AppWorks Announces Key Promotions, and Establishment of Two New Business Arms for Southeast Asia and Beacon Funds

AppWorks

March 15, 2023

Today, we have some good news and major developments to share. We at AppWorks have recently completed a new round of institutionalization and internal promotion. Following the establishment of Accelerator and web3 arms in 2022, AppWorks has further upgraded our Southeast Asia venture practice and Beacon Funds as business arms. To support this process, we have made a number of promotions, including (L-to-R): Sophie Chiu, Principal for AppWorks Southeast Asia; Jun Wakabayashi, Principal of AppWorks Beacon Funds; Jack An as Associate; and Vanessa Lu as Operations Director.

With over a decade of continuous development, AppWorks offers a dynamic startup community with 472 active startups and 1,522 entrepreneurs, dedicated to providing founders with the capital and support they need to realize their entrepreneurial dreams and promote sustainable growth for the venture community in Taiwan, Southeast Asia, and beyond. This institutionalization process is designed to enhance the professional service capabilities of AppWorks to provide targeted support for entrepreneurs operating in different verticals and geographies.

A Dedicated Southeast Asia Practice

By establishing a formalized Southeast Asia arm and building off the firm’s successful track record in the region, AppWorks aims to deepen the firm’s presence throughout the region, continue to recruit outstanding startups in Southeast Asia to join the AppWorks Accelerator, and support founders throughout the value creation lifecycle via AppWorks flagship funds. With its unique position in Taiwan, AppWorks bridges opportunities between Southeast Asia and Taiwan’s digital economies, providing natural opportunities for market expansion, talent development, and capital-raising for entrepreneurs in both markets. AppWorks’ notable Southeast Asia portfolio companies include: Lalamove, ShopBack, Carousell, Tiki.vn, and EdenFarm, among others.

The formalized Southeast Asia arm is overseen by Principal Sophie Chiu.

AppWorks Beacon Funds

The Beacon Funds arm has become an important bridge connecting AppWorks with venture capital peers in Southeast Asia and around the world. Over the past few years, AppWorks has invested in over 20 successful venture capital firms, such as AC Ventures, Openspace Ventures, Ascend Vietnam Ventures, Foxmont Capital, Pantera Capital, Animoca Ventures, and others—focusing on a variety of different strategies including Southeast Asia regional, country-specific, vertical-specific, and web3 mandates—sharing the firm’s knowledge and expertise to source new investment opportunities, generate upround capital for AppWorks portfolio companies, support due diligence, and exchange best practices. Currently, more than one-tenth of all AppWorks investments are sourced from Beacon Funds-backed VC firms. In the future, AppWorks is expected to invest in more than 10 venture capital funds per year to accelerate the growth of the Beacon Funds ecosystem and expand AppWorks’ reach.

The AppWorks Beacon Funds initiative is led by Principal Jun Wakabayashi.

To support the institutionalization of the AppWorks ecosystem, we have made the following promotions, recognizing their hard effort and contributions to the firm.

Sophie Chiu (Principal – AppWorks SEA)

Sophie oversees AppWorks’ Southeast Asia investment practice, leading efforts to source, invest in, and support outstanding entrepreneurs in the region. Sophie joined AppWorks as an Associate in 2020 and was promoted to Principal in 2023. Before joining AppWorks, Sophie covered public equities for over a decade. She was part of the portfolio management team at Neuberger Berman, focusing on emerging market opportunities. Prior to that, she served as a research analyst at Credit Suisse, JPMorgan, and London-based Autonomous Research. Sophie holds a Master of Finance with distinction from Warwick Business School and BS Finance from National Taiwan University. At AppWorks, Sophie has worked on several notable investments, including 91APP, KKday, Tiki.vn, and EdenFarm.

