How Taiwanese Startups Leverage IPOs for Global Expansion (台灣軟體互聯網新創的成長之路：從本土起步到海外擴展)
- 前半段為文章的英文版本 (The first half is the English version)
- 後半段為中文版本 (The second half is the Mandarin version)
Taiwanese startups, especially in the software and internet sectors, have long faced growth bottlenecks. These industries require a large market to establish a sustainable business model. With a population of only 23 million, Taiwan’s domestic market can support small to mid-sized startups but is insufficient to foster unicorns. Thus, Taiwanese software and internet startups must expand internationally to achieve scale and sustain long-term growth. This is evident in the success of Taiwanese unicorns like Appier and Perfect Corp.
Challenges in Expanding Overseas
Although the importance of international expansion is widely acknowledged, execution remains highly challenging. Even if a startup successfully validates its product, service, and business model in Taiwan, these do not guarantee success in another market. Companies entering new markets often need to revalidate product-market fit, adjust their offerings, and sometimes overhaul their business models to align with local demands. This exploratory phase demands significant capital, and as new entrants, startups must endure a high-risk, capital-intensive period before seeing tangible results.
The Resource Allocation Dilemma
Startups with limited resources face a tough choice: allocating too much capital to overseas expansion could weaken their position in Taiwan, making them vulnerable to local competitors. For instance, some previously dominant Taiwanese companies—such as a live-streaming platform and an online restaurant booking service—encountered difficulties when expanding to Northeast and Southeast Asia. In the process, they lost their foothold in Taiwan, ultimately failing to secure leadership in either market.
Ensuring Financial Stability
To sustain growth in both domestic and international markets, securing stable financial resources is crucial. Beyond venture capital, Taiwan’s capital market reforms in recent years have made it easier for startups to raise funds through public markets. For instance, Taiwan’s Innovation Board provides a more flexible listing mechanism, facilitating fundraising for emerging businesses.
(For a deeper dive into Taiwan’s Innovation Board and its impact on startup fundraising, you can refer to my previous post: Taiwan Eases Investor Restrictions on Innovation Board: Boost for Startup Fundraising and Globalization.)
A prime example is Gogolook, a leader in fraud prevention services, which first solidified its market position in Taiwan before leveraging an IPO to raise capital and expand globally.
KDAN Mobile’s IPO Success and Future Plans
Following Gogolook’s 2023 IPO, Taiwan witnessed another similar success story in 2025: KDAN Mobile. On February 5, 2025, KDAN Mobile was successfully listed on the Emerging Stock Market at NT$68 per share, making it the first Taiwanese startup to go public that year.
About KDAN Mobile
Headquartered in Yongkang, Tainan, KDAN Mobile specializes in digital document management, electronic signatures, and AI-driven data solutions. As of 2024, the company serves over 14 million global users, has more than 50,000 enterprise clients, and has recorded over **200 million app downloads worldwide.
Despite currently operating at a loss, KDAN Mobile’s revenue is increasingly globalized, with 2024 figures distributed as follows:
- Asia: 46.7%
- North America: 33.7%
- Europe: 13.4%
With new IPO funding, KDAN Mobile plans to expand aggressively into Japan, Southeast Asia, and the United States, strengthening partnerships and distribution networks to scale its global enterprise client base. By successfully stepping beyond Taiwan, the company is positioning itself for significant future growth.
The Future of Taiwanese Startups
The success stories of KDAN Mobile and Gogolook highlight a viable strategy for Taiwanese software startups:
- Establish a strong foundation in Taiwan.
- Raise capital through a public listing.
- Leverage IPO funds to drive international expansion.
As Taiwan’s capital markets continue to evolve and startup-friendly policies take effect, we anticipate more Taiwanese startups adopting this model to become globally competitive unicorns.
What’s your take?
How should Taiwanese startups balance domestic growth with overseas expansion? Share your thoughts in the comments!
