About AppWorks
AppWorks is a venture capital firm founded in 2009. It is primarily based out of Taipei, Taiwan. As of May 2026, AppWorks is an active investor, having invested in 124 companies, with 4 new investments in the last 12 months. It primarily invests in Seed round in Taiwan based startups. Its investments are spread across a wide range of sectors from High Tech to Blockchain Technology and Enterprise Applications. Most recently it participated in the $***** Seed round of Clouted Overall, AppWorks portfolio has seen 6 unicorns, 5 IPOs and 6 acquisitions including key companies like Uber, Carousell and ShopBack. A lot of funds co-invest with AppWorks, with names like HashKey Capital sharing a substantial percentage of its portfolio. AppWorks has team of 18 people including 6 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed, Series A & 4 more
Deals in last 12 months
AppWorks' List of Top Investments
AppWorks has a portfolio of 124 companies, including 6 unicorns. Their most notable investments are in Fandora and Travelio.Their portfolio spans across Taiwan, United States, Indonesia and 11 more locations. They have invested in High Tech, Blockchain Technology, Enterprise Applications and 28 other sectors, across stages such as Seed, Series A and 4 more. Here is the list of top investments by AppWorks:
1. Uber
Network providing on-demand transportation, delivery, and business management solutions. It facilitates ride requests and connects individuals with transportation providers. Additionally, it offers delivery services for food and other goods. The network extends to business solutions, providing tools for managing rides, meals, and local deliveries for organizations.
Key facts about Uber
- Founded Year: 2009
- Location: San Francisco (United States)
- Annual Revenue: $1B+ as on Dec 31, 2025
- Stage: Public
- Total Funding till date: $13.2B
- Employee Count: 152,642 as on May 31, 2026
- Investors: TrueBridge, Fidelity Investments and 191 Others
- Latest Funding Round: Post IPO, Dec 19, 2020, $*****
- Highlight: Public
2. Carousell
Online marketplace platform offering multi-category second-hand products. The product catalog includes fashion, stationery, gadgets, home appliances, furniture, food supplies, pet supplies, sports equipment, and more. It also provides job, home services, lifestyle services, and more. The application is available on both iOS and Android platforms.
Key facts about Carousell
- Founded Year: 2012
- Location: Singapore (Singapore)
- Annual Revenue: $100M - $500M as on Dec 31, 2023
- Valuation: $*****
- Stage: Series E
- Total Funding till date: $376M
- Employee Count: 1,232 as on May 31, 2026
- Investors: EDBI, 500 Global and 20 Others
- Latest Funding Round: Series E, Sep 04, 2023, $*****
- Highlight: Editors' Pick
3. ShopBack
Online platform providing cashback rewards, coupons, and promo codes for purchases. It allows users to earn money back on shopping, travel bookings, and game play. Users can withdraw earnings to their accounts. The platform offers notifications for deals and automatic application of coupon codes.
Key facts about ShopBack
- Founded Year: 2014
- Location: Singapore (Singapore)
- Annual Revenue: SGD 100M - 500M as on Mar 31, 2024
- Valuation: $*****
- Stage: Series F
- Total Funding till date: $350M
- Employee Count: 939 as on May 31, 2026
- Investors: EDBI, SBVA and 41 Others
- Latest Funding Round: Series F, Dec 08, 2022, $*****
- Highlight: Editors' Pick
Developer of digital asset services and blockchain based gaming experiences. Operations include the creation of virtual environments, identity management systems, and educational platforms utilizing distributed ledger technology. Services encompass treasury management for institutional entities and the facilitation of digital commerce through stablecoin infrastructure. Projects involve the development of interactive software and decentralized networks for managing ownership of virtual items.
Key facts about Animoca Brands
- Founded Year: 2006
- Location: Hong Kong (China)
- Annual Revenue: $100M - $500M as on Dec 31, 2022
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $880M
- Employee Count: 309 as on Jun 30, 2026
- Investors: Harmony Partners, Backstage and 125 Others
- Latest Funding Round: Series C, Nov 11, 2024, $*****
- Highlight: Editors' Pick
5. Beam
Operator of shared electric scooter networks for urban transportation needs. These systems provide short-term rental access to motorized vehicles for travel within city environments. Users locate and unlock equipment through mobile applications to facilitate transit between points. The service includes maintenance and management of the vehicle fleet to ensure availability for public use.
