Founded in 2004 in North America, specifically in San Francisco, Darwin Ventures focuses on investing in early-stage venture capital funds in the US across various industry sectors such as technology, information technology, and healthcare. The fund typically invests in startups that are 2-3 years old and have 3-4 founders. Popular industries for investment include travel and travel accommodations. Notably, despite being founded in the US, the fund frequently invests in Taiwan. Some of the fund's notable portfolio startups include FunNow and AsiaYo. With an average deal size of 1 - 5 million dollars, Darwin Ventures is involved in less than 2 investment rounds annually. The fund was established by Frank R. Caufield and often co-invests with CDIB Capital, Translink Capital, SparkLabs Taipei, and Nippon Venture Capital.