While Philippine accelerator Archipelago Labs has launched a $10-million fund for Web3 startups, Hong Kong revenue-based financier Choco Up has partnered with Dream Impact for a $5-million fund to help social-impact startups.
A-Labs launches $10m fund for Web3 startups
The Philippines-based startup accelerator Archipelago Labs (A-Labs) has launched a $10-million fund to back and support Web3 startups in the country.
A-Labs said it will be using the fund for early-stage startups that are sustainable and demonstrating sound token economics. A-Labs, which runs hackathons and incubator programmes to identify talent, said it will be looking at providing both investment and advisory services to startups.
Founded in 2022, A-Labs is backed by partners from the Philippine Digital Asset Exchange (PDAX), Oak Drive Ventures, and Australia’s Magellan Digital Investment Group.
A-Labs said it will be running its first cohort for the Archipelago Labs Accelerator Block, an eight-week programme, in 2023.
“This marks the start of our journey in equipping founders and startups with the support and tools they will need to create impactful products, infrastructure, and services,” said Lance Pormarejo, A-Labs’ Executive Director.
Choco Up, Dream Impact to back social impact startups
Hong Kong-based revenue-based financier Choco Up and social enterprises network Dream Impact said they are partnering for a $5-million fund to help social impact startups.
The two companies will use the fund to help startups focused on areas such as diversity, equity & inclusion (DEI), circular economy, and education.
The companies said they were hoping to fill a funding gap missed out by traditional financial services providers.
“We’re excited to work with Dream Impact to support social ventures and push forward the growth of the impact ecosystem in Hong Kong,” said Brian Tsang, co-founder and COO of Choco Up.
“Choco Up understands the value of social enterprises and impact ventures that are making efforts to shape the future that we collectively want,” said Dorothy Lam, co-founder and chief catalyst of Dream Impact.