve enterprise and commerce challenges around the world.

AW#28’s demo day featured the following companies:

1. ADPList: A global mentorship platform to access knowledge from experts (Singapore)
2. XO: AI-powered and blockchain-verified conversational platform for Gen Z (Taiwan)
3. Borong: B2B bulk e-commerce platform (Malaysia)
4. EQUO: A one-stop-shop omnichannel platform of curated, high-performance, quality products for the conscientious consumer (Vietnam)
5. Orderfaz: Shopify for social commerce sellers (Indonesia)
6. Event Horizon: DAO meta-governance layer (United States)
7. Return Helper: End-to-end solution for cross border e-commerce returns (Hong Kong)
8. ShipAny: Smart logistics gateway for e-commerce (Hong Kong)
9. ABConvert: Specialized A/B testing tool for e-commerce (Taiwan)
10. Ajourney: One-stop HR & payroll platform for businesses in Southeast Asia (Singapore)
11. Quantlytica: AI-powered crypto asset management infrastructure (Finland)
12. Olli: AI-powered operating system for toy manufacturers to turn toys into children’s personalized companion (United States)
13. Qiro Finance: On-chain private credit protocol (Singapore)
14. Exchequer Finance: Allows projects to self-insure token risk, incentivizing users with time premiums instead of tokens  (Singapore)
15. Jomud: Digitized career consultation using AI for university (Hong Kong)
16. Cheko: Bridging students with subject experts for homework assistance (Philippines)

Many startups today were formed during the disruptive years of the pandemic, building solutions to address a world emerging from disruption and permanent changes in consumer behavior.

ADPList was born out of the COVID era, founded by Felix Lee. Initially launched to provide support to people who lost their jobs during the pandemic by connecting job seekers with recruiters, ADPList accumulated 300,000 active members and 25,000 mentors from major companies like Netflix, Airbnb, Google, and others with over 60% retention rate, receiving backing from Peak XV Partners. Differing from existing options like LinkedIn, ADPList attracts users looking for life and career guidance and building meaningful connections with professional peers and mentors.

Another startup launched to address the loneliness prevalent during the pandemic is XO—an anonymous dating software that uses blockchain technology to protect privacy and improve account credibility, utilizing AI to facilitate greater interaction around topics of interest and build empathy. With strong traction, XO has received investment from Rakuten and has gained international traction among Gen Z users.

AW#28 featured many companies that are building solutions for social commerce and logistics in Southeast Asia, tapping into a large youthful demographic base and steady economic growth in the ~5% range for the foreseeable future.

Founded by Aizat Rahim, Malaysia-based Borong is leading the integration of B2B e-commerce channels in Southeast Asia, with a gross transaction volume of nearly US$1 billion in 2023. With backing from Y Combinator, Borong has achieved a compound annual growth rate (CAGR) of 162% and repeat purchase rate of over 75%, as the company seeks to create an omnichannel logistics ecosystem penetrating throughout Southeast Asia and beyond.

Indonesia-based Orderfaz is creating a Shopify-style experience for social commerce merchants, integrating and managing orders on major platforms like TikTok Shop, Shopee, and Lazada. Launched in 2023 to help merchants improve conversion rates and manage product inventory, Orderfaz is now generating over US$1 million in monthly revenue, with plans to expand to Malaysia. Founded by serial entrepreneur Reynaldi Gandawidjaja, Orderfaz has received backing from 1982 Ventures.

As more people become concerned with our impact on the environment, startups are creating solutions to promote sustainability and minimize carbon footprints. Vietnam’s EQUO develops 100% plastic-free straws, tableware, plates and drinkware, made of degradable and environmentally-friendly materials such as sugar cane, coconut, coffee and rice. Launched in 2020 by Marina Tran-Vu, EQUO has achieved an annual recurring revenue (ARR) of US$1.6 million and provides products to over 18 countries around the world.

“Over the past 14 years, from our humble roots in Taiwan, AppWorks has developed into a large regional startup network. With the addition of AW#28, we have now nurtured 563 active startups in 14 years. Among them, 30% have successfully raised Series A funding or beyond, and nearly 100 can be considered large enterprises with revenue exceeding US$6 million or have successfully completed IPOs/IEOs. Additionally, there are nearly 100 hidden champions that have achieved sustained profitability through bootstrapping,” said Jamie Lin, Chairman & Partner, AppWorks. “These diverse startups form a complete ecosystem, with large enterprises providing platforms and business opportunities, and hidden champions offering unique solutions. This allows the AW#28 cohort to quickly establish countless synergistic collaborations.”

Wistron Demo Day Continues to Showcase Startups Building for a Connected World

In partnership with AppWorks, Wistron Accelerator has been running since 2021 and has featured 24 teams so far, focusing on companies in AI, cloud, healthcare, information security, IoT, and other cutting-edge sectors. Wistron Accelerator allows startups to conduct Proof of Concepts within real-world scenarios in Wistron Group and together explore avenues of growth over the next decade.

