Year 7: 400+ Startups Supported and Counting!
Since 2015, parallel18 is on a mission to nurture Puerto Rico’s ecosystem by providing funding, mentorship, business connections and investment opportunities to underrepresented founders from around the globe.
As part of the Puerto Rico Science, Technology and Research Trust (PRSTRT), we’ve reached and proudly supported 452 early-stage companies on their path towards scalability and success in emerging markets. Each startup alumni has received unparalleled resources that propel their journey and strengths their innovative solutions.
More than ever, parallel18 stands as a referrer of innovation– an entrepreneurial hub where investors land, entrepreneurs meet, and emerging and fully developed markets link up.
Our 7th Impact Report is a testament to the latest achievements of parallel18, highlighting all the cohorts that participated in our programs during 2023 (P18 Gen. 11, pre18 Gen. 5, and Xpand Gen. 2 and 3). A total of 61 local and international startups were part of our programs last year.
This report also includes cumulative data of all our startup alumni and initiatives that have been ongoing since parallel18’s inception.
We invite you to read all the hard work that delivered staggering results last year!
With 161 local companies graduated to date, our local pre-acceleration program, pre18, is the starting point for “boricuas” looking to leave their day jobs and dive into the full-time entrepreneurial lifestyle!
For its fifth cohort, 23 local startups received over 34 mentorship sessions, engaged in 39 giveback sessions, and a total of 219 hours of direct contact with mentors. Also, a total of $587,500 (USD) in grants were distributed to Gen. 5 while $912,000 (USD) private capital was raised by this cohort. Amazing results that enriched their entrepreneurial journey and expanded their network within their industries!
We foster a diverse Puerto Rican ecosystem by welcoming companies from around the globe to our international acceleration program, P18. With 279 graduated companies, our international curriculum not only supports the local business landscape but also provides invaluable opportunities for global expansion. Since inception, #p18ners have created more than 800 jobs and 75% of the companies continue their operations.
Gen. 11, our latest international cohort, supported 19 startups with business education, corporate connections, and investment opportunities. In a span of 20 weeks, Gen. 11 achieved 73 closed deals, $1.3 M (USD) in revenue generated and an overall cohort valuation of $83M (USD). This generation demonstrated substantial progress with $675k (USD) capital raised during the program while making a positive impact on the community with 829 individuals benefiting from its Giveback program.
As local startups transcend into a more advanced stage, Xpand is a community-driven program that propels Puerto Rican companies towards sustainable growth. This curriculum, subsidized by Banco Popular, is designed as a post-acceleration program for ventures focused on expanding into international markets.
During 2023, two cohorts with a total of 19 companies (Gen. 2 and Gen. 3), successfully finished the curriculum. The participants of Xpand received 53.5 hours of specialized mentorships, engaged in 29 workshops tailored to their needs, and had access to a diverse pool of 27 internal and external mentors. As for cumulative results of this program, 38 jobs were created, $100k (USD) capital invested in participants, and a $9.6M (USD) of cumulative revenue. We’re also proud to say that our alumni exported their product and/or services to five countries: México, Colombia, Chile, Argentina, and the United States (in regions such as Florida and California).
This subprogram is focused on preparing startups to raise capital. As startups continue their entrepreneurial journey, investment opportunities can boost their growth and fund their operations. For this, parallel18 Ventures comes into play. We offer our startups advice, connections to curated investors, and support on the road to raise funds.
Currently, parallel18 Ventures has a portfolio of 64 companies, which have raised a total of $85,113,800 in capital in the last seven years (cumulative). Last year alone, around $605,000 in capital was invested in 23 companies, of which $380,000 was invested in startups of P18 Gen. 11; $125,000 that was awarded in a “Matching Fund” to the company RedAtlas and $100,000 that was invested in 3 companies of Xpand Gen. 3 (Konti Design, PRoduce, and Libros 787).
Parallel18 Connect is committed to introducing visionary entrepreneurs to well-established corporations and global organizations that can amplify their innovative solutions into the rest of the world. We do this by supporting our startups in the development of a strong value proposition and business development strategy and by hosting impactful events that lead to meaningful networking.
During the last year, we facilitated 67 intros with corporate partners, provided more than 100 office hours and 8 deals were closed with corporate partners.
As we reflect on our 2023 achievements, parallel18 is excited for what’s ahead. This year we already launched BioLeap, an incubation program designed to bridge Life Sciences research and commercialization, supporting entrepreneurs with mentorship, resources, and a collaborative network.
We’ve also moved to the Forward Building at the Puerto Rico Science, Technology, and Research Trust, creating a vibrant hub for startups. This new location will enhance our role in fostering innovation and entrepreneurial growth.
Additionally, we are proud recipients of the EPIC prize from the U.S. Department of Energy Office of Technology Transitions. Our new initiative, Challenge to Innovate “Project Switch,” will support clean energy startups from ideation to prototyping.
With these exciting developments, parallel18 is set to continue driving innovation and supporting dynamic startups. The future is bright, and we eagerly anticipate what’s to come.
Download the complete Impact Report here!
