資本寒冬下的 Asian Venture Capital：
為什麼 AppWorks 第四支基金值得全球創業與投資圈關注
- 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)
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Asian Venture Capital in a Capital Winter:
Why AppWorks Fund IV Matters to Global Tech and Investors
Over the past two years, Asian venture capital has entered a markedly different phase.
Rising global interest rates, tighter liquidity, and a sharp correction in startup valuations have reshaped how capital flows across Asia. In this environment, successfully closing a new investment fund—meaning securing committed capital from investors—is no longer routine. It has become a meaningful signal of confidence and structural resilience.
Against this backdrop, Taiwan-based startup accelerator and venture capital firm AppWorks announced the final close of its fourth venture fund, commonly referred to as Fund IV—meaning the fundraising process has officially concluded and the capital is now fully committed.
This is not merely a local funding update.
For global readers tracking Asian venture capital, regional startup ecosystems, and post-2021 investment dynamics, this case offers valuable insight into how capital is being reallocated across the region.
Understanding AppWorks in the Context of Asian Venture Capital
For many international readers, AppWorks may not be a familiar name, so some context is useful.
Founded in 2009, AppWorks is one of Taiwan’s earliest and most influential startup accelerators. Over time, it has evolved into an organization that plays three interconnected roles within the Asian venture capital ecosystem:
- Startup Accelerator – supporting hundreds of early-stage founders
- Venture Capital Investor – deploying long-term capital into startups
- Ecosystem Connector – linking Taiwan with Southeast Asia and Northeast Asia
For startups expanding from Taiwan into broader Asian markets, AppWorks has often served as an early institutional gateway. As a result, its fundraising outcomes tend to reflect broader structural trends in Asian venture capital, rather than firm-specific momentum alone.
Fund IV at a Glance: Asian Venture Capital Raised Against the Cycle
Public disclosures indicate that AppWorks Fund IV raised approximately USD 160+ million in committed capital by its final close, between 2022 and 2024—arguably one of the most challenging fundraising periods for Asian venture capital funds in recent years.
Several structural aspects stand out:
- Timing: Fundraising occurred during a global and regional venture slowdown
- Investor Composition: A mix of Taiwanese institutional capital and Asian regional investors
- Geographic Focus: Taiwan, Singapore, Southeast Asia, and broader Asian markets
The key question is not whether this fund is “large by 2021 standards,” but rather:
Why was it possible to raise an Asian venture capital fund at all during this period?
Why Fund Closures Matter More in Today’s Asian Venture Capital Market
In 2021, capital was abundant across global and Asian venture capital markets.
By 2023 and 2024, conditions had changed dramatically.
Many venture firms found that raising capital took significantly longer than expected. Some reduced their target fund sizes, while others delayed or canceled plans to launch new funds altogether.
Seen in this context, AppWorks Fund IV sends several important signals about the current state of Asian venture capital.
1️⃣ LP Confidence in Regionally Embedded Asian Venture Capital Funds
LPs (Limited Partners—the institutional investors who provide capital to venture funds) have not exited Asia, but they have become far more selective.
Capital within Asian venture capital markets is increasingly flowing toward investment teams with deep local knowledge, on-the-ground presence, and realistic portfolio construction, rather than toward firms relying solely on global branding or past performance.
The decision by LPs to commit capital today reflects an active judgment about whether a fund manager can remain viable and generate returns across both strong and weak market conditions.
2️⃣ From Growth Narratives to Endurance in Asian Venture Capital
The era of “growth at any cost” has faded across Asian venture capital markets.
Investors are now paying closer attention to:
- How venture firms support startups after capital is deployed
- Whether portfolios can withstand slower exits and longer holding periods
- How returns are generated under more conservative assumptions
Asian venture capital funds that can clearly articulate these realities are far more likely to survive—and continue raising capital—during a downturn.
3️⃣ Taiwan’s Quietly Expanding Role in Asian Venture Capital
Taiwan is no longer viewed solely as a manufacturing hub within Asia.
It is increasingly seen as a strategic intersection of technology, talent, and long-term capital within the Asian venture capital landscape—particularly for startups bridging hardware, software, and regional markets.
This shift may not generate dramatic headlines, but it matters deeply to investors thinking in decades rather than cycles.
What Asian Venture Capital Trends Mean for Founders
For founders across Asia, the implications are more important than the fundraising headline itself.
