Vietnamese Web3 firm taps Polygon, Alpha Venture DAO for accelerator (Updated)

Icetea Labs, a Vietnam- and Singapore-based Web3 incubation laboratory, has partnered with Polygon and Alpha Venture DAO to launch the first season of the Icetea Labs Accelerator Program (ILAP), a Web3 accelerator program for Southeast Asia.

Icetea Labs founder and CEO Thi Truong / Photo credit: Icetea Labs

The program aims to support Web3 startups in their product-market fit, fundraising efforts, go-to-market strategy, and sustainable growth initiatives. The first season will target projects that are working in non-fungible token utilities, gaming, metaverse solutions, as well as general Web3.

Application for the first cohort is open starting today until August 31.

Icetea Labs told Tech in Asia that it expects to receive about 150 to 200 applications in total and looks to select 6 projects for the main program.

Successful candidates will join an eight-week schedule that runs from September to October. The agenda includes coaching sessions, workshops, and a demo day with investment opportunities from accredited VCs and angel investors.

According to Icetea Labs founder and CEO Thi Truong, the organization is fully aware of the challenges facing current Web3 gaming models. ILAP was designed to help founders tackle these challenges in the hope of transforming the face of the industry, he said.

“We believe that Web3 technologies will open up a new horizon of opportunities for games and gamers if applied correctly,” he added.

A college dropout, Truong founded Icetea Labs in 2018. The laboratory provides incubation, advisory, launching, and networking for Web3 projects. It operates the GameFi.org gaming hub and Red Kite launchpad.

See also: Explaining Vietnam’s crypto boom

Update (Aug. 15, 11.50 p.m. SGT): This article was updated to include comments from Icetea Labs on the cohort size.