Jun Wakabayashi (Principal – AppWorks Beacon Funds)

Jun is a Principal leading the Beacon Funds arm—in charge of meeting, helping, collaborating with, and investing in emerging venture capital managers to grow the venture ecosystem in Southeast Asia and web3. Joining as an Analyst in 2017 and then promoted to Associate in 2022 and to Principal in 2023, Jun has been pivotal in turning AppWorks into a household name across the region. By immersing himself in local markets and engaging with both founder and investor communities across Southeast Asia, Jun has established an extensive network that keeps AppWorks top of mind for startups seeking funding, community, and support. Prior to AppWorks, Jun attended NYU’s Stern School of Business where he received a B.S. in Finance, and spent the following several years conducting sector-based market research at Focus Reports. Outside of work, Jun is an avid meditator and invests meaningful time maintaining both his physical and spiritual wellness.

Jack An (Associate – AppWorks)

Jack became an Associate in 2023 and focuses on meeting, helping, and investing in promising web3 founders. Before joining AppWorks in 2019 as an Analyst, he co-founded an InsurTech startup and through the experience, he developed a deep interest in product design and user experience, and has since been passionate about these areas. During his time as a founder, he purchased his first BTC as well as ETH, yet subsequently paid dear tuition to the 2017 go-go ICO era. Prior to embarking on the entrepreneurial path, he worked as an underwriter at Chubb Insurance in New Zealand. Jack earned a Bachelor of Music degree from Waikato University, where he studied classical piano and developed a deep appreciation for Mozart. He loves to cook, read, and is a practicing stoic. He’s on the hunt for the next web3 application that will onboard millions of users and make the world more open, permissionless, censorship-resistant, and trustless.

Vanessa Lu (Operations Director – AppWorks)

Vanessa is an Operations Director at AppWorks. Before that, Vanessa held the role of Operations Manager at Foxconn Group’s Sytrend Startup Foundation, where she spearheaded their incubator, co-working space, and community events planning programs. Prior to that, she covered lead generation and premium customer support for the APAC region at Evernote. Vanessa joined AppWorks in 2018 as Space Director and was promoted to the role of Operations Director in 2023. Vanessa holds a Master Degree in Russian Studies and a Bachelor Degree in Russian Language, both from National Chengchi University. As a devoted mother of a son, she delights in discovering innovative ways to spend quality time with her family, all while ensuring that her work is of the utmost quality.

WE ARE HIRING!

As the AppWorks organization continues to grow, we warmly invite outstanding talent to join us.

Our latest openings include: associate, analyst, crypto native analyst, and fund finance and administration manager.

In addition to providing generous salary packages in line with international industry standards, We have created an open, transparent working environment that rewards hard work and effort—appreciating the contributions of every team member and allowing them to reach their potential. As a collaborative platform, we strive to find consensus among investment and operational decisions from all team members, encouraging constructive feedback and diverse opinions, and reaching alignment with the firm’s mission to better serve founders. At the same time, we are striving to create a system that allows colleagues to balance work, life, and family, including unlimited annual leave, flexible remote work, annual health checks, annual employee travel, and providing a 0-6 years old per child annually subsidy of US$12k—as we have welcomed five AppWorks babies over the past three years, reinforcing AppWorks’ commitment to supporting the families of our team members.

The lodestar of AppWorks has remained consistent since day one—to help entrepreneurs reach their potential and create more successful businesses, and improve the competitiveness of GSEA’s digital economy—bringing together an institutional-grade team under one mission.

“A well-deserved congratulations to Sophie, Jun, Jack, and Vanessa for their promotions—they will play a more prominent role in the next stage of AppWorks’ development. Looking ahead, AppWorks can make a more systematic effort to support founders and create greater impact for the development of Taiwan and Southeast Asia. We sincerely welcome more experts to join us, and work together to make the region’s startup ecosystem stronger, and into a tech powerhouse admired by the world,” remarked Jamie Lin, Chairman, AppWorks.

