A $10 million fund has been established by Philippine-based startup accelerator Archipelago Labs (A-Labs) to assist and fund Web3 startups and talent in the nation.
Through investments and advice services, A-Labs supports the startup ecosystem at the grassroots level. Additionally, it plans to host events like hackathons and incubators for particular industries and startup stages.
The business intends to invest the money in startup businesses with strong token economics and viable business strategies.
A-Labs was established in 2022 and is supported by Oak Drive Ventures, Magellan Digital Investment Group, and the Philippine Digital Asset Exchange (PDAX).
Its founders have backgrounds in both business and cryptocurrencies, and it focuses on areas like the Web2 and Web3 intersection, consumer applications, infrastructure, tools, decentralized finance, and the metaverse.
A-Labs will launch the first cohort of its eight-week, cohort-based Archipelago Labs Accelerator Block program in 2019.
“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.
