Parallel18 Ventures invests in 3 startups
(PRSTRT) will invest USD$225,000 through the recently created follow-up fund Parallel18 Ventures. The fund carries the name of accelera- tor Parallel18 (P18) and was awarded to three of the startups that were part of P18’s first generation. Each will receive USD$75,000 in exchange for stocks or convertible notes, as a match to private capital raised by the companies.The selected ventures were Puerto Rican startup BUREA; Pair, co-founded by a Boricua in the diaspora; and Cinemad, from Argentina. The combined capital raised by the three companies sums USD $660,000 from investors in Puerto Rico and the United States, including Parallel18 Ventures. As a condition to receive the funds, each startup is required to keep operations in Puerto Rico and hire, at least, 5 full-time employees in the Island in the next 2 years. Parallel18 Ventures is a follow-up fund designed to co-invest in promising startups fresh out of the accelerator. With the program, the PRSTRT matches private capital raised by the entrepreneurs up to USD$75,000, in exchange for stocks or convertible notes.