Startup accelerator Archipelago Labs (A-Labs) has launched a $10 million Web3 fund to invest and accelerate the growth of the most promising startups and talents in the Philippines’ Web3 ecosystem.
Backed by reputable partners from the Philippine Digital Asset Exchange (PDAX), Oak Drive Ventures Inc., and Magellan Digital Investment Group (MDIG), A-Labs boasts of its strong network of mentors, experts, and capital partners who will support the startups in growing their ventures.
A-Labs aims to back startups and founders at the grassroots level through investment funding, advisory, and structured programs like hackathons, incubation and accelerator programs targeting specific verticals and stages of development and growth.
“We believe that the building blocks of Web3 are found in the Philippines. The country has much to offer in the Web3 space. With that, we invite proponents of the space to get in touch with us as we build a better future through Web3,” said Lance Pormarejo, A-Labs’s Executive Director.
Pormarejo said they wanted to grow their line-up of partners across venture capital, technology, and ecosystem to further support the startups coming out of the labs.
Before the end of the year, A-Labs aims to release its first iteration of the State of the Archipelago, a quarterly report on all things Web3 in the Philippines. And in 2023, A-Labs targets to run the first cohort for its Archipelago Labs Accelerator Block, an eight-week, cohort-based accelerator programme.
Since its founding in 2022, A-Labs has been led by founders with crypto and business backgrounds. They are also experts who focuses on sectors like the intersection of Web2 and Web3, consumer applications, infrastructure, tools, decentralised finance, and the metaverse.
A-Labs focuses on deploying capital in early-stage startups to address the gaps in the industry through sustainable business models and sound token economics.
This startup accelerator is led by founders who have good track record in technology, crypto, and business, with sectors focused on the intersection of Web2 and Web3, consumer applications, infrastructure, tools, DeFi and the Metaverse.
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