Unlock Capital confirms 4 new companies for its cohort program
The Community Development Venture Capital Alliance (CDVCA) announced the four companies that were missing from the 15 companies that will participate in the Unlock Capital Investment Readiness for Business Growth cohort program that will combine a series of workshops and webinars through August, as News is my Business reported.
The new companies participating in the program are: Amasar, an agricultural business; Aware, a security mobile app; Buzzzy, a platform that connects businesses with freelancers; and Doña Lola Tortillas de Maíz, a tortillas and chip manufacturer.
“We set out an investment readiness panel for each company, we invited external investors from the US and from Puerto Rico to look at the companies and identify what they need to become attractive for investors,” Emmanuel Loubriel, Unlock Capital program manager.
“After the event, we prepared a document with suggestions on how they can work on their companies throughout the cohort and even long-term recommendations that fall outside of that scope,” said Loubriel.
The past months, the different webinars that Unlock Capital had scheduled took place and they took it upon themselves to start connecting with other accelerators and organizations for future events.
On June 20, the CDVCA signed a Memorandum of Understanding with Invest Puerto Rico to attract capital for Puerto Rican companies and eventually exchange capital and investment data to help participating companies in their readiness plans, as Ernesto Villarini-Baquero, the managing director of CDVCA explained.
Additionally, participating companies have participated in recent events to further expose their progress with the program, such as Abracrop and Cuela.
Cuela participated in the Puerto Rico Coffee and Chocolate Expo 2022, showcasing their products and Abacrop was selected among 10 companies to enter Parallel 18’s Gen X with its Farm Operation Management software.
“Right now, we are working really closely with Parallel 18 and we are reaching out to other organizations here,” said Alejandra Jiménez, Unlock Capital Program Manager.
“For example, we are working on an angel investment event with them because we understand that it is beneficial for everyone in the community and it is going to be an event open for the other different organizations as well,” said Jiménez.
“The event would include a panel with local and from the state angel investors, where they can tell companies insight about risks, returns they expect and what they are looking for in a pitch,” added Jiménez.
The Unlock Capital program works in a hybrid modality and the six webinars slated to complete the first cohort will discuss a growth capital overview, equity investments, debt investments, how to engage with investors, learning how to pitch their business and creating a readiness plan for their business, as Villarini explained.
The CDVCA manages $45 million for the Puerto Rico Fund for Growth for investing in Puerto Rico based funds.