Wistron Demo Day #6 Featured:

1. Etiq AI: A predictive model software to identify data & model issues, and provide optimization recommendations (United Kingdom)

With the rollout of AI in enterprises around the world, many stakeholders remain skeptical on the accuracy and accountability of AI systems. Founded by experienced business and data science professionals, Etiq AI develops APIs designed to optimize AI decision-making models. By testing data quality and model performance, Etiq AI can detect errors flexibly and quickly, allowing data scientists to fully understand the data they deploy in their AI ​​models and reduce errors, helping business decision-makers gain a clearer understanding of the AI decision-making process to improve transparency, compliance, and accountability.

AppWorks: An Ever-Growing Startup Ecosystem

With the addition of AW#28, there are now a total of 563 active startups and 1,746 founders in the AppWorks Ecosystem. These companies collectively generate US$17.4 billion in revenue, employ 23,625 individuals, and have raised US$6 billion in funding with an aggregate valuation reaching US$33 billion.

AppWorks #29 and Wistron Accelerator #7 are currently recruiting for their cohorts, with applications closing on July 25, 2024, and will launch in September 2024, with startups building solutions for AIoT, smart manufacturing, and cloud-based services are encouraged to apply. AW#29 will offer founders the opportunity to participate in intensive exchange and learning activities in Taiwan and Southeast Asia to learn from entrepreneurs throughout the region. These include exchanges with fellow founders, office hours with mentors and AppWorks partners and Wistron senior leadership, demo days with investors from Taiwan and Southeast Asia, and customized market exploration itineraries. The batch will help entrepreneurs connect with AppWorks’ founder and alumni network to support and learn from each other.

About AppWorks

Founded in 2009, AppWorks is a leading startup community and venture capital firm built by founders, for founders. We are committed to backing the next generation of entrepreneurs in Greater Southeast Asia (ASEAN+Taiwan) and helping them facilitate the region’s transition into the digital age. Just as how mobile and the internet completely transformed the status quo, we believe the current era of technology is currently being defined by major three paradigm shifts: AI, Blockchain, and Southeast Asia (ABS).

As such, whether it’s mentorship, investment, or talent, AppWorks has established a one-stop-shop for ambitious founders willing to bet against the consensus and drive a change they want to see in the world. We help startups build disruptive businesses from even an inkling of an idea into world-class enterprises through our three primary lines of service: Accelerator, Funds, and School.
More information: appworks.tw

AppWorks Accelerator

AppWorks Accelerator is a launchpad for bold and ambitious entrepreneurs targeting Greater Southeast Asia (GSEA). Every six months, we take in startups with strong potential, equipping founders spanning all walks of life with the necessary resources, mentorship, and guidance to get their ventures off the ground.

There are now a total of 563 active startups and 1,746 founders in the AppWorks ecosystem. Collectively, all companies in the ecosystem generate annual revenue totaling US$17.4 billion, and have created 23,625 jobs (+0.4% YoY). Altogether, the ecosystem raised a total of US$6 billion (+4.7% YoY), with an aggregate valuation reaching US$33 billion (+4% YoY). The AppWorks web3 ecosystem now has 133 startups and 324 founders. AppWorks web3 companies generated revenue totaling US$519 million, and raised US$1.1 billion (11.2% YoY), with an aggregate valuation of US$14 billion (+6.9% YoY).
More information: appworks.tw/accelerator

AppWorks Funds

AppWorks manages four venture capital funds totaling US$350 million, collaborating with investors who share our vision, including leading enterprises in sectors spanning technology manufacturing, finance, and media and telecom. We invest in startups ranging from Seed Round to Series C and fund around 20 to 30 deals a year, now with 100 names in our portfolio, including leading startups in several verticals such as Lalamove, Dapper Labs/Flow, Animoca Brands, 91APP, Figment, Carousell, ShopBack, 17LIVE, and KKday, while having produced six IPOs (Uber, GameSparcs, Kuobrothers, Pcone, 91APP, 17LIVE), four IEOs, one hectocorn, two decacorns, and five unicorns.
More information: appworks.tw/investments

AppWorks School

Established in 2016, AppWorks School has strived to cultivate a pipeline of skilled digital talent to help our community meet the technical demands of tomorrow. Quality talent has always served as the bedrock of innovation, yet shortages still remain the foremost challenge that tech companies in GSEA face today.

AppWorks School has trained over 1000 aspiring graduates, serving over 100 prominent companies such as Taiwan Mobile, momo, 91APP, KKBOX, WeMo Scooter, and KKday to meet their digital talent needs. AppWorks School currently provides Coding Bootcamp, Upskill Program and Corporate Training Program with different courses.
More information: school.appworks.tw

Wistron Accelerator

Launched in partnership with AppWorks in 2021, Wistron Accelerator is Taiwan’s leading AI/IoT accelerator program, with the goal of promoting the growth and development of innovative startups through business cooperation and strategic investments. The biannual program hosts up to seven startups each year, working with startups to foster innovation and promote sustainability in strategic industries. In recent years, Wistron has invested over NT$10 billion (>US$300 million) into the digital economy across more than 60 innovative startups.
More information: appworks.tw/wistron

For Inquiries about AppWorks Accelerator, please contact:
Angie Jeng
+886-982-005-566
[email protected]