Archipelago Labs (A-Labs), a startup accelerator based in the Philippines, has launched a $10 million fund to invest in Web3 and crypto startups and talents based in the region.

The accelerator is backed by the Philippine Digital Asset Exchange (PDAX), Oak Drive Ventures Inc., and Magellan Digital Investment Group (MDIG).

Founded by partners who have experience in technology, crypto, and business, with areas focused on the intersection of Web2 and Web3, A-Labs will support startups and founders at the early stages through investment funding, mentoring and structured programs such as hackathons, incubation and accelerator programs that target specific verticals and stages of growth and development.

The accelerator also has a strong network of advisors, experts, and capital partners that will help support startups in scaling their ventures. A-Labs will also focus on investing capital in early-stage startups that address gaps in the industry through sustainable business models and sound token economics.

By the end of 2022, A-Labs aims to release its first iteration of the archipelago state, a quarterly report on all things Web3 in the Philippines. Next year, the accelerator program will run its first cohort for the Archipelago Labs Accelerator Block (ALAB), an eight-week cohort-based accelerator program.