Archipelago Labs Allots $10m Fund To Invest, Support Local Web3 Startups
Subscribe to our newsletter!
Editing by Nathaniel Cajuday
Homegrown startup accelerator Archipelago Labs (A-Labs), the country’s first and only web3-focused accelerator, has allocated $10 million worth of funds aimed to invest in and accelerate the growth of startups and talents in the Philippines’ Web3 ecosystem.
A-Labs is backed by Philippine Digital Asset Exchange (PDAX). It also has the support of Oak Drive Ventures Inc., and Magellan Digital Investment Group (MDIG). Moreover, the accelerator also highlights its strong network of mentors, experts, and capital partners who will support the startups in growing their ventures.
The startup was just launched this month and is looking forward to backing startups and founders through investment funding, advisory services, and structured programs such as hackathons, incubation programs, and accelerator programs targeting specific verticals and stages of development and growth.
In a media release, it noted that A-Labs will focus on deploying capital in early-stage startups that address the gaps in the industry through sustainable business models and sound token economics.
“This marks the start of our journey in equipping founders, startups, and builders with the support and tools they will need to create meaningful and impactful products, infrastructure, and services. Doing these provides value from the ideation to the growth stages of each startup and will, in return, create a better ecosystem for Web3 here in the Philippines,” said Archipelago Labs Executive Director Lance Pormarejo during a briefing in Makati City.
The Executive Director also stated that A-Labs believe that with “a credible support system, startups can have a higher chance of success navigating and traversing the archipelago. Through A-Labs, we aim to create better digital experiences through web3 technologies for every Filipino.”
“We are growing our line-up of partners across venture capital, technology, and ecosystem to further support the startups coming out of the labs. We believe that the building blocks of Web3 are found in the Philippines and that 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,” Pormarejo concluded.
What is A-Labs?
A-Labs was founded this year and is made up of three founders and three principals who have already made significant contributions to the startup and Web3 arena. Its founders boast a 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.
Moreover, a part of the A-Labs’ inaugural cohort is Playdex, a startup building infrastructure for Web3 gaming through an NFT rental marketplace.
For its future plays, A-Labs aims to release its first iteration of the State of the Archipelago, a quarterly report on all things Web3 in the Philippines, by the end of 2022. And in 2023, the accelerator program will run its first cohort for the Archipelago Labs Accelerator Block (ALAB), an 8-week cohort-based accelerator program.
This article is published on BitPinas: Archipelago Labs Allots $10m Fund To Invest, Support Local Web3 Startups
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.