2019

YEAR IN

REVIEW

Greater Southeast Asia’s Leading Startup Launchpad

AppWorks Accelerator

AW#19

AW#18

This was a year for AppWorks founders to defy convention. Just like every year. In 2019, we introduced a total of 48 startups in AI / IoT and Blockchain.

This year, these startups have passed through the fire of the Accelerator and begun the process of becoming better founders, with 29 launching AI / IoT products and 19 paying no mind to haters by building Blockchain startups with growing traction.

In our tradition of reshaping tradition, over 60% of the accelerator founders hail from territories in GSEA, including: Hong Kong, Singapore, Vietnam, Malaysia and Indonesia.

There Isn’t A Community in Greater Southeast Asia
That’s Greater

The AppWorks Ecosystem

This exceptional group of founders produces US$4.97 billion in revenue each year -- this is equal to the GDP of the island nation of Barbados.

376

Active Startups

+48 from 2018

1,113

Total Founders

+188 from 2018

Valuation

US$4.72B

Total Valuation

+29% from 2018

Raised

US$1.11B

Total Capital Raised

+36% from 2018

Revenues

US$4.97B

Total Annual Revenues

+98% from 2018

Jobs

11,162

Total Jobs Provided

+16% from 2018

We Don’t Stop Growing after Graduating from AppWorks Accelerator

Significant Milestones by AppWorks Startups

AW#1

The Leading MarTech Startup in Taiwan
Raised US$1.8M Series A to Drive GSEA growth

Tagtoo

AW#3

Acquired by WonderPet Group, the Largest Pet Chain Group in Taiwan

Petpetgo

AW#7

The Largest Language EduTech Platform in Taiwan
Raised US$3.5M Series A to Expand in Japan and Vietnam

VoiceTube

AW#9

The Leading AI Video Security Solutions Provider, Sold to more than 30 Countries
Raised US$8M Post-A Round to Continue Global Expansion

Umbo CV

AW#12

The Leading Stock Investment Mobile Platform in Taiwan, Surpassed NT$500M in GTV within 6 Months
Raised NT$29M Angel Round

Fugle

AW#11

Acquired by LINE Taiwan, Rebranded as LINE TAXI

TaxiGo

AW#12

The Largest e-Scooter Sharing Service in Taiwan
Expanded to KaoHsiung and Completed more than 5M Trips per Year

WeMo Scooter

AW#13

The Largest Cashback Site in GSEA
Raised US$45M to Drive GSEA Growth

ShopBack

AW#15

Asia's Leading B2B Live Social Commerce SaaS Product
Acquired by M17 and Rebranded to HandsUP

FBbuy

AW#15

The Airbnb for Workspaces in HK
Raised US$1.68M Seed Round, 1,600 Listings for Spaces

Booqed

AW#16

The Leading AI-Driven Data Solutions Provider in Taiwan
Raised US$5M Series A Aiming to Bring Widespread AutoML Tech into Enterprises

MoBagel

AW#16

GSEA’s Leading Online Marketplace for Limited-Edition Sneakers and Streetwear
Raised over US$2M Seed Round

Novelship

AW#16

The Leading Designated Driver Service in Taiwan
Raised US$1.3M Series A

TWDD

AW#16

Launched the World's First AI-driven Baby Camera
Raised US$4M Series A Aiming to Become #1 Worldwide

Cubo

AW#17

The Leading Hardware-as-a-Service Venture Builder in Taiwan
Raised US$2M Seed Round Aiming to Create a Better Connected Physical World

Soda Labs

AW#14

The Leading Platform for Hairstylist Appointment Services in Taiwan
Raised Nearly NT$20M Pre-A Round

StyleMap

We Are Now One of GSEA’s Largest Early-Stage VCs

AppWorks Funds

With the addition of AppWorks Fund III, total capital under management by AppWorks has grown to over US$170 million.

We appreciate the help and trust of Fund III limited partners like: Taiwan Mobile, Fubon Life Insurance, Cathay Life Insurance, Wistron Corporation, Hungtai Group, Capital Securities as well as Taiwan’s National Development Fund.

It’s all about ABS (AI, Blockchain and SEA). In 2019, AppWorks Funds made 11 investments in promising startups, including Dapper Labs, a world-class blockchain company creating new methods for enjoying entertainment; Deep Sentinel, an AI-driven home security camera network; HarukaEDU, an online learning platform, and Infra Digital, a revolutionary payments application, both based in Indonesia.

We also see continuous growth in existing portfolio, including Lalamove, which now operates in more than 260 cities and became one of the unicorns of GSEA, and KKday, keeping its strong business momentum with three-digit revenue annual growth and 6.4 million MAU.

Forging Tomorrow’s Hidden Talent Today

AppWorks School Trains New Engineers to Fuel A Growing Startup Island

Since mid-2016, AppWorks School has graduated 179 newly trained software engineers (+73 from 2018) through our 16-week free coding program. Of these, 91.6% of the graduates went on to pursue successful software engineering careers in prominent internet companies such as momo Shop, 91APP, KKBOX, LINE TV, WeMo Scooter, LineTaxi, PicCollage, hahow, VoiceTube, OmniChat and Gogoro with a median starting annual salary of NT$698,000.

179

Graduates

(+73 from 2018)

26 days

Average Job-Seeking Duration

91.6%

Placement as Engineer

NT$698,000

(US$23,266)

Median Annual Starting Salary

Thank You for an

Amazing Year!

Tapping into the superpowers of each and every one of our team members, we continue to shape a smart and decentralized future growing AI & Blockchain startups in Greater Southeast Asia.

We’d like to extend a special thanks to all of our partners and friends in the startup community. Together we will strengthen the regional ecosystem even further in 2020.

Farewell to Annie Su:

Thank you for the contribution to AppWorks, enjoy your next startup journey.

Welcome Jack An, Norman Chi, Shirney Huang, Doug Crets and Anne Chen:

We are all excited that you joined our team. You make building a GSEA Super Ecosystem Hella Awesome.

PARTNERS

ASSOCIATES