Taiwan Mobile (TWM) announced today (November 8) that it has invested NT$600 million (US$ 20M) in AppWorks Fund III which is managed by AppWorks, making it a major investor of this VC fund.
In addition to TWM, other limited partners of AppWorks Fund III include Fubon Life Insurance, Cathay Life Insurance, Wistron Corporation, Hungtai Group, Capital Securities, and Taiwan’s National Development Fund. With the addition of Fund III, total assets under management by AppWorks has grown to US$170 million (NT$5.1 billion), making it one of the largest venture capital firms in Greater Southeast Asia (ASEAN + Taiwan).
Jamie Lin, President of TWM and Chairman & Partner of AppWorks, said, “We are pleased that both parties have worked together closely over the past half year to accomplish a significant milestone in the alliance between TWM and AppWorks.” With 7.2 million active monthly paying mobile users, an annual revenue of US$ 4 billion (NT$120 billion), and a market cap of US$ 13 billion (NT$390 billion), TWM is the most profitable telecom operator in Taiwan while AppWorks is the leading startup accelerator and one of the most active early-stage VCs in the region. The AppWorks Ecosystem has 1,044 founders and 351 active startups, which collectively generate US$ 2.86 billion in annual revenues and are valued at US$ 3.97 billion.
As Taiwan Mobile becomes a major investor of AppWorks Fund III, it will enjoy the tailored service AppWorks provides to all its major investors, including connecting to the right startup at the right time. The collaboration will drive the transformation of TWM and in the meantime create new opportunities for AppWorks startups to grow faster. We hope that this partnership model will lead to more win-win results.