LatamList – Parallel18, the Puerto Rican accelerator program, announced the 39 startups that will receive investment from the new $1M Business Community Fund (BCP). The new fund is in cooperation with Parallel 18’s parent organization, Puerto Rico Science, Technology, and Research Trust.
Parallel 18 is an accelerator program committed to supporting entrepreneurs in Puerto Rico through funding, mentoring, and business networks.
Since the pandemic, international VC financing has reduced by 20% with four in ten technology startups in Latin America considered to be in the ‘red zone’. Parallel 18 decided to create the BCP as a direct relief fund for those startups struggling in the region.
“The fund allowed us to act immediately and develop an investment vehicle that could support a very diverse group of companies graduated from our program, both local and international, that needed capital to propel their accelerated growth or keep the business afloat in the face of the pandemic,” said Eduardo Padial, Director of Operations at Parallel 18.
To be eligible for selection, applicants had to be a graduate of the Parallel 18 program. The chosen startups include Booksloth, a mobile book recommendation app, and Guilty, an online clothing-rental store. Among the chosen startups, 31% are led by women.
“Through this fund, the Trust seeks to strengthen its commitment not only with the development of high-impact startups from the island, but also with providing the necessary tools to guarantee that, once these startups emerge, they can continue operating and, in turn, stimulate the local economy,” said Lucy Crespo, COO at PRSTRT.
Read more on The Weekly Journal.