AppWorks 宣佈新成立 SEA、Beacon Funds 兩事業單位，並完成新一輪內部晉升，在熊市中持續擴大招募人才

AppWorks

in General

AppWorks 今天宣佈完成新一輪組織機構化及內部晉升，並擴大對外招募優秀人才。繼 2022 年分別成立加速器與 Web3 事業單位後，AppWorks 在 2023 年初進一步將 SEA 與 Beacon Funds 升級為事業單位，同時內部晉升 4 位同事 (由左至右)：Sophie 邱敬媛由投資經理升任協理，將帶領 SEA 事業；Jun 若林純由投資經理升任協理，將帶領 Beacon Funds 事業；Jack 安良方由分析師升任投資經理；Vanessa 呂瑾玟由空間總監升任營運總監。

AppWorks 長期經營新創的社群，累積達 472 家活躍新創、1,522 位創業者，在對的時間、為對創業者帶來對的幫助，是推動這個社群持續成長茁壯的核心工作，透過本次組織升級，我們期望系統化的擴大服務能量，讓不同領域的 AppWorks 創業者，都能得到最專業的支持。

AppWorks SEA 事業單位的策略目標，是深化 AppＷorks 在東南亞數位經濟的佈局，持續招募東南亞的優秀新創團隊加入 AppWorks Accelerator，並透過 AppWorks Funds 資金支持這些優秀創業者，以及持續發展 AppWorks 的大東南亞生態系與創業者社群，幫助台灣與東南亞數位經濟的連結，讓台灣的企業、新創與人才，有更多元機會參與蓬勃發展中的東南亞市場，打造國際化格局。

AppWorks Beacon Funds 事業單位的策略目標，則是成為我們與創投同業連結的重要橋樑。過去幾年來，AppWorks 以管理公司自有資金，陸續投資包括 AC Ventures、 Openspace Ventures、Ascend Vietnam Ventures、Foxmont Capital、Pantera Capital、Animoca Ventures 等在內，專注 Web3 與東南亞不同國家、領域、階段的超過 20 支創投基金，除了輸出 AppWorks 長期經營創投、加速器、新創生態系的 Know-how 外，也透過與各創投的合作，掌握優異投資機會，交換盡職調查成果，並協力輔導共同投資的新創。目前，AppWorks Funds 超過十分之一的投資案，案源來自 Beacon Funds 所投資的創投基金。未來，AppWorks 預計將以每年投資超過 10 支創投基金的速度佈局，加速 Beacon Funds 生態系成長，擴大 AppWorks 的觸角。

AppWorks 本輪 4 位獲得晉升的同事，簡介如下：

Sophie 邱敬媛 (AppWorks SEA 事業協理)

東南亞事業負責人，主導在該地區結識、幫助與投資優秀的創業者。2020 年加入 AppWorks 擔任經理、2023 年升任協理，加入 AppWorks 前在倫敦、香港、台灣金融圈有十年的證券投資、分析經驗。曾經在瑞士信貸、摩根大通、英國 Autonomous Research 擔任分析師，在美商路博邁基金擔任新興市場投資經理。英國華威大學財務碩士、台灣大學財務金融系學士。在 AppWorks 期間，代表主導 91APP、KKday、越南最大本土電商平台 Tiki、印尼最大 AgriTech 平台 EdenFarm 等重要投資案；經常往返大東南亞地區，透過講座、活動，經營 AppWorks 大東南亞創業者社群。

Jun 若林純 (AppWorks Beacon Funds 事業協理)

Beacon Funds 事業負責人，主導結識、幫助、投資區域與 Web3 新興創投基金經理人，並與他們充分合作。2017 年加入 AppWorks 擔任分析師、2022 年升任經理、2023 年升任協理。長期經營東南亞新創社群，贏得創業者、投資人、生態系建立者信任，使 AppWorks 成為區域內創業者尋求各種創業支持的首選。擁有紐約大學史登商學院財務學士學位，畢業後任職於 Focus Reports 完成多個深度市場研究。工作之餘熱衷冥想以維持平衡的身心。

Jack 安良方 (AppWorks 投資經理)

