Philippine-based startup accelerator Archipelago Labs (A-Labs) has launched a US$10 million fund to back and support Web3 startups and talent in the country.
A-Labs launch / Photo credit: Archipelago Labs
A-Labs helps the startup ecosystem at the grassroots level through investments and advisory services. It also looks to hold programs such as hackathons and incubators for specific verticals and startup stages.
The company plans to deploy the fund in early-stage companies with sustainable business models and sound token economics.
Founded in 2022, A-Labs is backed by partners from the Philippine Digital Asset Exchange (PDAX), Oak Drive Ventures, and Magellan Digital Investment Group.
It’s led by founders with crypto and business backgrounds and focuses on sectors like the intersection of Web2 and Web3, consumer applications, infrastructure, tools, decentralized finance, and the metaverse.
Next year, A-Labs will run the first cohort for its Archipelago Labs Accelerator Block, an eight-week, cohort-based accelerator program.
“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,” said Lance Pormarejo, A-Labs’ executive director.
Editing by Jaclyn Tiu
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