Parallel18 welcomes 13th startup cohort, tops 500 accelerator grads
Parallel18, the international startup accelerator under the Puerto Rico Science, Technology and Research Trust, has graduated more than 500 startups from its programs since its founding in 2015.
The announced milestone coincides with the release of its 2024 Impact Report and the unveiling of the 20 startups selected for P18’s 13th generation, which begins July 7.
The selected Gen. 13 cohort includes entrepreneurs from Puerto Rico, Argentina, Brazil, Chile, the United Kingdom and the United States. Startups represent industries such as edtech, clean energy, health care, biotechnology, e-commerce and cybersecurity. Half of the selected companies are Puerto Rican.
Over the course of 20 weeks in Puerto Rico, these companies will receive expert mentorship, connect with key business players, access parallel18’s investor network and receive a $40,000 equity-free grant.
The 20 companies selected for Gen. 13 are: Aims Innovations, Autoket, BLAST Bilingual, Booksell LLC, Borderless, dME Network, DTI Enterprises, Equiply, Hospitri, iTerra Solutions, Kresko RNATech, MedraBiotech, Nearvana, Onos, Puny.bz Inc, Raya Power, Replica AI, Rippledesk, SmartHow, and Tuto Edu.
The cohort includes companies working on challenges in workforce development, sustainable agriculture, financial technology and digital health.
P18 startups that secure private capital will be eligible for additional support through parallel18 Ventures and its matching fund — a co-investment initiative designed to double the capital they raise and accelerate their growth, officials said.
In 2024, parallel18 distributed $1.5 million in grants across its P18 and pre18 programs. P18 Gen. 12 companies raised nearly $3.4 million in private capital during the program, while pre18 Gen. 6 companies generated $1.3 million in cumulative revenue, the organization reported.
Since its inception, P18 has supported 302 companies, resulting in more than 800 jobs created and cumulative revenues of $502.3 million, according to the organization. Its alumni have reached a combined portfolio valuation of $847.65 million, and 74% of the 183 Puerto Rican companies that graduated from pre18 remain operational.
Xpand, the growth-stage program funded by Banco Popular, helped companies achieve $15.6 million in sales and create 43 jobs. The recently launched BioLeap program, focused on life sciences, graduated eight startups that generated $90,000 in revenue and raised $1.8 million in capital.
“What makes parallel18 unique is our ability to evolve and adapt to the changing needs of entrepreneurs — from launching BioLeap for life sciences innovation to expanding our post-acceleration support through Xpand, and now introducing the VCAP fund to address the capital gap,” said Héctor Jirau, executive director of parallel18.
Parallel18 Ventures has invested $4.4 million in 118 startups, with a reported portfolio survival rate of 78%.
“As we celebrate parallel18’s anniversary, we reflect on a decade of transformational impact supporting local and international entrepreneurs who are driving economic development for Puerto Rico,” said Science Trust CEO Lucy Crespo.
The organization maintains partnerships with Banco Popular, Aeronet, Hello Media, Deca Analytics, the Puerto Rico National Chamber of Commerce and the U.S. Economic Development Administration.
Parallel18’s reach was also highlighted at the 2024 18th Dimension Fest, which brought together more than 200 attendees from nine countries and awarded more than $53,000 to participating startups. The event showcased both Gen. 12’s Demo Day and the Alumni Venture Summit.
Since its founding in 2015, parallel18 has developed into a global accelerator connecting Latin American and U.S. markets, while establishing Puerto Rico’s position as a growing technology hub.
