AW AppWorks 投資組合圖鑑
台灣 × 大東南亞 創投與加速器
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Demo Day Chronicle

Themes, sizes, and signature companies from AW#1 to AW#33.

From 11 teams at a small Taipei Demo Day in 2010 to a four-city flagship tour spanning Taipei, Singapore, Kuala Lumpur, and Jakarta by AW#33 in 2026, AppWorks Accelerator chronicles Greater Southeast Asia's internet evolution—from Web, Mobile, and O2O to AI, Blockchain, Manufacturing AI, Defense Tech, and Post-Quantum Crypto across 33 batches.
AW#1 2010
Internet
11 teams · Taipei
Tagtoo — inaugural cohort, ad-tech pioneer
AW#2 2011
Internet
22 teams · Taipei
CHOCO TV — later acquired by LINE TV
AW#3 2011
Internet
25 teams · Taipei
Fandora — early creator-economy player
AW#4 2012
Internet
28 teams · Taipei
NewsLeopard — EDM marketing platform
AW#5 2012
Internet
30 teams · Taipei
AW#6 2013
Internet
32 teams · Taipei
AW#7 2013
Internet
35 teams · Taipei
AW#8 2014
Mobile / O2O
36 teams · Taipei
AW#9 2014
Mobile / O2O
38 teams · Taipei
Happ. — mobile services startup
AW#10 2015
Mobile / O2O
40 teams · Taipei
DotDot — O2O service player
AW#11 2015
Mobile / O2O
42 teams · Taipei
AW#12 2016
Mobile / O2O
44 teams · Taipei
WeMo Scooter — Taiwan e-scooter sharing pioneer
AW#13 2016
Mobile / O2O
45 teams · Taipei
ShopBack — SEA cashback unicorn
Raccoon AI — AI customer service
AW#14 2017
Mobile / O2O
46 teams · Taipei
Cake — Vietnam digital banking leader
AW#15 2017
Mobile / O2O
47 teams · Taipei
AW#16 2018
AI + Blockchain (pivot point)
38 teams · Taipei
Omnichat — omnichannel conversational commerce
TONX — TON ecosystem RPC infra
AW#17 2018
AI + Blockchain
40 teams · Taipei
XREX — cross-border blockchain finance
Teahouse — DeFi liquidity management
Numbers — decentralized media provenance
AW#18 2019
A.B.S. (AI + Blockchain + SEA)
32 teams · Taipei
USPACE — smart parking sharing
LikeCoin — creator content chain
AW#19 2019
A.B.S. (AI + Blockchain + SEA)
35 teams · Taipei
Blocto — cross-chain wallet leader
Matters — decentralized content community
AW#20 2020
A.B.S. (AI + Blockchain + SEA)
34 teams · Taipei
Pendle — DeFi yield tokenization
XY.Finance — cross-chain aggregation
AW#21 2020
A.B.S. (AI + Blockchain + SEA)
36 teams · Taipei / Virtual
StraitsX — Singapore stablecoin rails
Docosan — Vietnam digital healthcare booking
AW#22 2021
A.B.S. (AI + Blockchain + SEA)
38 teams · Taipei / Virtual
AW#23 2021
NFT / DeFi peak
42 teams · Taipei / Virtual
AW#24 2022
A.B.S. (AI + Blockchain + SEA)
40 teams · Taipei + Singapore
AW#25 2022
A.B.S. (AI + Blockchain + SEA)
41 teams · Taipei + Singapore
AW#26 2023
A.B.S. + Wistron Accelerator #4
44 teams · Taipei + Singapore
Allos — SEA employee rewards SaaS
Tokban — SEA construction B2B
AW#27 2023
AI Marketing / Creator Economy / Sustainability
45 teams · Taipei + Singapore
CreatorDB — creator analytics
Storipress — AI-powered media CMS
PackAge+ — circular packaging
AW#28 2024
Web3 / AI / Event Horizon
46 teams · Taipei + Singapore + KL
ADPList — global mentorship platform
Borong — SEA B2B wholesale
Olli — AI kids companion
AW#29 2024
AI / Web3 / SEA Expansion
47 teams · Taipei + Singapore + KL
QuantAlpha — quantitative trading AI
Xellar — Web3 wallet infra
SpeakBUDDY — Japan AI language app
AW#30 2025
AI / Web3 / Deep Tech
48 teams · Taipei + Singapore
Aliena — satellite propulsion deep tech
Resolv Labs — decentralized stablecoin
AW#31 2025
AI / IoT / Web3 + Wistron #9 + TINC
50 teams · Taipei + Singapore + KL + Jakarta
Auki Labs — spatial computing protocol
Klipy — AI content platform
Hata — Malaysia regulated crypto exchange
AW#32 2025
Manufacturing AI / Defense Tech / On-Chain Banking
49 teams · Taipei + Singapore + KL + Jakarta
Innowave Tech — semiconductor manufacturing AI
AW#33 2026
Manufacturing AI / Defense Tech / On-Chain Banking / PQC
50 teams · Taipei + Singapore + KL + Jakarta

