To mark its fourth year accelerating early-stage startups, Parallel18, which is home to a number of Colombian startups, has released its Impact Report.
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.”
Here are the 30 startups from Parallel18’s Gen7 DemoDay
Expediente Azul automates the document gathering process for large loans that require the customer sending 15-30 documents by reducing the friction caused by missing, incorrect or outdated documents sent by the customer speeding up the KYC process 2.5X.
Fixme offers curated wellness professionals on demand for people with chronic back pain and related issues. We connect them through a website in less than 1 hour.
Chaty helps restaurants to sell online across their social networks with focus building loyalty clients.
Arvada provides our customers with peace of mind using the stronger box in the world to provide durable, sustainable, eco-friendly and cost effective structures for residential, commercial and institutional customers.
Keteka connects local guides in developing countries with the world’s travelers.
BoxPower provides turnkey solar + battery systems prefabricated in shipping containers as a clean, reliable, and affordable alternative to generators.
LICKco is a Puerto Rico-based direct-to-consumer startup aimed at designing environmentally friendly pet-related products that focus on fostering the bond between the owner and it’s pet.
Intellitech is real-time tracking and predictive maintenance platform with IOT and AI.
Abexus is data analytics powered by AI technology.
Ovee is a digital health companion for people with vaginas. We connect people to medical resources and a supportive community to help them confidently navigate their sexual and reproductive health.
Tagshelf is AI-powered automatic document fraud prevention and validation.
Abaxto creates a direct B2B access for stores to worldwide inventories.
FitWallet provides Financial Wellness Education services aiming to deliver a MoneyWorry-Free Lifestyle for all it’s customers through tailor made educational solutions that positively impact every family member.
DataScope Forms is a mobile
solution to automate your
operation. Collect data offline,
manage field teams and share
business insights.
Applivi’s purpose as entrepreneurs and
engineers is to improve patient-
centered approach with smart
medical contact center, achieving
excellent quality of health service
and increasing the productivity of
medical personnel.
In Fitco we help fitness centers to
grow by helping them to automate
their operations trough our
management software, retain
customer trough our booking app
and reach new users by streaming
online their fitness classes.
Omics Solutions is tackling diabetes, 21st
century Pandemia, bringing
INNOVATIO ND2 the first test able
to diagnoses and predict the risk
of developing Renal Disease in
Type 2 Diabetic Population.
LiveGreen Reco Engine, Charaka,
blends our Ancestral Plant
Nutrition Science with BioTech &
ML, to prescribe 100% plant
alternatives for the animal,
synthetic & highly-processed
ingredients in our daily foods.