AppWorks, a Taiwan-based VC firm, has announced the launch of dedicated arms for its accelerator and Web3 initiatives.

The company has made a few internal changes to drive the new verticals. Alyssa Chen has been promoted from an associate to principal to oversee the accelerator arm, and associate Ching Tseng has been elevated as principal to lead the newly created Web3 arm. Meanwhile, analyst Jun Wakabayashi is now an associate and will head the operations of AppWorks Beacon Funds.

The VC firm also announced that it will begin raising capital for its AppWorks Fund IV in the second quarter of the year. It has a target size of US$360 million.

“With these structural improvements and our upcoming Fund IV, AppWorks will be more ready to create an even greater impact on the development of Taiwan and Southeast Asia, supporting more entrepreneurs, and accelerate emerging and innovative new segments of the digital economy,” Jamie Lin, chairman and partner at AppWorks, said in a statement.

On its Web3 foray, the company explained that it will provide entrepreneurs with resources and support Web1 and Web2 founders as they transition to the new model.

Since it entered the blockchain space in 2018, AppWorks has supported 75 startups and 141 entrepreneurs in Web3. Some of the companies it has backed include Dapper Labs, Figment, Animoca Brands, Blocto, and XREX.

AppWorks also said it is actively recruiting investment associates in Taiwan, Southeast Asia, and the global Web3 industry.

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