負責結識、幫助與投資 Web3 創業者。2019 年加入 AppWorks 擔任分析師、2023 年升任經理。加入 AppWorks 前，曾在 Insurtech 新創擔任共同創辦人，對用戶體驗與產品設計充滿熱情，在此期間，首次買入比特幣、以太幣以及多種 ICO Tokens，當然，損失不少。更早之前則在紐西蘭 Chubb Insurance 服務。畢業於紐西蘭懷卡托大學，主修古典鋼琴，最喜愛莫札特。熱愛煮菜、閱讀以及實踐斯多葛哲學。正在尋找下個百萬用戶等級的 Web3 應用，讓人類社會更開放、無需許可、抗審查、無需信任。

Vanessa 呂瑾玟 (AppWorks 營運總監)

負責加速器相關營運工作，確保我們能提供最貼心的服務給創業者，同時經營 AppWorks Coworking 共同工作空間，打造最符合創業者需求的工作環境。曾任職於鴻海集團三創育成基金會，除了維運與調度共同工作空間和活動場地，也協助引薦專業顧問輔導進駐的新創團隊、提供資源串接及社群經營。此外，是矽谷新創 Evernote 在台灣的第三號員工，從此著迷於以高轉速的工作效率完成團隊目標。2018 年加入 AppWorks 擔任空間總監、2023 年升任營運總監，畢業於政治大學俄文系及俄羅斯研究所。2020 年升級為新手媽媽，積極在育兒及工作之間找到事半功倍的方式，營造親子間的精心時刻。

歡迎加入！

隨著 AppWorks 組織持續升級，我們熱情邀請優秀人才加入，最新開出的職缺包括：投資經理、分析師、Crypto Native 分析師、基金財務經理。

在公司文化以及各個工作環節上，我們對人才有高度的重視與誠意，除了提供持續拉齊國際同業機構的薪資待遇，同時也強調內部資訊公開、制度透明、比想法不比位階的工作環境。例如，從每一支加入 AppWorks Accelerator 的新創團隊、每一個投資案，到內部的政策與制度，我們每一個策略與行動，非常重視大家的意見而採取共識決議，同事們不受限職稱皆有提供建議、表達不同意見的平等權利，藉由充分的溝通與交流，讓擁有不同專業與工作內容的同事們，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。同時，AppWorks 也努力打造讓同事們可以兼顧工作、生活、家庭平衡的制度和福利，包括年假無上限、彈性安排遠距工作、年度健康檢查、年度員工旅遊，以及提供 0-6 歲每胎每月 3 萬新台幣的生育補助，過去三年來已「催生」了 5 位 AppWorks 寶寶，為逆轉台灣的人口危機貢獻綿薄之力。

「透過幫助創業者成為更優秀的自己、開創更成功的事業，進而讓台灣成為數位強國」是 AppWorks 自成立以來就不曾改變的北極星，所有同事也是因為認同這個理念而聚集在一起。因為當台灣有一波又一波的優秀創業者出現，可讓新創因此而生生不息的發芽與茁壯，台灣的經濟與社會才得以加快新陳代謝，快速疊代出新產業內涵，並會帶來財富的重新分配、大量的優質就業，以及年輕世代上進的機會，為國家與社會帶來希望。在 AppWorks，我們每位同事都必須不斷思考，如何在自己日常的工作中協助創業者，除了個人可因此與掌握科技最前緣變化的創業者共同交流、學習與成長，也在這樣的過程中，透過每一次、協助每一位創業者將事業往前推進一些，點點滴滴匯聚成讓改變發生的力量。

AppWorks 董事長暨合夥人林之晨表示：「在此恭喜 Sophie、Jun、Jack 與 Vanessa 獲得晉升，將在 AppWorks 下階段機構化過程中，扮演更重要角色。展望未來，AppWorks 將有更大的力量，支持更多創業者、為台灣與東南亞發展創造更大 Impact，在此誠摯歡迎更多好手加入我們的行列，一起努力讓台灣新創生態更蓬勃區域化，成為國際稱羨的數位強國。」

AppWorks Announces New Business Arms and Key Internal Promotions

AppWorks

March 21, 2022

in General

AppWorks’ a number of key internal promotions, including 2 Principals Alyssa Chen, Ching Tseng, and Associate Jun Wakabayashi (from left to right).

