Parallel18 announces $100K seed capital program
Parallel18, the main entrepreneurship program of the Puerto Rico Science, Technology and Research Trust, and Banco Popular de Puerto Rico have announced that it will be offering a $100,000 seed capital investment through the trust to outstanding companies participating in its Xpand post-acceleration program.
The investment will be distributed among up to three participating companies. The organization also announced the extension of its application round until July 16th. Interested companies may apply here.
Parallel 18, an economic development initiative that attracts high-impact startups to scale from Puerto Rico to global communities, aims to position Puerto Rico as a hub for the development of innovative businesses with global potential.
Meanwhile, Xpand seeks to stimulate the growth and development of Puerto Rican companies by providing them with the necessary tools for capital raising, exportation and expansion into new markets. The seed capital will be granted to up to three companies that demonstrate commitment to the program, have exceeded their initial performance, and show the possibility of accelerated growth during the 16 weeks of the program, all while positively impacting Puerto Rico’s entrepreneurial ecosystem and economic development.
Through a personalized mentoring and training approach, Xpand has supported 26 companies in its two previous cohorts. Furthermore, Xpand seeks to close the gap in available resources during the growth-stage for innovative Puerto Rican startups that are successfully scaling, but face challenges when entering new markets and raising capital that can boost their growth.
The four-month post-acceleration curriculum focuses on raising capital, business networking opportunities and growth into new markets. Participating startups must be operating for more than three years, have gone through an acceleration program or be in an advanced growth stage.
“We are very excited to announce this new investment opportunity and to extend the application round process for three more weeks,” said Parallel18’s executive director, Héctor Jirau. “Our program has demonstrated its effectiveness in providing entrepreneurs in Puerto Rico with the skills and resources necessary to take their business to the next level. We would like to once again thank Popular for their support in continuing to strengthen Puerto Rico’s business ecosystem.
“We will continue to provide a space for business education so that our companies can grow in terms of investment and expand into other markets. We reaffirm our commitment and confidence in local entrepreneurs, which is why we have taken this initiative to provide seed capital to those who excel.”
The trust’s chief executive, Lucy Crespo, added, “The Trust, through its entrepreneurship pillar, continues to empower company founders to grow and contribute positively to the island’s economy. Xpand gives them the necessary tools in business education and connections that every company needs to grow. We urge local businesses that meet the requirements to apply to the program.”