Cherubic Ventures is the only institutional angel investment firm active across both China and the U.S., with teams based in San Francisco, Beijing, and Taipei. Founded in 2014, it currently manages assets of over US$300 million. Representative investments include Flexport, hims, Calm, Virgin Hyperloop One, Wish, Ring, Liulishuo (LAIX), Pinkoi, and iKala.

Cathay Venture was established in April 2003 as a 100% subsidiary of Cathay Financial Holdings, investing in companies with growth potential and helping them grow to maximize value. Cathay Financial Holdings (TSE: 2882) is Taiwan’s largest financial holding company, combining insurance, securities, and banking to form a comprehensive business platform. With extensive branches and personnel across Taiwan, it implements cross-selling strategies and provides one-stop services to over 10 million clients. With 700+ branches and 20,000+ sales personnel, Cathay maintains the most extensive customer service network in Taiwan. Cathay Venture Capital is a sustainable fund, investing flexibly across seed, founding, expansion, and mature stages. To date, it has invested in approximately 300 companies, optimizing operations and governance while leveraging Cathay’s marketing, distribution, customer, and data resources.

Darwin Venture Management Corporation was founded in Taiwan in 2009. It is a professional venture fund management company entrusted with managing venture capital funds, focusing on investments in Taiwan and Silicon Valley. Darwin targets highly growth-oriented companies and operates with an experienced management team.

AppWorks (also known as the AppWorks Accelerator), based in Taipei, Taiwan, primarily operates as a startup accelerator, with early-stage (Seed, Series A, B, C) venture investments as a supplement. It provides three main services for entrepreneurs and startups: accelerator programs, venture investment, and AppWorks School. As of the first half of 2022, the ecosystem formed by AppWorks Accelerator alumni includes 457 active startups, 1,448 entrepreneurs, a total valuation of USD 32.6 billion, total fundraising of USD 5.4 billion, total annual revenue of USD 17.5 billion, and a total of 21,353 jobs created.

AppWorks manages three venture funds with a combined total of USD 212 million. The main shareholders of AppWorks Fund III include Taiwan Mobile, Fubon Life, Cathay Life, Wistron, Hongtai Group, Capital Securities, and the National Development Fund, among others.