AppWorks, a leading venture capital firm and accelerator in Greater Southeast Asia, today announced a series of institutional and organizational developments in tandem with a number of key internal promotions.

As part of its organizational upgrades, AppWorks has established new arms that encapsulate the firm’s core mandate components, including dedicated arms for its accelerator and web3 practices. To drive these programs, AppWorks made a number of key promotions, including Alyssa Chen, from Associate to Principal to oversee AppWorks Accelerator arm; Ching Tseng, from Associate to Principal to lead the newly created web3 arm; as well as Jun Wakabayashi, from Analyst to Associate to head AppWorks Beacon Funds operations. These promotions reflect AppWorks commitment to cultivating talent and recognizing and rewarding excellence within the firm.

In addition to these developments, AppWorks will begin its fundraising process in Q2 for AppWorks Fund IV at a target size of US$360 million.

As the foundation of the AppWorks ecosystem, the AppWorks Accelerator is held twice annually, welcoming entrepreneurs focused on the firm’s core mandate of AI, blockchain and Southeast Asia (“A.B.S.”) to attend and gain close mentorship from the program to build founder fundamentals, accelerate business growth, and gain access to funding opportunities. Since its establishment in 2010, AppWorks Accelerator has built a community of 1,402 alumni entrepreneurs, operating 435 active startups spanning across the region with combined revenues of US$13.9 billion, cumulative fundraising of US$4.7 billion, and 20,169 jobs created.

The firm also runs the bi-annual Wistron Accelerator, a joint collaboration between Wistron, one of the world’s largest suppliers of information and communications products, and AppWorks, that recruits outstanding founders across AI, IoT, cloud, information security, education and medical verticals. As more corporates aspire to establish their own vertical accelerator to bring them closer to startups as well as help startups partner with traditional industries, AppWorks decided to further institutionalize its accelerator arm to bridge the gap and amplify the firm’s existing efforts to cultivate the next generation of founders.

For the firm’s web3 investment strategy, as a new paradigm in technology transforming the digital economy, by establishing the web3 arm, AppWorks will focus on providing entrepreneurs with targeted resources to drive web3 mass adoption and support innovation in new business models. The firm will also assist founders in web1 and web2 spaces of its founder community to pivot to web3 models, bridging traditional startups into the blockchain space. Since its entry into blockchain in 2018, AppWorks has accelerated and invested in a total of 75 active new startups and 141 entrepreneurs in the web3 space, including Dapper Labs, Figment, Animoca Brands, Blocto and XREX, among others.

As part of AppWorks commitment to building a comprehensive venture ecosystem connecting Taiwan with Southeast Asia and the global blockchain industry, the firm has launched the AppWorks Beacon Funds strategy, to date backing more than 20 venture capital funds off AppWorks GP’s own balance sheet. Select AppWorks Beacon Funds include Pantera Capital, Animoca Ventures, AC Ventures, Asia Partners, Golden Gate Ventures, and others. In addition to sharing know-how, through cooperation, AppWorks Beacon Funds strategy generates co-investment opportunities, provides global due diligence and landing support, and builds portfolio company synergies throughout the ecosystem. Roughly one-third of all AppWorks investments are now sourced from AppWorks Beacon Funds. The firm plans to invest in 10 more funds every year aligned with AppWorks’ core investment mandate.