Why We Invested

AppWorks's own series: 22 deep-dives on why they backed each company.

Sanctum

2026

FP Lee

FP Lee is a contrarian founder with deep conviction; Sanctum has built the essential liquidity layer uniting all Solana LSTs.

"Whoever orchestrates liquidity wins the competition."
Read on AppWorks open_in_new

Nitra

2026

Tim Hwang

Nitra delivers healthcare-native financial workflow for US outpatient practices; Tim Hwang scaled a regulated-industry company from zero to public.

"Practices have spent years stitching together tools that were never built for them."
Read on AppWorks open_in_new

JTCG (Raccoon AI)

2025

James Chou

A battle-tested founder with M&A experience paired with localized AI customer-service for Taiwan, backed by >60% gross margin and 100%+ YoY growth.

"Every solved ticket writes back intent, answer, and brand tone to that merchant's private vector store."
Read on AppWorks open_in_new

Vaudit

2025

Mike Hahn

Vaudit closes a digital-advertising blind spot via pre-bill audits that recoup spend lost to invalid traffic.

"Mike spots overlooked friction and builds systems to remove it. Not once, but repeatedly."
Read on AppWorks open_in_new

Rekosistem

2025

Ernest Layman

Indonesia's waste sector is fragmented and underpenetrated; Rekosistem is led by a founder with the determination to streamline the supply chain and scale.

"In a space this fragmented and underpenetrated, a founder's determination and ability to lead and execute is the key to success."
Read on AppWorks open_in_new

Tally

2025

Dennison Bertram & Rafael Solari

Tally is positioned to become the default governance layer for decentralized organizations, led by technically deep, long-term-committed founders.

"Their long-term vision and execution make them the ideal team to push this transformation forward."
Read on AppWorks open_in_new

MAGI (Jiraffe)

2025

Teruaki Aso

AppWorks's first direct Japan investment targets the $6B global TCG market via a hybrid online-offline marketplace.

"Aso was not content with simply running any marketplace, and aspired for greater ambitions."
Read on AppWorks open_in_new

SignalPlus

2025

Chris Yu & James Shan

A Wall Street-grade, AI-powered options trading platform that fixes structural inefficiencies in crypto options.

"Even though he knew it would hurt their numbers right in the middle of fundraising, he went ahead because it was the right thing to do."
Read on AppWorks open_in_new

TechCoop

2025

Hao Diep

Attacks systemic inefficiencies in Vietnam's agri-value chain by combining working capital with a full-stack digitalization platform.

"TechCoop isn't just exporting crops; it's exporting Vietnam's agri-model."
Read on AppWorks open_in_new

Bythen

2025

Kevin Mintaraga

A three-time founder fuses AI with NFTs to turn static avatars into dynamic 3D AI companions.

"What if these static NFTs could become dynamic AI companions?"
Read on AppWorks open_in_new

Botsync

2025

Rahul Nambiar

Botsync builds a standardized communication protocol for industrial robots, filling a critical integration gap.

