NDF Business Angel Investment Program
Funds high-risk early-stage Taiwanese startups by matching sovereign capital with angels and accelerators.
The NDF Business Angel Investment Program is a co-investment mechanism through which Taiwan's National Development Fund (NDF), administered by the National Development Council (NDC), co-invests alongside qualified angel investors, venture capital firms, accelerators, and incubators in high-risk early-stage Taiwanese startups. The program's stated primary objective is to support relatively high-risk startups and improve Taiwan's angel investment environment, rather than to maximize financial returns. An angel investor or qualifying institution must lead the investment and commit to providing mentorship; NDF then considers the same startup for priority co-investment. Total NDF budget allocated to this program is NT$2 billion (approximately USD 62 million at prevailing exchange rates).
Eligible startups must be registered in Taiwan, or overseas companies with primary business operations in Taiwan. Companies must have been established for fewer than three years and have paid-in capital or total fundraising of no more than NT$80 million (approximately USD 2.5 million); this cap may be waived by the investment review committee on a case-by-case basis. Applications may be submitted by angel investors or directly by startups; investment decisions follow an NDF review process. The program operates on a rolling basis with no fixed annual deadline.
Because an institutional or angel lead is required, the practical route to NDF co-investment is to first secure an angel investor, VC firm, or accelerator willing to co-invest and provide a designated mentor. Once that lead is in place, the investor or startup submits to NDF under the Directions governing the program. NDF takes equity, not a royalty or grant position. Companies across all technology sectors are considered, though the NDF has historically emphasized biotechnology, IoT, smart machinery, green energy, national defense, new agriculture, and new materials.
National Development Fund co-equity investment alongside qualified angel investors, VC firms, and accelerators in Taiwanese startups under three years old, from a dedicated NT$2 billion program budget.
Sign up free to see the funding breakdown
Sign up free to see the industries in scope
Sign up free to see the full eligibility
Sign up free to see how to apply
Sign up free to see what you submit