“Through the combined effort of the AppWorks portfolio company founders and our team, the AppWorks ecosystem has experienced remarkable growth since its inception. We are proud of the performance and contributions of Alyssa, Ching, and Jun—and we have decided to put on their shoulders greater responsibilities as part of our institutionalization process,” said Jamie Lin, Chairman and Partner, AppWorks. “With these structural improvements and our upcoming Fund IV, AppWorks will be more ready to create an even greater impact on the development of Taiwan and Southeast Asia, supporting more entrepreneurs, and accelerate emerging and innovative new segments of the digital economy.”

The organizational upgrades come with the firm’s recent success in key investments, such as 91APP and FLOW, designed to accelerate the firm’s momentum in key investment areas. With a 2014 vintage, AppWorks Fund II (US$51 million) has achieved an annualized internal rate of return (IRR) of 29.3% and a distribution to paid-in multiple (DPI) of 1.34x. The firm’s AppWorks Fund III (US$150 million), vintage 2018, currently posts an annualized IRR of 92.9% and has also begun to generate substantial distributions.

To further drive the growth of the AppWorks ecosystem, the firm is actively recruiting investment associates passionate about venture capital in Taiwan, Southeast Asia, and the global web3 industry. AppWorks offers globally competitive pay and packages, with salaries ranging between US$92,000 to US$180,000, and annual childcare assistance of US$12,000 for each child 0-6 years old.

Alyssa Chen – Principal

Alyssa Chen oversees the AppWorks Accelerator, Wistron Accelerator, as well as AppWorks alumni, mentor network, and community programs. Alyssa joined AppWorks as an intern during university, later returning to the firm as an Analyst in 2016 and promoted to Associate in 2019. During this period, Alyssa drove the rapid growth and regionalization of AppWorks Accelerator, incorporating the core mandate of AI, blockchain, and Southeast Asia (“A.B.S.”) and successfully implementing a hybrid in-person/digital model for the accelerator in response to the global pandemic. In 2021, Alyssa successfully launched the Wistron Accelerator vertical accelerator in cooperation with Wistron.

Ching Tseng – Principal

Ching Tseng oversees AppWorks investments in global web3 projects, and started with the firm as an intern in 2015. Joining the firm after graduation as an analyst, Ching was promoted to Associate in 2019. With a passion for blockchain and its associated applications, Ching has built the firm’s web3 practice from the ground up as an early mover in Asia’s web3 ecosystem, bridging Taiwan to global projects and teams. Select investments include Dapper Labs, Animoca Brands, Blocto, and CHOCO TV (acquired by LINE), among others.

Jun Wakabayashi – Associate

Jun Wakabayashi leads the day-to-day operations of AppWorks Beacon Funds, overseeing investment activity in Greater Southeast Asia and coaching the accelerator team. Born and raised in the United States, Jun joined AppWorks as an Analyst in 2017, driving the regionalization process of the AppWorks platform, and engaging with startup communities in Greater Southeast Asia, gradually winning the trust of entrepreneurs, investors, and ecosystem builders. Jun’s efforts have enabled AppWorks Accelerator to attract outstanding entrepreneurs in Southeast Asia, generate tangible results for the AppWorks Beacon Funds, and investing in regional startups including EMQ and Beam.

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

AppWorks 宣佈將加速器、Web3 升級為事業單位，並內部晉升負責人

AppWorks

in General

長期耕耘大東南亞新創生態的 AppWorks，在今日宣佈完成新一輪晉升與組織升級。將加速器升級為事業單位，並由投資經理升任協理的陳敬旻帶領；同時也成立 Web3 事業單位，晉升投資經理曾意晴為協理帶領；同時，AppWorks Beacon Funds 計畫，由分析師升任投資經理的若林純 (Jun Wakabayashi) 主導。此外，AppWorks 也持續提高薪資福利，貼近國際同業機構的水準，截至 2021 年底，AppWorks 合夥人以外同仁的平均年薪為 334 萬新台幣，年成長 26%。

透過組織機構化、內部晉升以及提高薪資福利，AppWorks 希望持續吸引、留下優秀人才，因此更系統化的協助創業者、企業等生態系各面向的利害關係人，幫助台灣抓住 AI、Web3、東南亞等典範轉移，所帶來的崛起與轉型機會。