"Standardised communication protocols are currently missing, but they are the key to designing automatic processes."
Read on AppWorks open_in_new

Soul Parking

2025

Kenneth Darmansjah

Soul Parking tackles Indonesia's parking shortage with IoT-enabled motorcycle storage.

"Rather than retreat, Kenneth demonstrated the remarkable resilience we seek in founders."
Read on AppWorks open_in_new

Hypersonic Laboratories

2024

Jack "Maker" Kim

Builds Helix Metaverse and creator-friendly tools for modders, bridging AAA immersion and player-driven customization.

"Modded GTA V servers like FiveM and NoPixel keep jumping through technological and legal hurdles to meet the demand."
Read on AppWorks open_in_new

karpatkey

2024

Marcelo Ruiz de Olano

karpatkey delivers non-custodial treasury management for major DeFi protocols, redefining how DAOs manage assets.

"Under Marcelo's leadership, AUM has skyrocketed from $300M to over $1.8B in less than 3 years."
Read on AppWorks open_in_new

Clout Kitchen

2024

Justin, Marcel & Gabriel

SEA's gaming market is huge and underexploited; a trio of gamer, engineer, and founder reinvents coaching with AI.

"People used to learn by watching Twitch pros. Now those pros can impart their expertise to an AI model."
Read on AppWorks open_in_new

GasHawk

2024

Daniel Hannum & Daniel Pfeffer

Starts with optimizing high, volatile gas fees and expands into a full transaction layer with security and MEV protection.

"Rather than sulking in defeat, Dan took full responsibility and used it as a motivator to restart and do the right thing."
Read on AppWorks open_in_new

Random Games

2024

Tony Harman & Wyeth Ridgway

Brings blockchain composability and provenance into gaming, replacing play-to-earn with play-to-rare.

"If you copy what's working today, by the time you are done you are yesterday's news."
Read on AppWorks open_in_new

DotDot

2024

Ting Hsieh

Modular product suite for restaurant SMBs, extending into fintech via DotDot Pay—the Square/Toast playbook.

"For restaurant businesses, technology is always a cost; they just want something cheaper."
Read on AppWorks open_in_new

TransTRACK

2024

Anggia Meisesari

Hardware-agnostic SaaS breaks rigidity of fleet management software, riding SEA fleet modernization.

"Different fleet operators have varying software needs and hardware budgets, making tailored solutions hard."
Read on AppWorks open_in_new

Inflow

2023

Khanh Lê

Connects global brands with Vietnamese garment makers via real-time visibility, slashing turnaround from 120 to 45 days.

"For a startup to scale, the product must address real pain points in a substantial market."
Read on AppWorks open_in_new

GRVT (Gravity)

2023

Hong Yea, Matthew Quek & Aaron Ong

Reshapes crypto derivatives with hybrid centralized matching + decentralized custody, delivering performance and security post-FTX.

"Not your keys, not your coins."
Read on AppWorks open_in_new

PrimaKu

2023

Muhammed "Didit" Indraputra

Childhood stunting in Indonesia is both a public health crisis and an economic opportunity; PrimaKu becomes the digital platform for early child development.

"Most sentient beings tend to pursue pleasure and avoid pain; it is simply wired in our mammalian brains."
Read on AppWorks open_in_new

Competitor Profiles

AppWorks benchmarked against the 5 most-compared SEA VC peers.

🇺🇸/🇸🇬500 Global SEA

Founded 2010 HQ SF / Bangkok / KL AUM ~$500M cumulative (SEA III: $143M) Accelerator Yes

Apply the Silicon Valley playbook to Southeast Asia with a high-volume seed + accelerator strategy. Bet on founder quality, GTM velocity, and capital-efficient digital plays across the region.

Notable portfolio
GrabBukalapakCarousellCarsomeeFisheryFinAccel
The closest mirror to AppWorks—both run accelerators, focus on seed stage, and emphasize founder community. Key difference: 500 is the SEA arm of a global platform (bigger resource pool but less regional autonomy), while AppWorks is SEA-native with structural edge in Taiwan, Vietnam, and Web3. Overlapping portfolio (Carousell, Carsome) but divergent thesis tilt.

