To mark its fourth year accelerating early-stage startups, Parallel18, which is home to a number of Colombian startups, has released its Impact Report.
The report features insights from across the program and presents information on how to build innovation engines from scratch that result in economic impact.
Parallel18 has helped develop the local investment landscape in Puerto Rico 3X year over year, with over 3,000 companies applying to its programs. The organization is a frequent investor in startups from Colombia and across Latin America.
Said Sebastian Vidal, Executive Director at Parallel18, “We are proud of the results you will see in these pages, and we’re more than open to answering any questions regarding the data or our program.”
Takeaways in the report include:
- A look into Parallel18’s Entrepreneur-in-Residence program
- Participation data, including that 166 companies have completed the accelerator
- A breakdown of industries in the program, with 65% of the Parallel18 companies being B2B and 35% B2C
- The organization’s portfolio valuation of $101M, among other information
Startup hub in paradise
Parallel18 is a government-backed accelerator supported by the Puerto Rico Science, Technology, and Research Trust, the Department of Economic Development and Commerce, and the Puerto Rico Industrial Development Company.
Since its launch the organization has attracted international and local startups to its five month acceleration program. In addition to offering mentorship and helping its companies scale, participants are given an equity free grant of $40,000 USD.
Alumni who decide to stay on the island may also qualify for a follow-on fund from the Puerto Rico Science, Technology, and Research Trust that matches capital raised up to $75,000 USD. Three companies from Gen1 have already received the follow-on fund.
Parallel18 also earlier introduced Pre18, an accelerator program for earlier-stage founders.
One of the accelerator’s biggest success stories to date has been Abartys Health, which was founded by entrepreneurs Dolmarie Mendez and Lauren Cascio. The healthcare startup earlier this year raised $1.45M in seed capital.
Said Lucas Arzola, Parallel18’s Director of Operations, in a statement at that time, “We are proud to see Abartys’ continuous growth and commitment with the healthcare tech industry and Puerto Rico’s startup ecosystem. We feel confident that Abartys’ founders and employees have the necessary skills to progress their company into a world-class healthcare platform.”
