Subscribe to our newsletter!
Philippine-based startup accelerator firm Archipelago Labs, also known as A-Labs, announced entrance to the web3 industry to soon “invest and accelerate the growth of the most promising startups and talents in the Philippines’ Web3 ecosystem.”
A-Labs says it wants to back 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. A-Lab’s key investors are Philippine Digital Asset Exchange (PDAX), Oak Drive Ventures Inc., and Magellan Digital Investment Group (MDIG).
“A-Labs focuses on deploying capital in early-stage startups that address the gaps in the industry through sustainable business models and sound token economics. It is led by founders that have 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,” the firm said in a statement.
A-Labs is also in partnership with Playdex, a startup building infrastructure for Web3 gaming through an NFT rental marketplace.
“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 Lance Pormarejo, A- Labs Executive Director, emphasizing that his firm boasts a strong network of mentors, experts, and capital partners who will support the startups in growing their ventures.
Moreover, the firm assured that it will release its first iteration of the State of the Archipelago, a quarterly report on all things Web3 in the Philippines, by the end of the year. While an accelerator program will run its first cohort for the A-Labs Accelerator Block (ALAB), an 8-week cohort-based accelerator program, by 2023.
“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.
Aside from A-Labs, digital solutions platform Globe also entered the industry earlier this month, declaring that it now offers the metaverse to its users through its virtual platform, Virtual Hangouts.
While other global companies have already declared their entry in the industry, including Facebook’s Meta, Snapchat, Roblox, Epic Games, Apple, Google, Microsoft, and others. (Read the full list here)
This article is published on BitPinas: PDAX-Backed Web3 Accelerator Archipelago Labs Launches
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.