🇸🇬/🇮🇳Peak XV Partners

Founded 2006 HQ Singapore + Bangalore AUM $9B+ AUM across 13 funds Accelerator No

A multi-stage powerhouse covering seed to growth, betting on category-defining companies. The ex-Sequoia DNA emphasizes founder-first investing, long holding periods, and power-law thinking—now refocused on the India + SEA dual engine post-2023 spinoff.

Notable portfolio
GoToTokopediaZilingoCarousellTravelokaKopi Kenangan
Peak XV is SEA's largest multi-stage VC, with AUM roughly 20x AppWorks and the firepower to lead Series B–D. AppWorks is the specialist—pre-seed/seed focus with accelerator and community moat Peak XV lacks. They rarely collide directly; AppWorks plants seeds, Peak XV scales them (Carousell being a textbook case). Surge's retirement leaves a seed-stage vacuum AppWorks can fill.

🇮🇩/🇯🇵East Ventures

Founded 2009 HQ Jakarta + Singapore AUM ~$1.7B AUM Accelerator No

Indonesia-first, generalist, high-volume seed strategy built on the belief that local network density beats sector specialization. Became Indonesia's deal-flow hub after backing Tokopedia, now expanding into climate tech and healthcare.

Notable portfolio
TokopediaTravelokaRuangguruXenditShopBackKopi Kenangan
East Ventures plays in Indonesia what AppWorks plays in Taiwan—the default seed VC built on a decade of founder networks. Difference is geography: EV is >60% Indonesia-weighted, while AppWorks anchors on Taiwan + Vietnam + cross-regional Web3. EV compensates for no accelerator with sheer deal volume (50+ per year); AppWorks systematizes pipeline via accelerator. More likely co-investors than competitors.

🇸🇬Monk's Hill Ventures

Founded 2014 HQ Singapore AUM $200M+ (Fund III) Accelerator No

Operator-led boutique Series A fund founded by serial entrepreneurs (Peng T. Ong, Kuo-Yi Lim). Writes $3–7M lead checks into tech-driven, regional B2B / fintech / SaaS plays, emphasizing operator empathy and hands-on board work.

Notable portfolio
Ninja VanHorangiSaleswhaleAjaibGlints
MHV enters one round later than AppWorks (Series A vs. seed), positioning as a natural next-round partner rather than a competitor. MHV runs a small, concentrated portfolio (8–10 deals/year) with deep board involvement; AppWorks plays community + accelerator across a broader portfolio. MHV's operator-led brand appeals to B2B founders but lacks AppWorks' surface area in consumer, Web3, and early founder discovery. Typically a handoff, not a head-to-head.

🇸🇬Vertex Ventures SEA & India

Founded 2008 HQ Singapore AUM $541M (Fund V) Accelerator No

Institutional Series A/B lead backed by Temasek. Prefers enterprise SaaS, fintech infrastructure, and deep tech, with discipline around unit economics and path to profitability. Deep LP base supports follow-on into growth stage.

Notable portfolio
GrabNiumPatSnap17LIVELiciousFirstCry
Vertex represents institutional capital—Temasek backing brings LP stability and regulatory access, but a more institutional brand, slower deal velocity, and limited pre-seed surface area. AppWorks is the opposite: founder-first community, lightweight decisions, accelerator-driven pipeline. Stage-wise Vertex leads Series A/B ($10–20M); AppWorks owns pre-seed/seed. Sector overlap in fintech/SaaS, but Vertex avoids Web3 and accelerators—making it a common Series A handoff partner rather than a direct competitor.

Jamie Lin's Quotes

25 representative quotes from mrjamie.cc, AppWorks blog, and media interviews.

Founder Empathy

"By Founders, For Founders."

AppWorks's day-one slogan, framing the firm's mission as a community built by founders for founders.