AppWorks 加速器事業單位的策略目標，除了繼續招募來自 ABS (AI、Blockchain、Southeast Asia) 三大成長引擎的優秀創業者，加入每年兩屆的 AppWorks Accelerator，深化 AppWorks 生態系與創業者社群，也將加速開展與大企業的合作，推動以大企業為主體、AppWorks 協力營運的垂直加速器，協助大企業更有效率、更具規模的與各式新創展開策略合作，順利完成數位轉型。

AppWorks Accelerator 自 2010 年成立以來，畢業的活躍新創已達 435 家、共 1,402 位創業者，所有新創加總年營業額達 139 億美元、累計募資達 47 億美元、為台灣與區域創造 20,169 個就業數。由 AppWorks 與緯創，在 2021 年展開合作的 Wistron Accelerator 垂直加速器，也將同步以每年兩屆的速度，招募優秀的 AI、物聯網、雲端、資安、教育與醫療新創加入。

帶領加速器事業單位的協理 (Principal) 陳敬旻 (Alyssa Chen)，經營包括 AppWorks Accelerator、Wistron Accelerator 等服務，以及 AppWorks 校友、Mentors 等社群，同時長期擔任 CEO 峰會秘書。樂於陪伴創業者打造出屬於自己的火箭，大學時期曾於 AppWorks 實習，碩士畢業後加入華山文創園區，負責新銳文創品牌的招商與媒體合作。2016 年回到 AppWorks 擔任分析師 (Analyst)、2019 年升任經理 (Associate)，期間帶領 AppWorks Accelerator 快速成長與區域化，2018 年重新定位為專注於 AI、 Blockchain 的加速器，2020 年起隨疫情轉型為 Hybrid 模式，2021 年成功與緯創合作推出垂直加速器。畢業於政大德文系、政大國際傳播所。

另一方面，成立 Web3 事業單位的策略目標，是在技術、商業模式、產業結構更加快速變動與疊代的 Web3 典範轉移中，讓 AppWorks 能有更豐沛的資源與能量，協助優秀的區塊鏈創業者提升擴大顛覆的範圍與速度，並全力幫助 Web1 / Web2 的校友新創，更快 Pivot 到 Web3。AppWorks 從 2018 年開始聚焦在區塊鏈的發展以來，至今已加速、投資來自 Web3 領域共 75 家活躍新創、141 位創業者，佔整體生態系超過六分之一，著名的 AppWorks Web3 生態系新創包括 FLOW / Dapper Labs、Figment、Animoca Brands、Blocto、Concept Art House、XREX、Dappio、XY Finance / Steaker、LikeCoin、Numbers Protocol、Lootex、Matters、Pelith、Fandora NFT…等。

帶領 Web3 事業的協理曾意晴 (Ching Tseng)，大學時曾於 AppWorks 實習，2015 年政大企管系畢業後，正式加入擔任分析師，期間代表 AppWorks 從 A 輪協助 CHOCO TV 一路到被 LINE 併購退場。2019 年升任經理，主要負責招募區塊鏈新創與投資，帶領 AppWorks 從無到有，長出蓬勃 Web3 生態，並站上國際一線區塊鏈投資舞台，主導 Dapper Labs / Flow、Animoca Brands、Blocto 等成功投資案。

AppWorks Beacon Funds 策略，則是 AppWorks 邁向區域化，打造創投、加速器生態系的重要基礎之一。過去幾年來，AppWorks 以管理公司自有資金陸續投資包括 Pantera、Animoca Ventures、AC Ventures、Asia Partners、Golden Gate Ventures 等在內，專注 Web3 與大東南亞不同國家、領域、階段的超過 20 支創投基金，除了輸出 AppWorks 長期經營創投、加速器、新創生態系的 Know-how 外，也透過與各創投的合作，掌握優異投資機會，交換盡職調查成果，並協力輔導共同投資的新創。目前，AppWorks 約三分之一的投資案源，來自 AppWorks Beacon Funds 所投資的創投基金。未來，AppWorks 將持續耕耘這項策略，加速大東南亞創投生態成熟，並擴大 AppWorks 的觸角，預計將以每年投資超過 10 支創投基金的速度佈局。

