The Philippines Now Has a Web3-Focused Startup Accelerator
As if we needed more proof of the continued spread of Web3, the Philippines now has a startup accelerator dedicated to supporting ventures in the nascent tech space.
Launched just last week, Archipelago Labs (A-Labs) has a fund size worth $10 million (nearly P600 billion) and bills itself as the country’s first and so far only fund focused on ventures working in the Web3 space. A-Labs is backed by familiar names in the tech community— Philippine Digital Asset Exchange (PDAX), Oak Drive Ventures Inc., and Magellan Digital Investment Group (MDIG).
In a news release, A-Labs said it is looking to back startups and founders at the grassroots level through investment funding, advisory, and structured programs such as hackathons, incubation, and accelerator programs targeting specific verticals and stages of development and growth.
“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,” the release said. “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.”
Foudners and principals of A-Labs include executive director Lance Pormajero, growth head Eula See, operations head Doldenn Modesto, and principals Nichel Gaba (PDAX), Carl Ng (MDIG), and Gabriel Singson (Oak Drive Ventures).
“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,” Pormajero said during the official launch in Makati. “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.”
“We believe that with a credible support system, startups can have a higher chance of success navigating and traversing the archipelago,” he added. “Through A-Labs, we aim to create better digital experiences through web3 technologies for every Filipino.”
One of A-Labs’ inaugural cohorts is Playdex, a startup building infrastructure for Web3 gaming through an NFT rental marketplace.
“We are growing our line-up of partners across venture capital, technology, and ecosystem to further support the startups coming out of the labs,” Pormajero said. “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.”