About National Development Fund
National Development Fund is a venture capital firm founded in 1973. It is primarily based out of Taipei, Taiwan. As of Dec 2024, National Development Fund has invested in 13 companies. It primarily invests in Seed round in Taiwan based startups. Its investments are spread across a wide range of sectors from High Tech to Life Sciences and Consumer. Most recently it participated in the $***** Series B round of USPACE Overall, National Development Fund portfolio has seen 2 IPOs and 1 acquisition, namely Gogoro and TaiGen Biotechnology. A lot of funds co-invest with National Development Fund, with names like CDIB Capital Group sharing a substantial percentage of its portfolio. National Development Fund has team of 1 people including 1 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed, Series A & 2 more
Portfolio IPOs
Portfolio Acquisitions
National Development Fund's List of Top Investments
National Development Fund has a portfolio of 13 companies. Their most notable investmentis in FlowVIEW TekTheir portfolio spans across Taiwan, United States and Singapore. They have invested in High Tech, Life Sciences, Consumer and 15 other sectors, across stages such as Seed, Series A and 2 more. Here is the list of top investments by National Development Fund:1. Gogoro
Platform offering electric scooters and operator of battery swapping networks. The scooters have anti-lock braking systems, ABS tires, front suspensions, swappable batteries, tail grips, anti-theft systems, and an integrated app displaying battery levels and vehicle performance. It operates a network of battery-swapping stations using AI and cloud-based solutions across commercial areas such as parking lots and supermarkets. Its swappable batteries are encased in aluminum and are waterproof.
Key facts about Gogoro
- Founded Year: 2011
- Location: Taipei (Taiwan)
- Stage: Public
- Total Funding till date: $765M
- Employee Count: 933 as on Sep 30, 2026
- Investors: Generation Investment Management, Princeville Capital and 15 Others
- Latest Funding Round: Post IPO, Jun 03, 2024, $*****
- Highlight: Public
2. XREX
Provider of blockchain-enabled financial services for businesses and individuals. It offers tools like digital asset custody, crypto wallets, cross-border payments, fiat-crypto exchanges, and more. Services include a fiat-crypto exchange facilitating the buying and selling of various cryptocurrencies and fiat currencies, a secure escrow service for global transactions, and a financial network fostering business partnerships. It also offers a suite of blockchain-based financial services focused on crypto trading, custody, and compliance for businesses and individuals.
Key facts about XREX
- Founded Year: 2018
- Location: Taipei (Taiwan)
- Stage: Series A
- Total Funding till date: $42.8M
- Employee Count: 111 as on Sep 30, 2026
- Investors: Global Founders Capital, SBI Group and 17 Others
- Latest Funding Round: Series A, Jun 05, 2024, $*****
- Highlight: Editors' Pick
3. XRSPACE
Provider of a virtual reality-based social networking solution. Offers XRSpace Manova which is a social platform & a 5G-enabled VR headset which allows users to generate their true-presence avatar with one selfie and enables them to connect, socialize, and collaborate in virtual worlds. Also offers XRSpace Mova which is based on computer vision technology and is an end-to-end social VR platform comprising of hardware, software, content, & services for creating a virtual collaboration experience through 5G.
Key facts about XRSPACE
- Founded Year: 2017
- Location: Taiwan
- Stage: Series C
- Total Funding till date: $125M
- Employee Count: 71 as on Sep 30, 2026
- Investors: Foxconn Electronics and National Development Fund
- Latest Funding Round: Series C, Apr 20, 2023, $*****
- Highlight: Editors' Pick
TaiMed Biologics is a biotechnology company that develops a monoclonal Antibody (mAb) therapeutics for HIV. The company's lead product, Ibalizumab (TMB-355), won the FDA's breakthrough drug title for HIV. Ibalizumab works by barring the virus' entry into cells by hitting the CD4 receptor, a primary mechanism in the spread of infection. The company recently announced schedule for phase 3 trials for its anti-HIV drug candidate TMB-355.
Key facts about TaiMed Biologics
- Founded Year: 2007
- Location: Taipei (Taiwan)
- Stage: Series B
- Total Funding till date: $52M
- Employee Count: 50 as on Sep 30, 2026
- Investors: Roche, National Development Fund and 1 Other
- Latest Funding Round: Series B, 2010, $*****
Developer of therapeutics for infectious diseases and cancer. The company focuses on the discovery, development, and commercialization of therapeutics to treat cancers, infectious diseases and diabetic complications. It markets Nemonoxacin, a drug-resistant anti-infection drug for community-acquired pneumonia. It is developing Burixafor (TG-0054) which is a potent and selective CXCR4 chemokine receptor antagonist.
