The Puerto Rico Venture Capital Access Program (VCAP) partners with seed and early-stage startups building in Puerto Rico, deploying investment capital to accelerate their growth.
The program is an initiative of the Economic Development Bank of Puerto Rico in collaboration with parallel18, a program of the Puerto Rico Science, Technology and Research Trust.
Expected program deployment
(USD)
$150K - $2.5M
Investment size
(USD)
Expected number of investees
Puerto Rico is home to fundable companies and boasts a highly specialized market, with leading sectors including bio-engineering, creative industries, pharmaceuticals, and technology. VCAP serves as the vital link connecting capital opportunities with the island's innovative entrepreneurship.
Jamie Rodota
Senior Portfolio Manager
Target companies
VCAP invests up to 50% of any given round, with the remaining 50% matched by private investors. Our commitment is designed to be the catalyst — giving founders the credibility and momentum to secure the private capital alongside us.
For additional information regarding the use of proceeds; conflict of interest; socially and economically disadvantage individuals and very small business (SEDI and VSB); reporting; and certifications.
Headquartered on Puerto Rico
Scalable companies
Must have a clear vision and the ability to execute
Active fundraising
Key Features
Once qualifiable investment is made through the VCAP the company will receive additional support.
Capacity building
From the assistance of parallel18 programs and mentors.
Capacity building
From the assistance of parallel18 programs and mentors.
Network initiatives/ Networking events
Access to initiatives & events exclusive to the parallel18 alum.
Network initiatives/ Networking events
Access to initiatives & events exclusive to the parallel18 alum.
Capital initiatives
Access to all initatives that are part of the parallel18 network.
Capital initiatives
Access to all initatives that are part of the parallel18 network.
Monitoring and assistance
To ensure continuous growth.
Monitoring and assistance
To ensure continuous growth.
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Frequently Asked Questions
How do I apply?
You can visit www.parallel18.com/vcap and click the application button in Spanish or English based on your language preference. There are no differences in application form other than translation.
Please note that we are unable to share the submitted application answers, thus, make sure to request a copy at the end of the application form portal.
Are the investments made through the VCAP considered a grant or an equity investment?
VCAP provides equity investments by exchanging capital for minority ownership in your company. We rigorously evaluate each investment for its potential financial return. This is not a grant program or non-dilutive funding source.
What types of financial instruments can VCAP invest in?
The VCAP is a direct equity co-investment mechanism, thus only equity and equity-like instruments are considered. The VCAP is unable to consider debt, debt derivatives or any similar instruments. Preferred equity, common stock, convertible notes and SAFEs qualify, among similar instruments.
Where can I find the information relating to how my company can or cannot use the investment capital from the VCAP?
SSBCI funds must be used strictly for business purposes, such as startup costs, working capital, equipment, or property improvements, and cannot be used for passive real estate investment, tax repayments without a payment plan, or reimbursing owners. You can find the full SSBCI guidelines, including restrictions around the use of proceeds here.
How does the VCAP determine if a company is based in Puerto Rico?
We take our commitment to investing in Puerto Rico-based companies very seriously. While we understand that each company’s situation is unique, we assess whether a company is based in Puerto Rico using several key criteria, including, but not limited to:
- The company is registered to do business in Puerto Rico, and is currently in good standing with the Secretary of State of the Government of Puerto Rico.
- The corporate headquarters are in Puerto Rico, and the company publicly purports to be a Puerto Rico-based company.
- The company has an active commercial lease for a Puerto Rico-based office that corresponds with the Corporate Headquarters address.
- The founders and/or co-founders are Puerto Rico residents.
- At least 50% of the equity is owned by residents of Puerto Rico.
If my company is not based in Puerto Rico, am I still eligible for funding?
No. However, we welcome companies that have recently relocated to Puerto Rico. If you’re planning to move here or are currently in the process, you may apply so we can understand your plans and timeline. Your application will only proceed past initial due diligence after your relocation is complete and meets the criteria outlined above.
Does my company qualify for consideration through the Venture Capital Access Program?
P18 welcomes companies from around the world to help them scale from Puerto Rico to global markets. Our mission is to invest in and accelerate the world’s most ambitious founders while positioning Puerto Rico as a global launchpad for innovation and technology-driven entrepreneurship.
How does the VCAP determine if a company is based in Puerto Rico?
P18 welcomes companies from around the world to help them scale from Puerto Rico to global markets. Our mission is to invest in and accelerate the world’s most ambitious founders while positioning Puerto Rico as a global launchpad for innovation and technology-driven entrepreneurship.
If my company is not based in Puerto Rico, am I still eligible for funding?
P18 welcomes companies from around the world to help them scale from Puerto Rico to global markets. Our mission is to invest in and accelerate the world’s most ambitious founders while positioning Puerto Rico as a global launchpad for innovation and technology-driven entrepreneurship.