🔹 Capital Remains Available—but More Disciplined
Asian venture capital has not disappeared, but it has slowed and become more deliberate.
🔹 Regionally Focused Investors Are Increasingly Valuable
As cross-border expansion becomes more expensive and operationally complex, investors who can actively help founders enter specific Asian markets are gaining strategic importance.
🔹 Asia Does Not Need to Mirror Silicon Valley
The continued formation of regionally grounded funds reinforces a broader point:
Asian startups do not need to replicate Silicon Valley–style expectations around rapidly rising startup valuations. Distinct operating models, timelines, and capital strategies can—and should—emerge from regional realities.
A Broader Perspective on the Future of Asian Venture Capital
Viewed from a global lens, AppWorks Fund IV reflects a broader shift underway in Asian venture capital:
Capital is moving away from short-term, opportunistic deployment and back toward long-term investment commitments tied to specific regions.
In this environment, investors who genuinely understand local markets, cultural nuance, and industrial structure are quietly regaining relevance.
This evolution may not produce dramatic headlines—but it will shape Asia’s startup ecosystems for years to come.
Closing Thoughts: Why This Asian Venture Capital Case Is Worth Watching
For global readers, AppWorks Fund IV is not necessarily a fund to remember for its size.
It is worth remembering as a case study in how Asian venture capital organizations adapt when capital becomes scarce.
As the venture cycle resets, those who endure are often not the loudest—but the most grounded in how real markets work.
And in today’s Asia, that grounding increasingly defines the future of venture capital.
Optional: Venture Capital Terminology (For Global Readers)
- LP (Limited Partner): Investors who supply capital to venture funds
- GP (General Partner): The fund manager responsible for investment decisions
- Final Close: The point at which fundraising ends and capital commitments are finalized
If you found this analysis useful
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Further Reading
- AppWorks
- 🌏 Taiwan APAC Startup Trends: Three Structural Shifts Revealed at AppWorks Demo Day #31
- 🌐 Findit: Taiwan’s Official Startup Database — The Local Version of Crunchbase and Dealroom
- 🌏 Startup Island Taiwan: The National Brand Putting Taiwan’s Startups on the Global Stage
- 🌏 From Findit to Taiwan’s Crunchbase: How the 2025 Winter Matchmaking Conference Showcases Taiwan’s Startup Power
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資本寒冬下的 Asian Venture Capital：
為什麼 AppWorks 第四支基金值得全球創業與投資圈關注
