Philippine-based startup accelerator Archipelago Labs, more popularly known as A-Labs, has recently presented five homegrown tech startups that stood out from an extensive pool of over 100 applicants nationwide.
The startups were introduced during the maiden demo day of the firm’s ALAB Incubation Program, which seeks entrepreneurs or entrepreneurs-to-be with a compelling technology startup idea, prototype, or team.
The showcased startups and their ventures are Synthillate, a fintech enterprise that pivots on transforming intellectual properties into valuable financial assets; Ridge, an AI platform tailor-made for the food and beverage industry; Gamer Points, an inventive gaming platform with integrated adtech; NexHire, a talent marketplace built on community values; and Twine, an AI-fueled decentralized social platform.
Participating startups in A-Labs’ program stood a chance to receive a significant P1 million in funding. In addition, these startups will get unparalleled access to the A-Labs Collective, a vast nexus of tech entrepreneurs, operators, and investors.
Following an intensive 12-week mentorship, the demo day was the grand finale where these startups showcased their fine-tuned business models to an audience that comprised over 50 potential investors.
Speaking during the demo day, Lance Pormarejo, Executive Director of A-Labs, emphasized the importance of nurturing Filipino tech entrepreneurs.
“Our primary goal is to arm tech visionaries with the requisite tools, acumen, and funding. We’re invested in setting the course for the Philippine tech arena’s future,” Pormarejo remarked.
Pormarejo reflected on the company’s ambitions, saying, “By initiating ALAB Cohort 1, we’re amplifying our unwavering commitment to fortifying a vibrant entrepreneurial ambiance in the Philippines.”
Following the successful maiden cohort, A-Labs is now gearing up for round two. Applications are now open for their ALAB Accelerator Program Cohort 2.
Archipelago Labs is the brainchild of Philippine Digital Assets Exchange (PDAX) and its early investors and board members, Magellan Digital Investment Group (MDIG) and Oak Drive Ventures Inc. (ODVI).
The group believes that the Philippines will be at the forefront of web3 following the huge cohort of users the Philippines on boarded back in 2021.
“We imagine that this is just the beginning of a new wave of technology applications that leverage blockchain and cryptocurrency to create meaningful and impactful products and services both for the end-users and the builders within the space,” the founders said on Archipelago Labs’s website.