What if my company has existed for a long period of time? Do we still qualify for investment?
P18 welcomes companies from around the world to help them scale from Puerto Rico to global markets. Our mission is to invest in and accelerate the world’s most ambitious founders while positioning Puerto Rico as a global launchpad for innovation and technology-driven entrepreneurship.
Will VCAP invest in my company if we have already taken on debt?
P18 welcomes companies from around the world to help them scale from Puerto Rico to global markets. Our mission is to invest in and accelerate the world’s most ambitious founders while positioning Puerto Rico as a global launchpad for innovation and technology-driven entrepreneurship.
What are the key investment focus areas of the VCAP?
P18 welcomes companies from around the world to help them scale from Puerto Rico to global markets. Our mission is to invest in and accelerate the world’s most ambitious founders while positioning Puerto Rico as a global launchpad for innovation and technology-driven entrepreneurship.
What ongoing reporting or information requirements are expected of companies that receive investment from VCAP?
P18 welcomes companies from around the world to help them scale from Puerto Rico to global markets. Our mission is to invest in and accelerate the world’s most ambitious founders while positioning Puerto Rico as a global launchpad for innovation and technology-driven entrepreneurship.
How do I apply?
P18 welcomes companies from around the world to help them scale from Puerto Rico to global markets. Our mission is to invest in and accelerate the world’s most ambitious founders while positioning Puerto Rico as a global launchpad for innovation and technology-driven entrepreneurship.
What does the process after application look like?
P18 welcomes companies from around the world to help them scale from Puerto Rico to global markets. Our mission is to invest in and accelerate the world’s most ambitious founders while positioning Puerto Rico as a global launchpad for innovation and technology-driven entrepreneurship.
How often are deployments expected to happen?
P18 welcomes companies from around the world to help them scale from Puerto Rico to global markets. Our mission is to invest in and accelerate the world’s most ambitious founders while positioning Puerto Rico as a global launchpad for innovation and technology-driven entrepreneurship.
Are the investments made through the VCAP considered a grant or an equity investment?
P18 welcomes companies from around the world to help them scale from Puerto Rico to global markets. Our mission is to invest in and accelerate the world’s most ambitious founders while positioning Puerto Rico as a global launchpad for innovation and technology-driven entrepreneurship.
What types of financial instruments can VCAP invest in?
P18 welcomes companies from around the world to help them scale from Puerto Rico to global markets. Our mission is to invest in and accelerate the world’s most ambitious founders while positioning Puerto Rico as a global launchpad for innovation and technology-driven entrepreneurship.
How much capital do I need for a match to be compliant with the requisites of the program?
P18 welcomes companies from around the world to help them scale from Puerto Rico to global markets. Our mission is to invest in and accelerate the world’s most ambitious founders while positioning Puerto Rico as a global launchpad for innovation and technology-driven entrepreneurship.
How much funding can my company request from the VCAP?
P18 welcomes companies from around the world to help them scale from Puerto Rico to global markets. Our mission is to invest in and accelerate the world’s most ambitious founders while positioning Puerto Rico as a global launchpad for innovation and technology-driven entrepreneurship.
Where can I find the information relating to how my company can or cannot use the investment capital from the VCAP?
P18 welcomes companies from around the world to help them scale from Puerto Rico to global markets. Our mission is to invest in and accelerate the world’s most ambitious founders while positioning Puerto Rico as a global launchpad for innovation and technology-driven entrepreneurship.
Can I apply for consideration without having raised investment capital?
P18 welcomes companies from around the world to help them scale from Puerto Rico to global markets. Our mission is to invest in and accelerate the world’s most ambitious founders while positioning Puerto Rico as a global launchpad for innovation and technology-driven entrepreneurship.
Will VCAP lead my fundraising round?
P18 welcomes companies from around the world to help them scale from Puerto Rico to global markets. Our mission is to invest in and accelerate the world’s most ambitious founders while positioning Puerto Rico as a global launchpad for innovation and technology-driven entrepreneurship.
Will VCAP wire their investment commitment before I’ve secured additional investors?
P18 welcomes companies from around the world to help them scale from Puerto Rico to global markets. Our mission is to invest in and accelerate the world’s most ambitious founders while positioning Puerto Rico as a global launchpad for innovation and technology-driven entrepreneurship.
Can VCAP help me raise capital for my company?
P18 welcomes companies from around the world to help them scale from Puerto Rico to global markets. Our mission is to invest in and accelerate the world’s most ambitious founders while positioning Puerto Rico as a global launchpad for innovation and technology-driven entrepreneurship.
Will VCAP help with my attorney fees?
P18 welcomes companies from around the world to help them scale from Puerto Rico to global markets. Our mission is to invest in and accelerate the world’s most ambitious founders while positioning Puerto Rico as a global launchpad for innovation and technology-driven entrepreneurship.
Questions?
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