過去兩年，Asian venture capital（亞洲創投） 進入了一個明顯不同的階段。
全球利率上升、資金流動性趨緊，以及新創估值的大幅修正，重新塑造了資本在亞洲市場的流動方式。在這樣的環境下，成功完成一支創投基金的募集——也就是取得投資人實際承諾的資金——不再是一件理所當然的事情，而是一個值得被解讀的重要訊號。
正是在這樣的背景下，來自台灣的新創加速器與創投機構 AppWorks，宣布完成其第四支創投基金（Fund IV）的最終關帳，代表基金募集正式結束，資金已全面到位。
這不只是一則地方性的募資新聞。
對於關注 Asian venture capital、亞洲新創生態，以及後 2021 年投資環境變化 的全球讀者而言，這是一個極具代表性的案例。
從 Asian Venture Capital 的視角理解 AppWorks 是誰
對多數國際讀者來說，AppWorks 可能並不是一個熟悉的名字，因此有必要先交代其角色定位。
AppWorks 成立於 2009 年，是台灣最早期、也最具影響力的新創加速器之一。隨著時間演進，它逐漸發展為一個在 Asian venture capital 生態系 中同時扮演三種角色的組織：
- 新創加速器：協助數百組早期創業團隊成長
- 創投投資者：以長期資本實際投資新創公司
- 區域連結者：串聯台灣、東南亞與東北亞市場
對許多希望從台灣走向亞洲市場的新創而言，AppWorks 往往是第一個具制度性的資本與資源入口。因此，它的募資成果，經常反映的是 亞洲創投結構性的變化，而不只是單一機構的表現。
Fund IV 概覽：逆風中完成募集的 Asian Venture Capital 基金
根據公開資訊，AppWorks 第四支基金於 2022 至 2024 年間完成募集，最終取得約 1.6 億美元以上的資金承諾。這段期間，正值近年來 Asian venture capital 募資環境最為嚴峻的時期之一。
幾個結構性重點值得注意：
- 時間點：全球與亞洲創投市場同步降溫
- 投資人組成：以台灣機構資金為核心，搭配其他亞洲市場的機構型投資人
- 投資區域：涵蓋台灣、新加坡、東南亞，並延伸至更廣泛的亞洲市場
真正值得思考的問題，不是「這支基金夠不夠大」，而是：
為什麼在這樣的環境下，Asian venture capital 仍然能成功完成基金募集？
為什麼「成功關帳」本身，就是 Asian Venture Capital 的重要訊號？
如果回顧 2021 年，資本在全球與亞洲創投市場中都極為充沛；
但到了 2023–2024 年，情況已徹底改變。
許多創投機構發現，募資時間被大幅拉長，有些甚至被迫下修基金規模，或延後、取消下一支基金的計畫。
在這樣的背景下，AppWorks Fund IV 至少透露出三個關於 Asian venture capital 的重要訊號。
1️⃣ LP 對「深耕在地的 Asian Venture Capital」仍具信心
LP（Limited Partner，指實際出資給創投基金的機構型投資人） 並未撤離亞洲，但態度明顯變得更加審慎。
資金正逐漸流向那些 真正理解在地市場、具備實際營運經驗、且能建立合理投資組合的亞洲創投團隊，而不再只看重品牌聲量或過去的市場順風表現。
在當前環境中，LP 的出資承諾已不再是被動配置，而是一種對「這個團隊是否能穿越景氣循環」的主動判斷。
2️⃣ Asian Venture Capital 從「成長敘事」走向「耐力敘事」
「不計成本追求成長」的時代，正在亞洲創投市場中逐步退場。
投資人開始更重視：
- 創投機構如何在投資後協助新創建立基本體質
- 投資組合是否能承受較慢的退出節奏
- 在較保守的假設下，是否仍具備回報潛力
能清楚說明這些問題的 Asian venture capital 機構，才有機會在逆風中持續募資。
3️⃣ 台灣在 Asian Venture Capital 中的角色正在悄然轉變
台灣不再只是被視為製造與供應鏈基地。
在亞洲創投版圖中，台灣正逐漸成為 技術、人才與長期資本的交會點，特別是在結合硬體、軟體與區域市場的創業路徑上。
這樣的轉變或許不顯眼，卻對長期投資人極具意義。
對亞洲創業者而言，Asian Venture Capital 正在傳遞什麼訊息？
對創業者來說，這個案例的意義，遠比單一基金的募資金額更重要。
🔹 資本仍在，但標準更高
Asian venture capital 並未消失，而是變得更慢、更審慎。
🔹 深耕區域的投資人價值正在上升
在跨國擴張成本提高的情況下，能實際協助新創「進入特定亞洲市場」的投資人，正變得越來越關鍵。
🔹 亞洲不必複製矽谷模式
這支基金的存在再次提醒我們：
亞洲新創不需要完全複製矽谷對高估值與快速擴張的期待，而應發展出符合自身市場現實的營運與資本節奏。
從更大的角度看 Asian Venture Capital 的未來
從全球視角來看，AppWorks Fund IV 反映的是 Asian venture capital 正在發生的一個更長期轉向：
資本正從短期、機會導向的配置，回到與特定區域深度綁定的長期投資承諾。
在這樣的環境中，真正理解在地市場、文化差異與產業結構的創投機構，正在重新累積影響力。
這樣的變化不一定引人注目，卻會深刻地形塑亞洲新創生態的未來。
結語：為什麼這是一個值得持續觀察的 Asian Venture Capital 案例
對全球讀者而言，AppWorks 第四支基金不一定是因為規模而值得記住。
它更值得被視為一個案例：
當資本不再氾濫時，Asian venture capital 如何調整自身節奏以持續存在。
在創投循環重新校準的過程中，留下來的，往往不是聲量最大的人，而是最理解現實市場運作方式的參與者。
而在今天的亞洲，這樣的理解，正逐漸定義 Asian venture capital 的未來。
補充：創投名詞簡要說明（給國際讀者）
- LP（Limited Partner）：實際出資給創投基金的投資人或機構
- GP（General Partner）：負責投資決策與基金管理的創投團隊
- 最終關帳（Final Close）：基金募集完成、資金承諾確定的時間點
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