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Parallel18 announces P18 Gen. 12 cohort, publishes impact report

The Puerto Rico Science, Technology and Research Trust’s program has supported more than 400 startups in the past seven years.

The Puerto Rico Science, Technology and Research Trust’s business acceleration program, Parallel18, has released its latest impact report. It highlights the organization’s 2023 initiatives, including the pre18, P18 and Xpand programs, which focus on pre-acceleration, acceleration and post-acceleration, respectively, and have been supporting entrepreneurs in scaling their startups globally for the past seven years.

Along with the report, Parallel18 also announced the 25 companies selected for its 12th generation of the P18 international acceleration program, which will kick off in July. These companies will receive 20 weeks of mentoring in Puerto Rico, business connections, access to Parallel18’s network of investors and a $40,000 grant with an additional $20,000 investment from the trust.

The Gen. 12 cohort includes a diverse group of local and international entrepreneurs representing fintech, cleantech, advertising, music, health care and other industries. This edition features startups from Puerto Rico, the U.S. mainland, Argentina, Brazil, Mexico, Chile, Colombia, Norway, Poland, Spain, and the United Kingdom.

“Once again, Parallel18 demonstrates the importance of supporting local and international entrepreneurs, as they are one of the main sources of economic development for our country,” said Lucy Crespo, CEO of the trust. “At the Trust, we are proud to have a robust entrepreneurial pillar capable of providing valuable and relevant resources for each participant. Every year, the ecosystem continues to evolve, and Parallel18 remains at the forefront.”

P18 participants who raise private capital can benefit from the Parallel18 Ventures initiative and its matching fund, a co-investment fund designed to match capital raised.

The Gen. 12 cohort includes: ATC (Argentina), BioSnap (Brazil), Buzzly (United States), Fincrick (Chile), Flutter Labs (United Kingdom), Heimdal (United Kingdom), HighTide Intelligence (United States), IAController Spa (Chile), IncentivesPro (Puerto Rico), Landa Club (Mexico), Lets Fuel (Puerto Rico), MK Care (Puerto Rico), MyCloud Menu (Puerto Rico), No Limbits (United States), Roam Stay Inc. (United States), SonGain (Colombia), Thalasso Biotech AS (Norway), Toggle Communications (United States), Topdoerr (United States), uTripper (Colombia), Wallbit (Argentina), Watermelon (Spain), Wealth2B (Argentina), WeavAir (Poland) and Xertify (Colombia).

“We are very excited to welcome this international generation in our new space: the Forward Center located within the Science City at the Trust. We want each participant to enjoy and benefit from this new facet of our organization,” said Parallel18 Executive Director Héctor Jirau. “The selection process was very competitive … with high-caliber applications evaluated by international judges. Gen. 12 promises to be a great cohort, with the diversity and innovation that have always characterized our alumni.”

More than 400 startups

Since 2015, Parallel18 has been supporting Puerto Rico’s ecosystem by providing funding, specialized mentorship, business connections and investment opportunities for underrepresented founders worldwide. The organization releases an annual impact report, summarizing its initiatives and contributions to the business ecosystem.

With 161 Puerto Rican companies graduating from pre18, the local pre-acceleration program is the starting point for Puerto Ricans seeking to immerse themselves in entrepreneurship full-time. More than 70% of local companies are still in operation, generating revenue amounting to $4.1 million.

P18, the pioneering international acceleration program, has supported a total of 279 companies, encouraging global expansion while contributing to local economic development. P18 alumni have created more than 800 jobs, with 75% of these companies continuing to operate.

As local businesses progress to a more advanced stage, Xpand supports Puerto Rican businesses toward sustainable and global growth. This post-acceleration program, subsidized by Banco Popular of Puerto Rico, has graduated 19 companies (Gen. 2 and Gen. 3) with sales totaling $9.6 million.

Between January and December 2023, Parallel18 distributed more than $1.3 million in grants to the 23 participating Gen. 5 (Pre18) companies and the 19 Gen. 11 (P18) startups. Gen. 11 companies raised $675,000 during the program, while Pre18 Gen. 5 companies raised $912,000.

Parallel18 Ventures, which helps startups create investment strategies and connect with a curated network of more than 600 investors, has a portfolio of 64 companies, raising a total of more than $85.1 million in capital over the last seven years. 

In 2023, about $605,000 was invested in 23 companies, including $380,000 in P18 Gen. 11 startups, $125,000 in RedAtlas through the “matching fund” and $100,000 in three Xpand Gen. 3 companies (Konti Design, PRoduce and Libros 787).

The report highlighted success stories such as Raincoat (P18 Gen. 8), a Puerto Rican microinsurance company that raised $6.5 million, bringing its total capital raising to $11 million. The investment will allow the startup to expand into new markets.

Another highlighted company is Konvex (P18 Gen. 10), a Colombian firm that secured a $700,000 investment. Konvex has facilitated more than 500,000 accounting reconciliation transactions, impacting more than 80 e-commerce stores, and will use the capital to continue growing and positioning the company globally.

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