Key facts about Beam
- Founded Year: 2018
- Location: Singapore (Singapore)
- Annual Revenue: SGD 1M - 10M as on Dec 31, 2019
- Stage: Series B
- Total Funding till date: $135M
- Employee Count: 199 as on May 31, 2026
- Investors: Affirma Capital, EDBI and 33 Others
- Latest Funding Round: Series B, Feb 25, 2022, $*****
- Highlight: Editors' Pick
AppWorks' Year-on-Year Investment Trends
AppWorks has invested in 124 companies over the last 16 years, with an average of 5 new investments annually in the last 10 years. In 2025, it made 10 investments, while as of May 2026, it has made 3 investments in this year. Its most recent first time investment was in Clouted and most recent follow-on round was in SignalPlus.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 1 | 2 | 3 |
2025 | 9 | 1 | 10 |
2024 | 10 | 1 | 11 |
2023 | 7 | 1 | 8 |
2022 | 5 | 0 | 5 |
2021 | 10 | 1 | 11 |
2020 | 6 | 2 | 8 |
2019 | 2 | 1 | 3 |
2018 | 1 | 0 | 1 |
2017 | 1 | 1 | 2 |
AppWorks' Investments by Stage
AppWorks has made 30 investments in Seed stage with an average round size of $4.29M, 26 investments in Series A stage with an average round size of $13M and 7 investments in Series B stage with an average round size of $23.2M.Stage of entry | No. of Investments |
|---|---|
Seed | 30 |
Series A | 26 |
Series B | 7 |
Series C | 3 |
Series E | 1 |
Others | 1 |
Note: We have considered here, only first round of investments
AppWorks' Investments by Sector
AppWorks has a diverse portfolio, with companies operating in the Consumer, Enterprise Applications, High Tech, FinTech and Blockchain Technology. Notably, it has invested in 111 Tech companies, 73 Consumer (B2C) companies, 60 Enterprise (B2B) companies and at least 50 companies focusing on Software.Sector | No. of Investments |
|---|---|
Consumer | 24 |
Enterprise Applications | 22 |
High Tech | 20 |
FinTech | 19 |
Blockchain Technology | 17 |
Others | 95 |
Note: We have considered here, only first round of investments
AppWorks' Investments by Geography
AppWorks has made most investments in Taiwan (18), followed by United States where it has made 14 investments.Country | No. of Investments |
|---|---|
Taiwan | 18 |
United States | 14 |
Indonesia | 11 |
Singapore | 10 |
China | 6 |
Others | 11 |
Note: We have considered here, only first round of investments
AppWorks' recent investments
AppWorks has made 3 investments in 2026 so far. Clouted and SignalPlus are the latest among them.Here are the most recent investments by AppWorks:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
May 20, 2026 | United States | Seed | 9844 | [+5] | |
May 20, 2026 | China | Series B | 9896 | [+1] | |
Mar 10, 2026 | United States | Series B | 3444 | [+15] | |
Aug 17, 2025 | Switzerland | Series A | 6489 | [+7] | |
Aug 2025 | United States | Series A | 5616 | [+15] |
Unicorns in AppWorks' Portfolio
AppWorks has 6 unicorns in its portfolio - ShopBack, Tiki, Animoca Brands and others. The most recent unicorn in their portfolio is ShopBack. It became a unicorn in 2026, 8 years after AppWorks first invested in it.Here is a list of unicorns in AppWorks' portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
78 | Online platform providing cashback rewards, coupons, and promo codes for purchases | 2014 | Singapore | Series F | dzqampo | ||
72 | Online marketplace offering multi-category products | 2010 | Ho Chi Minh City | Series E | hxsjeen | ||
77 | Developer of digital asset services and blockchain based gaming experiences | 2006 | Hong Kong | Series C | hgxtlyp | ||
69 | Online platform for the staking solution | 2018 | Toronto | Series C | krogera | ||
83 | Online marketplace platform offering multi-category second-hand products | 2012 | Singapore | Series E | kqpiotz |
IPOs and Publicly Listed companies in AppWorks' Portfolio
