Tech startups in Taiwan have the benefits of plentiful engineering talent and great hardware manufacturers. What they often lack, however, is money to fuel post-seed stage growth and guidance on what markets to tackle next. AppWorks, an accelerator program based in Taipei, wants to solve both problems with a new $50 million multistage venture fund.
Investors include the National Development Fund, Cathay Life, Phison Electronics, media company UDN Group, CID Group, FarEastTone Telecommunications, Fubon Life, China Trust Ventures, and CDIB Capital.
The new fund, which will focus on mobile commerce, as well as startups that create hardware and software for the Internet of Things, is a successor to AppWorks’ first $11 million venture fund, which it raised in May 2012 to invest in early stage companies. Founded five years ago, AppWorks is one of Taiwan’s highest-profile startup accelerator programs and has graduated more than 190 startups.
Founding partner Jamie…
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