Algorand Foundation, T-Hub announce investment in 5 startups

Algorand Foundation and T-Hub announced the first cohort from the inaugural Startup Lab programme at T-Hub that will receive investment from the Algorand Foundation.

The selected startups are building cutting-edge blockchain applications for supply chain management, product authenticity and traceability, cross-border trade, and project finance, the company said in a statement.

The five companies are:

• LW3, which addresses challenges of counterfeit goods and inefficient circular economy practices that result in substantial economic losses;
• FilmFinance, which connects filmmakers with global investors through a blockchain-based platform;
• FDP Connect digitises the bill of lading;
• Astrix offers secure ticketing and digital collectables, and fosters community-building around events and creators; and
• ARVO, which offers advanced traceability and authenticity solutions for manufacturing sectors

“We’re thrilled to see the first set of companies from our inaugural Startup Lab program at T-Hub—with solutions spanning from supply chain traceability to trade finance, and live event ticketing and engagement to film finance—already achieving critical milestones,” said Anil Kakani, Vice President and India Country Head at Algorand Foundation.

With its initial investments, the company plans to propel each of the startups on their path to market, to deliver world-class solutions that deliver greater transparency, authenticity and sustainability to both companies and their customers, he added.

The Startup Lab programme is a collaboration between T-Hub and Algorand Foundation to accelerate the path to product, market and investment readiness for emerging Web3 startups by providing them with business mentorship, technical support, and access to funding.

Participants get support in building scalable solutions with instant finality on Algorand's robust blockchain technology, the company said.

Additionally, it also provides mentorship from the professionals and network of industry veterans associated with tech incubator, T-Hub.

“The investment from Algorand Foundation not only helps these startups refine their solutions but also accelerates their scaling and integration into real-world markets,” said Sujit Jagirdar, Interim CEO, T-Hub.