Parallel18 Reaches Major Milestone with Over 500 Startups Backed and Launches Gen. 13

For the eighth year in a row, parallel18—Puerto Rico’s powerhouse for startup growth under the Puerto Rico Science, Technology, and Research Trust—has unveiled its latest Impact Report. The 2024 edition spotlights the milestones and momentum of its main programs: pre18, P18, Xpand, and BioLeap, which support entrepreneurs from idea to global scale through pre-acceleration, acceleration, post-acceleration, and life sciences incubation.

Alongside the release of its Impact Report, parallel18 announced the 20 startups selected for the thirteenth generation of its P18 international acceleration program, set to begin on July 7. Over the course of 20 weeks in Puerto Rico, these companies will receive expert mentorship, connect with key business players, access parallel18’s investor network, and receive a $40,000 equity-free grant.

Gen. 13 features a dynamic mix of local and international entrepreneurs representing EdTech, Clean Energy, Healthcare and BioTechnology, IT, E-Commerce and Cybersecurity, among others, with participating startups coming from Argentina, Brazil, Chile, Puerto Rico, United Kingdom, and the United States. This diverse cohort highlights the program’s global impact and continued support for high-potential ventures. Also, 50% of the companies are from Puerto Rico.

What’s more, P18 startups that secure private capital will be eligible for additional support through parallel18 Ventures and its Matching Fund—a co-investment initiative designed to double the capital they raise and accelerate their growth.

Gen. 13 official cohort:

More Than 500 Local and International Startups Assisted in Eight Years

In 2015, when most conversations about startups centered around Silicon Valley and other established tech hubs, Puerto Rico was quietly preparing to make its mark on the global innovation map. That year, the Puerto Rico Science, Technology and Research Trust embarked on an ambitious journey by establishing parallel18, a visionary initiative that would eventually become a vital bridge connecting international startups to both U.S. and Latin American markets.

“As we celebrate parallel18’s tenth anniversary, we reflect on a decade of transformational impact supporting local and international entrepreneurs who are driving economic development for our country. At the Trust, we are proud to have built a robust entrepreneurial pillar that has evolved from a bold vision into a cornerstone of Puerto Rico’s innovation ecosystem. Over these ten years, we have demonstrated that with the right resources and support, entrepreneurs can thrive anywhere, and parallel18 continues to lead the way in positioning Puerto Rico as a global hub for innovation,” said Eng. Lucy Crespo, CEO of PRSTRT.

With 183 Puerto Rican companies graduating from pre18, the local pre-acceleration program is focused on closing the funding and education gap for Puerto Ricans to upscale into global markets. Currently, 74% of local companies are still in operation and have generated cumulative revenues amounting to $6.95 million.

P18, the pioneering international acceleration program, has supported a total of 302 companies with opportunities that encourage global expansion while contributing to local economic development. P18 alumni have created more than 800 jobs, and their cumulative revenue has reached $502.3 million with a combined portfolio valuation of $847.65 million.

As businesses progress to a more advanced stage, Xpand is a growth-stage program that supports companies toward sustainable and global expansion. This post-acceleration curriculum, subsidized by Banco Popular, has graduated companies with cumulative sales amounting to $15.6 million and has created 43 jobs while retaining 19 additional positions.

“We are very excited to welcome this international generation as we celebrate our tenth anniversary year. What makes parallel18 unique is our ability to evolve and adapt to the changing needs of entrepreneurs—from launching BioLeap for life sciences innovation to expanding our post-acceleration support through Xpand, and now introducing the VCAP fund to address the capital gap. Gen. 13 promises to be a remarkable cohort that will benefit from this comprehensive ecosystem we’ve built, with the diversity and innovation that has always characterized our alumni,” said Dr. Héctor Jirau, executive director of parallel18.

According to the 2024 impact report, the organization distributed $1,482,500 in grants during 2024 to participating companies across pre18 Gen. 6 ($562,500) and P18 Gen. 12 ($920,000).

Regarding private capital raised by the companies, P18 Gen. 12 companies raised $3.375 million during the program, while pre18 Gen. 6 companies demonstrated strong performance with $1.3 million in cumulative revenue during their program participation.

BioLeap, parallel18’s dedicated life sciences incubator launched in 2024, graduated 8 startups representing diverse sectors including agrotech, bioinformatics, artificial intelligence, among others. These companies have generated $90,000 in cumulative revenue, created 12 jobs, and raised $1.8 million in capital within Puerto Rico.

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 deployed $4.4 million in capital across 118 total investments. The portfolio maintains a 78% survival rate with companies representing 17 countries, of which 33% are local Puerto Rican companies.

The report highlighted notable success stories from 2024, including No Limbits (P18 Gen. 12), an accessible apparel brand that secured partnerships with major clients including Hanger Clinic, Walmart, and QVC, and successfully raised $3 million in Series A funding. Another standout is Cultimar Technologies from the BioLeap program, an aquaculture startup that has secured $1.12 million in funding and been accepted into the prestigious international Hatch Blue accelerator program.

The entrepreneurial program also celebrated significant milestones in 2024, including the successful 18th Dimension Fest that attracted more than 200 attendees from 9 countries and awarded over $53,000 to showcasing startups. The event featured both P18 Gen. 12 Demo Day and the Alumni Venture Summit, reinforcing parallel18’s position as a bridge between North and Latin American markets.

As parallel18 enters its tenth year of operations, the organization continues to expand its impact through strategic partnerships, including formalized collaborations with Banco Popular, Aeronet, Banco Popular, Aeronet, Hello Media, Deca Analytics, Puerto Rico National Chamber of Commerce, and the U.S. Economic Development Administration.

Banco Popular has solidified its partnership with parallel18 by funding the Xpand program, which focuses on supporting growth-stage companies. Also, the financial institution supports pre18 and P18 events and initiatives.