Puerto Rican startups lead at P18’s redesigned Gen. X
Parallel18’s international acceleration program, P18, will begin its 10th edition June 28th with 10 “innovative, local, and international startups,” Puerto Rico Science, Technology and Research Trust said of their initiative.
The program offers entrepreneurs from around the world access to high-quality business education, financing, and networking to help scale globally, while positioning Puerto Rico as a strategic center for innovative technology-based business.
Out of more than 4,900 applications, 27 made it to the interview round and only 10 were chosen through a rigorous selection process which included an initial screening, an evaluation round, and the interviews.
Three of the selected companies participated in pre18, the local pre-acceleration program of parallel18. The final companies offer innovative solutions in the following industries: Fintech, Agrotech, SaaS, Real Estate, Digital Media, Blockchain & Cryptocurrency and Health & Bio-Tech. These are the selected startups: Red Atlas (Puerto Rico), Abacrop (Puerto Rico), Channel (Puerto Rico), Netftify (Puerto Rico), Lank (Chile), Figuro (Colombia), Run Falcon (Colombia), Dmlabs (Chile), Wihom (Colombia), and Esponsor (Chile).
For this special edition of Gen. X, parallel18 is changing the game by offering $125,000 that startups will receive during the program. The companies will receive this amount in exchange for a promise or commitment to donate to the Trust 1% of the value of the company’s shares at the time of its acquisition or IPO (Initial Public Offering).
Another $25,000 will be granted on a Simple Agreement for Future Equity (SAFE) uncapped with a Most Favored Nation (MFN) provision. The MFN will take on the terms of the lowest cap SAFE, or other favorable terms, between the acceptance to the program and the company’s next equity round.
“We’re looking forward to meeting this new cohort and to see how they will benefit from the island’s ecosystem and the opportunities they will create as they must commit to contributing to the local economy,” said Science Trust CEO Lucy Crespo.
“Following our mission to support underrepresented founders, we have selected a 100% Latino cohort. Since studies show that Latino founders raise only 2% of venture capital, that’s why we are excited to offer this unprecedented funding opportunity and quality mentorships. As always, the Trust is available to offer the best resources to each participant,” she said.
Among the benefits provided to Gen. X, P18 offers local and international business connections and opportunities through our parallel18 Connect sub-program. This initiative is focused on generating a global mindset that supports the #p18ners to scale into global markets.
“With Gen. X, we wanted to refresh our program as part of celebrating our tenth cohort and our 6 years of offering opportunities to underrepresented founders. Also, we will have a more tailored and individualized approach with these 10 startups, to lead them towards global opportunities and a steady growth. We’re thrilled to be working face-to-face with Gen. X,” said Natasha Martínez, parallel18’s program manager.
On the other hand, parallel18 Ventures is “committed to create diverse investment opportunities for startups and to strengthen its relations with the investment network,” officials said.
Since it was founded in December 2015, parallel18 has received more than 8,500 applications from more than 60 countries, and 248 companies have completed the program. About 65% of the foreign companies that have participated in the program maintain operations on the island. On the other hand, 88% of the alumni companies continue to operate.