Puerto Rico’s Parallel18 accelerator offering $40K grants to 40 startups for 4th gen.
Backed by the government of Puerto Rico, accelerator Parallel18 is accepting applications for its fourth generation of startups.
Parallel18 (P18) has launched its fourth open call for startups to go through its accelerator program in Puerto Rico.
P18 will provide $40K grants to some 40 startups that make it through the application process, and the deadline to apply is Monday, May 8 at midnight.
The accelerator program will run for five months and has all the benefits of a world-class accelerator including strong mentorship and solid networking — all taking place from the capital of San Juan along with its stunning beaches on the Caribbean.
This fourth open call is directed towards innovative startups with a global vision that have a functional prototype and are in the process of scaling their sales or operations.
Startups that complete the acceleration program and keep operations in Puerto Rico will be eligible for Parallel18 Ventures — a follow-on fund of up to $75,000 as a matching to the investment they raise. In the first generation, the companies who received the fund were Burea, Pair, and Cinemad, while the second round is in the process of evaluation.
“A year ago we received our first generation of startups with an idea of what the P18 value proposition would represent in the global entrepreneurial ecosystem,” said Sebastian Vidal, Executive Director of P18, adding, “The level of satisfaction of the entrepreneurs who have completed the program [allows] them recommended it to their peers, helping to raise the profile of Puerto Rico as a center of innovation.”
Vidal was instrumental in the success of another Latin American-based accelerator, Start-Up Chile, where he was also an executive director.
Start-Up Chile was named the most innovative company in Latin America by Fast Company for “creating (and retaining) new business in Chile.”
For Parallel18, Vidal expressed, “The experience of almost one hundred companies that have been through the accelerator showed that the elements that stand out are the access to mentors and quality resources, and the location of Puerto Rico with respect to the markets of the United States and Latin America.”
Startups from more than 48 countries have applied to Parallel18, and those who have gone through its acceleration program have seen results beyond their expectations.
One such P18 graduate, Abartys Health, went on to win the live-action pitch competition Release It at SXSW this year in Austin, Texas.