主導 AppWorks Beacon Funds 策略的投資經理若林純，長期負責大東南亞的投資與加速器團隊輔導。在美國出生、成長，2017 年加入 AppWorks 擔任分析師，隨後帶頭推動 AppWorks 平台區域化，長期持續拜訪、經營東南亞各國新創社群，一個個贏得創業者、投資人、生態系建立者們的信任。他的努力讓 AppWorks Accelerator 吸引越來越多優秀東南亞創業者、幫助 AppWorks Beacon Funds 計畫開花結果，同時也讓 AppWorks Funds 得以投資像是 EMQ、Beam 等區域級新創。加入 AppWorks 前，任職於 Focus Reports，負責採訪各國高級官員與業界高層，完成多個不同領域的深度市場研究。父親來自日本、母親來自台灣，除了美國與台灣之外，曾旅居 7 個國家，遊歷 50 多國。於紐約大學史登商學院取得財務學士學位。

AppWorks 決定在 2022 年初啟動本輪組織升級，主因 2021 年隨著 91APP、FLOW 等投資案陸續開花結果，AppWorks 旗下管理的創投基金獲利進一步提升。2014 年成立，原始規模 5,100 萬美元的 AppWorks Fund II，最新年化內部報酬率 (IRR) 為 29.3%，已分配收益倍數 (DPI) 也來到 1.34 倍，也就是原始投資每 100 元的基金股東，已領回 134 元的實質收益。2018 年成立，原始規模 1.5 億美元的 AppWorks Fund III，目前年化內部報酬率達 92.9%，也開始產生實質受益分配。

為了進一步抓住 AppWorks 加速器生態，以及 AppWorks Beacon Funds 所帶來的大量優質 ABS 案源，AppWorks 預計今年第二季展開目標 3.6 億美元的 AppWorks Fund IV 募集，也因此提前展開組織升級。同時間，在公司大幅獲利與邁向專業機構化的過程，AppWorks 也持續與同仁分享成果，除了感謝大家的付出，也期待能以拉齊國際同業機構的薪資福利，吸引一流好手加入。

截至 2021 年底，AppWorks 合夥人以外同仁的平均年薪，較 2020 年成長 26%，來到 334 萬新台幣，其中投資經理與分析師等專業投資人員 (Investment Professionals)，年薪落在 250 萬到 500 萬新台幣間。此外，AppWorks 所提供 0-6 歲每胎每月 3 萬新台幣的生育補助，過去兩年來也「催生」了 4 位 AppWorks 寶寶，為逆轉台灣的人口危機貢獻綿薄之力。

AppWorks 董事長暨合夥人林之晨指出：「感謝全體 AppWorks 同仁的齊心付出，我們在 2021 年大有斬獲，且將在 2022 年更上一層樓。在此恭喜 Alyssa、Ching 與 Jun 獲得晉升，將在 AppWorks 下階段機構化過程中，扮演更重要角色。隨著今年啟動 3.6 億美元的 AppWorks Fund IV，AppWorks 將有更大的力量，為台灣與東南亞發展創造更大 Impact，支持更多創業者、加速 Web3 等新興產業茁壯，並且協助更多大企業轉型，在此誠摯歡迎高手加入，一起證明 Taiwan can help startups & Taiwan is helping startups。」

【歡迎所有NFT、Blockchain / DeFi、AI / IoT 以及目標 Southeast Asia 的創業者，加入專為你們服務的 AppWorks Accelerator】

AppWorks Celebrates 10th Anniversary and 2020 Milestones

AppWorks

February 3, 2021

in General

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. 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.

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.

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.”

【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.】