Founder Empathy

"Even if I can help just one founder find his or her own business route, it's not just a change for this person, but also for the company and the whole environment."

Explaining why AppWorks downplays individual startup outcomes and emphasizes long-term founder accompaniment.

Founder Empathy

"We want to be your backbone, building an environment that is not lonely yet unbounded, so you can boldly chase your ideals."

Promise made when announcing Jamie's Gap Year Program for university dropouts pursuing startup ideas.

Founder Empathy

"Only founder-CEOs who can put themselves in everyone else's shoes earn lasting trust."

From his essay on social wisdom for modern CEOs, framing empathy as a core leadership skill rather than a soft one.

ABS Thesis

"We believe the current era is being defined by three major paradigm shifts: AI, Blockchain, and Southeast Asia (ABS)."

AppWorks's long-term thesis, anchoring every accelerator batch and fund since 2017 around these three paradigm shifts.

ABS Thesis

"Even though asset prices fluctuate, applications and use scenarios have been expanding since 2008."

Responding to crypto-winter skepticism by pointing to adoption curves rather than token prices.

ABS Thesis

"The choice between DAO and equity is how bullish you are in the project."

On the Analyse podcast, explaining Web3 investment structures—equity for uncertain company lifecycles, DAOs for high conviction in a single project.

ABS Thesis

"If we narrow the scope to Greater Southeast Asia, which includes Taiwan, then Taiwan is in a good position to attract talent."

Explaining why AppWorks treats GSEA (ASEAN + Taiwan) as one integrated market.

ABS Thesis

"Team AppWorks has already started executing our strategies to deliver both extraordinary financial returns and business synergies to our limited partners."

Statement upon AppWorks Fund IV final close at US$165M, lifting total funds raised to US$386M in early 2026.

Taiwan Positioning

"'Contributing to Taiwan' is AppWorks's North Star."

On AppWorks's 10th anniversary, Jamie cites this North Star as the filter for every decision.

Taiwan Positioning

"The next 10 years will be a window of opportunity that Taiwan must seize. There will be no second chance if we let it pass."

A call to urgency on Taiwan's digital economy, urging industry, government, and talent to move together.

Taiwan Positioning

"If there's not just one AppWorks in Taiwan but 10, the energy they'll be able to create will considerably fuel Taiwan's growth."

Hoping Taiwan can grow 10–20 premium VC firms over the next decade.

Picking People & Problems

"The choices you make in the earliest days of a startup determine 80% of the outcome."

Jamie stresses that a founder's choice of co-founders, problem, and business model carries more weight than later execution.

Picking People & Problems

"Startup is hard, please don't try lightly."

The first message Jamie gives anyone considering entrepreneurship: it demands serious commitment, not casual trying.

link Essentials — MR JAMIE · ongoing
Picking People & Problems

"A real business is defined by repeat purchases."

A counter to early teams that chase one-time GMV, reminding them that retention is what keeps a business model alive.

link Essentials — MR JAMIE · ongoing
Picking People & Problems

"LTV > CPA. If that inequality doesn't hold, you don't have a business yet."

Jamie treats this unit-economics formula as a mantra every AppWorks accelerator team is grilled on.

link Essentials — MR JAMIE · ongoing
Long-Term Investing

"Don't forget your original intent — the suffering of building is itself a test of your faith in your North Star."

Reflecting on AppWorks's first decade through downturns and skeptics, sustained by faith in its North Star.

Long-Term Investing

"Our net annualized rate of return has maintained around 26% since Fund 2, which is in the upper 10% among global VC firms."

Responding to long-standing skepticism that Taiwan cannot produce a world-class VC, with cross-fund, cross-cycle numbers.

Long-Term Investing

"If we do the right thing and work toward the goal one step at a time, over time we'll start a positive cycle."

A pushback against the cycle-chasing mindset: compounding only reveals itself with time.

Long-Term Investing

"Practice makes permanence. I don't believe my writing will ever reach a perfect day."

With 1,300+ posts written every morning from 5–8am, this is Jamie's most concrete demonstration of compounding through long-term practice.