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台灣的新創公司，特別是軟體與互聯網領域，長期面臨成長瓶頸的挑戰。這一領域需要一定規模的市場來建立有效的商業模式，而台灣作為一個僅有 2,300 萬人口的市場，雖能支撐中小型新創企業，但若想孕育獨角獸，僅依靠台灣市場顯然不足。因此，台灣的軟體互聯網新創公司若要突破發展限制，勢必需要拓展海外市場，唯有成功進軍國際，才能獲得足夠大的市場規模來支撐長遠的成長。從台灣的幾家軟體互聯網獨角獸企業，如 Appier 及玩美移動（Perfect Corp.）的成功案例，可以清楚地看出這一點。
拓展海外市場的挑戰
然而，雖然理論上大家都理解拓展海外市場的重要性，實際操作卻極具挑戰。即使企業已在台灣市場成功驗證其產品、服務與商業模式，但這些成功並不保證能夠在其他市場複製。通常，進入一個新市場需要重新驗證產品市場適配度（Product-Market Fit），並根據當地市場需求調整產品與服務，甚至修改商業模式。在這個過程中，企業必須投入大量資金來探索與開發市場，然而，這筆資金的消耗並非短期內就能見效，特別是當企業作為市場新進者時，前期投入與風險更高。
資源配置的兩難
企業在資源有限的情況下，若將過多資源投入海外市場，可能導致原本在台灣市場的競爭優勢被削弱，甚至讓競爭對手趁勢崛起。例如，過去曾有台灣知名的直播平台和線上餐廳訂位平台，在進軍東北亞與東南亞市場時遇到困難，最終不僅未能成功拓展海外市場，反而逐漸失去台灣市場的領導地位。
如何確保資金穩定？
因此，台灣的軟體互聯網新創公司若要透過海外市場持續成長，同時穩固本土市場，確保足夠的資金來源至關重要。除了尋求創投募資外，小弟我先前分享了《台灣放寬創新版投資人限制：助力新創籌資與國際化》一文，台灣近年來推動資本市場改革，使新創企業更容易透過公開市場籌資。例如，台灣的創新版為新創公司提供更靈活的上市機制，以協助企業取得發展資金。亞洲反詐騙服務領導企業 Gogolook 就是一個成功的案例——先在台灣站穩腳步，透過掛牌募資，成功拓展海外市場。
KDAN Mobile 的成功掛牌與未來布局
Gogolook 在 2023 年掛牌，而如今 2025 年，台灣又迎來了另一個相似的案例——KDAN Mobile。該公司於 2025 年 2 月 5 日成功登錄興櫃，每股價格為 68 元，成為當年首家成功掛牌的台灣新創企業。
關於 KDAN Mobile
總部位於台南市永康區，KDAN Mobile 主要提供數位文件管理、電子簽章與數據驅動決策服務，並結合 AI 技術。截至 2024 年，KDAN Mobile 已服務全球超過 1,400 萬名會員，企業客戶突破 5 萬家，產品全球累積下載量超過 2 億次。
儘管 KDAN Mobile 目前仍處於虧損狀態，但其國際市場營收已超過半數。2024 年的營收分佈如下：
- 亞洲 46.7%
- 北美 33.7%
- 歐洲 13.4%
隨著成功掛牌募資，KDAN Mobile 計畫積極推動海外拓展，優先進軍 日本、東南亞及美國市場，並強化代理商與經銷商網絡，以擴大海外企業用戶基礎。透過成功的國際化布局，KDAN Mobile 有望持續成長，達到更大的規模。
台灣新創的未來展望
KDAN Mobile 與 Gogolook 的成功案例證明，台灣的軟體互聯網新創公司若能先在本土市場穩定發展，接著透過掛牌籌資，再進一步拓展國際市場，便能提升企業的競爭力與全球影響力。隨著台灣資本市場的改革與支持新創政策的推動，我們期待未來能有更多台灣新創企業循此模式發展，成功培育出更多來自台灣的獨角獸企業。
你怎麼看？
你認為台灣的新創企業應該如何平衡本土與海外市場？歡迎在下方留言分享你的看法！
