At parallel18, we are super excited to announce that our international acceleration program, P18, will be welcoming its 10th cohort on June 28th!
We will be having a cohort 100% from LATAM; where four Puerto Rican startups will be leading Gen. X. Meanwhile, Chile will be represented by 3 companies and additionally 3 more from Colombia; for a total of the innovative projects.
The selected companies offer innovative solutions in the following industries: Fintech, Agrotech, SaaS, Real Estate, Digital Media, Blockchain & Cryptocurrency and Health & Bio-Tech. We have startups from Puerto Rico, Colombia, and Chile.
Impressively, out of more than 4,900 applications, 27 international startups made it to the last round and the top 10 companies were chosen. The rigorous selection process included an initial screening, an evaluation round and a final interview.
If you’re curious of Gen. X, these were 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).
As you know, for this special edition of Gen. X, we are changing the game by offering a staggering $125,000 USD that startups will receive during the course of 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 (USD) 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 seeing how they will benefit from Puerto Rico’s ecosystem and the opportunities they will create as they must commit to contributing to the local economy.
Among the benefits provided to Gen. X, our P18 program 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.
On the other hand, parallel18 Ventures is committed to create diverse investment opportunities for startups and to strengthen its relations with the investment network.
Since the organization was founded in December 2015, we have received more than 8,500 applications from over 60 countries, and 248 companies have completed the international program. 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.
We invite you to congratulate these startups as we know they are going to disrupt the entrepreneurial ecosystem!