Key facts about TaiGen Biotechnology
- Founded Year: 2001
- Location: Taipei (Taiwan)
- Stage: Public
- Total Funding till date: $99M
- Employee Count: 10 - 49 as on Mar 01, 2026
- Investors: Industrial Technology Investment Corporation, YFY and 12 Others
- Latest Funding Round: Series C, Jan 20, 2009, $*****
- Highlight: Public
National Development Fund's Year-on-Year Investment Trends
National Development Fund has invested in 13 companies over the last 25 years, with an average of 1 new investment annually in the last 10 years. Its most recent first time investment was in USPACE and most recent follow-on round was in TaiGen Biotechnology.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 0 | 0 | 0 |
2024 | 1 | 0 | 1 |
2023 | 2 | 0 | 2 |
2022 | 0 | 0 | 0 |
2021 | 1 | 0 | 1 |
2020 | 5 | 0 | 5 |
2019 | 1 | 0 | 1 |
National Development Fund's Investments by Stage
National Development Fund has made 5 investments in Seed stage with an average round size of $2.86M, 4 investments in Series A stage with an average round size of $15.8M, 3 investments in Series B stage with an average round size of $53.6M and 1 investment in Series C stage with an average round size of $25M.Stage of entry | No. of Investments |
|---|---|
Seed | 5 |
Series A | 4 |
Series B | 3 |
Series C | 1 |
Note: We have considered here, only first round of investments
National Development Fund's Investments by Sector
National Development Fund has a diverse portfolio, with companies operating in the High Tech, Life Sciences, Sustainability Tech, Blockchain Technology and Consumer. Notably, it has invested in 13 Tech companies, 8 Enterprise (B2B) companies, 8 Software companies and at least 7 companies focusing on Consumer (B2C).Sector | No. of Investments |
|---|---|
High Tech | 7 |
Life Sciences | 5 |
Sustainability Tech | 4 |
Blockchain Technology | 3 |
Consumer | 3 |
Others | 21 |
Note: We have considered here, only first round of investments
National Development Fund's Investments by Geography
National Development Fund has made most investments in Taiwan (10), followed by United States where it has made 2 investments.Country | No. of Investments |
|---|---|
Taiwan | 10 |
United States | 2 |
Singapore | 1 |
Note: We have considered here, only first round of investments
National Development Fund's recent investments
National Development Fund has not made any investment in 2026 so far.Here are the most recent investments by National Development Fund:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Dec 18, 2024 | Taiwan | Series B | 7772 | [+6] | |
Apr 20, 2023 | Taiwan | Series C | 1032 | ||
Feb 01, 2023 | United States | Series A | 6558 | ||
Nov 21, 2021 | Singapore | Seed | 6394 | [+2] | |
Sep 29, 2020 | Taiwan | Seed | 2857 | [+6] |
IPOs and Publicly Listed companies in National Development Fund's Portfolio
2 of National Development Fund's portfolio companies have become public. Gogoro got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ), in Apr 2022 at marketcap of $737M and TaiGen Biotechnology got listed on the Taipei Stock Exchange (TT).Here are National Development Fund's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Apr 04, 2022 | Nov 13, 2015 | Series B | 7714 | |
Aug 30, 2013 | Aug 20, 2001 | Series A | 6859 |
Acquired companies in National Development Fund's Portfolio
1 company from National Development Fund's portfolio has been acquired. The most recent acquisition was Wemo in Feb 2018 by Bash.ai for $*****.Here are National Development Fund's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Feb 21, 2018 | Feb 01, 2023 | Series A | 2543 |
Team profile of National Development Fund
National Development Fund has a team of 1 member. National Development Fund's team does not sit on the board of any company as of now.Co-investors of National Development Fund
Over the past 25 years, 75 investors have co-invested in National Development Fund's portfolio companies. This includes funds and angels.
- Invested before National Development Fund: Cher Wang, Samuel Yin and 12 others have invested in rounds before National Development Fund. There is 1 company where Cher Wang has invested before National Development Fund and 1 company where Samuel Yin has invested before National Development Fund.
- Top Co-investors of National Development Fund: 36 investors entered a company along with National Development Fund. These include investors like CDIB Capital Group (2 companies).
- Invested after National Development Fund: A total of 25 investors have invested in National Development Fund's portfolio after their investments. Top Investors include Castrol (1 company), Temasek (1 company) and Generation Investment Management (1 company).
Recent News related to National Development Fund
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PopChill Paipai Circle won the National Fund PRE-A+ Cumulative fundraising 200 millionInside•May 21, 2024•PopChill, Top Taiwan Venture Capital, National Development Fund
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Taiwan-based WeMo raises $15m for SEA EV pushTech in Asia•Feb 01, 2023•WeMo Scooter, AppWorks, National Development Fund
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Taiwanese healtech iWEECARE secures $2.4 mn fundingInternational Finance•Oct 05, 2020•Iweecare, TransLink Capital, B.E. Capital, National Development Fund and 5 others
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Travel startup KKDay bags USD 75 million in Series C roundKrASIA•Sep 29, 2020•KKday, Cool Japan Fund, National Development Council, Monk's Hill Ventures and 3 others
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CoolBitX Raises USD $16.75M in Series B FundingFinSMEs•Feb 25, 2020•CoolBitX, SBI Group, Monex Group, Beat Sonic and 13 others
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Billionaire Samuel Yin Leads $130M Series B Round In Gogoro – China Money NetworkChina Money Network•Nov 16, 2015•Gogoro, panasonic.net, National Development Fund, Cher Wang
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Gogoro - Introducing the world's first and only Smartscooter™Gogoro•Nov 13, 2015•Gogoro, panasonic.net, National Development Fund, Cher Wang
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The First Gogoro Smartscooters Will Start Shipping TomorrowTechCrunch+•Jul 24, 2015•Gogoro, panasonic.net, National Development Fund, Cher Wang
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TaiGen Biotechnology Secures 37 Million USD in Series C Round FinancingPR Newswire•Jan 20, 2009•TaiGen Biotechnology, National Development Fund, YFY, Taiwan Sugar and 1 other
