From Puerto Rico to the World: A Decade of Supporting 500+ Startups

Ten years ago, Puerto Rico was a well-kept secret in the global innovation landscape. Today, it stands as a bridge connecting international startups to both U.S. and Latin American markets.

As we celebrate #10YearsOfParallel18, our newly released 2024 Impact Report showcases a remarkable journey from ambitious vision to transformative reality. What began as a visionary initiative has evolved into Puerto Rico’s cornerstone innovation ecosystem, supporting entrepreneurs at every stage of their journey.

The Numbers Tell Our Story

Parallel18’s impact is undeniable: 78 startups successfully completed our programs in 2024 alone, joining a growing alumni network of over 500 companies from around the globe. Our portfolio companies have generated a staggering $502.3 million in cumulative revenue and raised $339.1 million in capital, with a combined portfolio valuation exceeding $847 million.

Four Programs, One Ecosystem

Our evolution from a single accelerator to a comprehensive innovation and entrepreneurship hub reflects our commitment to supporting entrepreneurs wherever they are in their journey:

• pre18: Our local pre-acceleration program has graduated 183 Puerto Rican startups with an impressive 74% survival rate
• P18: Our pioneering international accelerator has welcomed 302 companies from around the world
• Xpand: Our growth-stage program, supported by Banco Popular, helps established companies scale sustainably
• BioLeap: Puerto Rico’s first dedicated life sciences incubator, launching breakthrough innovations in biotechnology, medical technology, among others

Voices from the Journey

The impact extends far beyond numbers. As founding team member Sebastián Vidal reflects: “We called global startups to come to the island, helped create new ones from within, and even repatriated some. Over time, we saw 10X growth in nearly every metric — investment raised, startups supported, jobs created, and global sales.”

Marie Custodio, another founding member, emphasizes the strategic vision: “Everyone’s enthusiasm came from the innovative factor that the program brought to Puerto Rico: it was an initiative that had the opportunity to connect Latin America with the United States and other international markets.”

Innovation in Action

This year’s standout successes demonstrate the diversity and potential of our ecosystem. No Limbits, our Gen. 12 graduate creating accessible apparel for people with disabilities, secured major partnerships with Hanger Clinic, Walmart, and QVC while raising $3 million in Series A funding. Meanwhile, local success story Let’s Fuel achieved 37% growth and successfully launched their fuel delivery app, partnering with major local brands.

Looking Forward

As we launch into 2025, parallel18 continues innovating. We’re refreshing our Xpand program with year-round technical assistance and launching exciting new initiatives like the parallel18 Shop, featuring book recommendations from our mentor network.

The past decade has proven that innovation can indeed thrive anywhere. As Executive Director Héctor Jirau notes in the report: “As we look ahead, we remain committed to strengthening Puerto Rico’s entrepreneurial future — one founder, one solution, and one breakthrough at a time.”

Puerto Rico is no longer a well-kept secret — it’s a proven launchpad for global innovation.

Ready to join our ecosystem? Visit parallel18.com to learn more about our programs and become part of Puerto Rico’s startup ecosystem.