San Juan, Puerto Rico – Monday, June 17, 2024  – For the seventh consecutive year, parallel18, part of the entrepreneurship pillar program of the Puerto Rico Science, Technology, and Research Trust (PRSTRT), announced the results of its most recent Impact Report. The document summarizes the organization’s initiatives during 2023 with its pre18, P18 and Xpand programs– pre-acceleration, acceleration and post-acceleration programs respectively– in order to help entrepreneurs scale their startups globally.

Along with the results of this report, the entrepreneurial support program also announced the 23 companies selected for its twelfth generation of the P18 international acceleration program that will begin in July. These companies will receive mentoring for 20 weeks in Puerto Rico, be provided with business connections, access to parallel18’s network of investors, and receive a $40,000 grant and an investment of $20,000 from the Trust.

Likewise, Gen. 12 is made up of a diverse group of local and international entrepreneurs representing fintech, cleantech, advertising, music, healthcare, among other industries. In this edition of the acceleration program, startups from Puerto Rico, United States, Argentina, Brazil, Mexico, Chile, Colombia, Norway, Poland, Spain and the United Kingdom will participate.

“Once again, parallel18 demonstrates the importance of supporting local and international entrepreneurs since they are one of the main sources of economic development for our country. At the Trust, we are proud to have a robust entrepreneurial pillar capable of providing valuable and relevant resources for each participant who goes through our programs. Every year, the ecosystem continues to evolve, and parallel18 remains at the forefront,” said Eng. Lucy Crespo, CEO of PRSTRT.

Furthermore, P18 participants who raise private capital will be able to benefit from the parallel18 Ventures initiative and its “Matching Fund”, a co-investment fund designed to match the capital they raise.

Gen. 12 official cohort:

“We are very excited to welcome this international generation in our new space: the Forward Center located within the Science City at the Trust. We want each participant to enjoy and benefit from this new facet of our organization.  Likewise, the selection process was very competitive since we received applications of very good caliber and were evaluated by international judges. Gen. 12 promises to be a great cohort, with the diversity and innovation that has always characterized our alumni,” said Dr. Héctor Jirau, executive director of parallel18.

More Than 400 Local and International Startups Assisted in Seven Years

Since 2015, parallel18 has the mission of enriching Puerto Rico’s ecosystem by providing funding, specialized mentorship, business connections and investment opportunities for underrepresented founders from around the world. For this reason, the organization annually releases its impact report, which summarizes its initiatives and contributions to the business ecosystem.

With 161 Puerto Rican companies graduating from pre18, the local pre-acceleration program is the starting point for Puerto Ricans seeking to immerse themselves in entrepreneurship full-time. Currently, more than 70% of local companies are still in operation and have generated revenues amounting to $4.1 million.

P18, the pioneering international acceleration program, has supported a total of 279 companies with opportunities that encourage global expansion while contributing to local economic development. P18 alumni have created more than 800 jobs, and 75% of these companies continue to operate.

As local businesses progress to a more advanced stage, Xpand is a community-driven program that supports Puerto Rican businesses toward sustainable and global growth. This post-acceleration curriculum, subsidized by Banco Popular, has graduated 19 companies (Gen. 2 and Gen. 3) with sales amounting $9.6 million.

According to the impact report, between January and December 2023, the organization distributed $1,347,500 in grants to the 23 participating Gen. 5 (Pre18) companies and the 19 Gen. 11 (P18) startups.

Regarding the private capital raised by the companies, it was detailed that Gen. 11 companies raised $675,000 during the program, while Pre18 Gen. 5 companies raised $912,000.

Additionally, the parallel18 Ventures subprogram that helps startups create an investment strategy while connecting them with a curated network of more than 600 investors, 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).

Finally, the report highlighted success stories such as the Puerto Rican company in the microinsurance industry, Raincoat (P18 Gen. 8), which raised $6.5 million, bringing its total capital raising to $11 million. This investment will allow the startup to expand into new markets.

Another company highlighted in the report is Konvex (P18 Gen. 10). This Colombian company secured an investment of $700,000. The company has facilitated over 500,000 accounting reconciliation transactions, impacting more than 80 e-commerce stores. This capital will allow it to continue growing and position the company globally.

Read the complete parallel18 Impact Report here.

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About parallel18 and the Puerto Rico Science, Technology and Research Trust

Parallel18 is a business support initiative with a social mission: to offer entrepreneurs around the world access to high-quality business education, financing and networking to help them expand globally, while positioning Puerto Rico as a strategic center for business technology-based innovators. Created in 2015 by the Puerto Rico Science, Technology and Research Trust, parallel18 stands out for its high-caliber, results-focused incubation, pre-acceleration, acceleration and post-acceleration curriculum.

The Puerto Rico Science, Technology and Research Trust

As described in Public Law 214-204, is a nonprofit organization created in 2004 to promote the participation and creation of jobs on the island in the global knowledge economy by promoting investment and the financing of research and development of science and technology. The PRSTRT invests, facilitates, and builds capacity to continually advance Puerto Rico’s economy and its citizens’ well-being through innovation-driven enterprises, science and technology, and its industrial base. With the goal of Puerto Rico being an innovation center of global recognition.  The Puerto Rico Science, Technology and Research Trust was also designated one of the 31 Tech Hubs, by President Biden’s administration in 2023, to lead the PRBio Tech Hub, with a multi-sector consortium on the Island. For more information: www.prsciencetrust.org.

PRESS RELEASE

Contact:

Menchu Agüeros Jiménez

(787)478-5282

[email protected]