Appleby Advises AppWorks on the Successful Launch of USD 165 Million Fund IV
Appleby is pleased to announce that it acts as Cayman Islands counsel to AppWorks, advising on the Cayman legal aspects of the structuring, establishment and launch of AppWorks Fund IV (Fund IV), which closed at USD 165 million.
Founded in 2009 and headquartered in Taipei, AppWorks has established itself as one of Asia’s leading venture capital firms and accelerators, with a strong focus on early-stage investments in AI and Web3 startups. The firm has supported more than 100 companies across the region, with notable exits including Lalamove and 91APP.
Despite challenging market conditions, Fund IV secured commitments from a diverse group of investors. Importantly, this marks the first time three APAC regional government-backed institutions, the National Development Fund of Taiwan, Malaysia’s Jelawang Capital (under Khazanah Nasional Berhad), and Korea Venture Investment Corporation, have co-invested in a single fund. Other limited partners include corporates and institutions such as Fubon Life Insurance Co., Ltd., Taiwan Mobile, Wistron, Phison Electronics, and E Ink Corporation.
Fund IV will invest between USD 500,000 and USD 15 million in early stage tech-enabled start-ups, targeting 60–80 start-ups across the Taiwan region, Southeast Asia, and Northeast Asia.
The transaction was led by Hong Kong Investment Funds Partner Eason Huang and Counsel Freya Xu.
“We are delighted to have supported AppWorks on this landmark fundraise,” said Eason. “The successful close of Fund IV highlights the strength of AppWorks’ platform and the growing demand for early-stage capital in Asia. Appleby is proud to contribute to innovation and growth across the region.”
Appleby’s Hong Kong Investment Funds team delivers clear, practical, and timely guidance on a wide range of fund structures and operational needs. By combining legal expertise with seamless administrative support, the team ensures clients receive effective solutions across multiple offshore jurisdictions within the Asia time zone.