5 of AppWorks' portfolio companies have become public. 17LIVE got listed on the Singapore stock exchange. ( SGX), in Dec 2023 at marketcap of undefined and 91APP got listed on the Taipei Stock Exchange (TT).Here are AppWorks' portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Dec 08, 2023 | - | - | 7410 | |
May 25, 2021 | Mar 25, 2015 | Series A | 8011 | |
May 09, 2019 | - | - | 1032 | |
Oct 31, 2016 | - | - | 9696 | |
Sep 08, 2016 | - | - | 4253 |
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Acquired companies in AppWorks' Portfolio
6 companies from AppWorks' portfolio have been acquired. The most recent acquisition was NOBI in Jul 2026 by Bybit for $*****.Here are AppWorks' portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jul 15, 2026 | - | - | 4401 | |
Dec 08, 2025 | Feb 25, 2016 | Series A | 4059 | |
Feb 21, 2018 | Feb 01, 2023 | Series A | 1987 | |
Dec 08, 2016 | - | - | 9874 | |
Apr 14, 2015 | Feb 21, 2014 | Venture Debt | 3648 |
Team profile of AppWorks
AppWorks has a team of 18 members including 6 Partners and 5 Principals located in Taiwan. AppWorks' team does not sit on the board of any company as of now.Here is a list of top team members in AppWorks:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Taiwan | - | ||
Partner | Taiwan | - | ||
Partner | Taiwan | - | ||
Partner | Taiwan | - | ||
Partner | Taiwan | - | ||
Partner | Taiwan | - | ||
Principal | Taiwan | - | ||
Principal | Taiwan | - | ||
Principal | Taiwan | - | ||
Principal | Taiwan | - |
Co-investors of AppWorks
Over the past 16 years, 697 investors have co-invested in AppWorks's portfolio companies. This includes funds and angels.
- Invested before AppWorks: East Ventures, Peak XV Partners and 229 others have invested in rounds before AppWorks. There are 4 companies where East Ventures has invested before AppWorks and 2 companies where Peak XV Partners has invested before AppWorks.
- Top Co-investors of AppWorks: 273 investors entered a company along with AppWorks. These include investors like HashKey Capital (4 companies).
- Invested after AppWorks: A total of 193 investors have invested in AppWorks's portfolio after their investments. Top Investors include Temasek (2 companies), EDBI (2 companies) and Coinbase (2 companies).
Recent News related to AppWorks
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Vaudit lands US$7.3M seed financing to tackle ad spend fraud with AIe27•Aug 04, 2025•Ascend Vietnam Ventures, Kyber Knight Capital, Mucker, Plug and Play Tech Center and 2 others
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AppWorks joins $7m series A for ID waste startup RekosistemTech in Asia•May 06, 2025•Rekosistem, Saratoga Investama Sedaya, K3, Skystar Capital and 3 others
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Vietnam's Techcoop secures $70M series A with equity and debt fundingTechNode•Feb 27, 2025•Techcoop, TNB Aura, Ascend Vietnam Ventures, BlueOrchard and 4 others
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TECHCOOP secures US$70M in one of Vietnam’s largest agritech funding roundse27•Feb 27, 2025•Techcoop, TNB Aura, Ascend Vietnam Ventures, BlueOrchard and 4 others
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Indonesia’s Soul Parking raised Series A funding from AppWorks and AC Ventures to boost growthIncubees•Jan 13, 2025•Soul Parking, AC Ventures, AppWorks, Taiwan Mobile and 2 others
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Karpatkey closes $7 million funding round to expand DAO treasury servicesThe Block•Oct 22, 2024•Karpatkey, AppWorks, Wintermute, Balancer
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Clout Kitchen lands US$4.45M funding to expand its AI game companion ‘Backseat AI’e27•Oct 03, 2024•Clout Kitchen, Orvel Ventures, Founders Launchpad, Hustle Fund and 6 others
