Parallel18, the startup accelerator powered by the Puerto Rico Science, Technology, and Research Trust, has released its 2024 Impact Report, highlighting a decade of transformative support for startups across its flagship programs: pre18 (pre-acceleration), P18 (acceleration), Xpand (post-acceleration), and the newly launched BioLeap for life sciences. Since its inception, the initiative has assisted over 500 startups from Puerto Rico and around the world, helping them generate more than $500 million in cumulative revenue and create over 800 jobs.
In parallel with the report, the organization announced the 20 startups selected for the 13th generation of P18, which begins on July 7. The cohort includes ventures from Argentina, Brazil, Chile, the United Kingdom, the United States, and Puerto Rico, covering industries such as Artificial Intelligence, EdTech, HealthTech, Renewable Energy, and Cybersecurity. Half of the selected companies are local, reinforcing Parallel18’s commitment to nurturing Puerto Rican entrepreneurship.
The 2024 report also underscores the growing impact of Parallel18 Ventures, a co-investment program that has deployed $4.4 million across 118 deals and maintains a 78% survival rate among portfolio companies. Startups that raise private capital during the P18 program are eligible for matching funds—doubling their runway and increasing their growth potential.
Additional milestones from the year include the graduation of eight startups from BioLeap, which together raised $1.8 million in capital, and the successful Dimension Fest event that brought together over 200 attendees from nine countries. The initiative also deepened partnerships with key players like Banco Popular and the U.S. Economic Development Administration, cementing its role as a launchpad connecting Latin America, the U.S., and global markets through Puerto Rico.