Plug and Play Tech Center (PNP) is an American venture capital firm headquartered in Sunnyvale, California. It focuses on deploying capital to early-stage technology companies. According to CB Insights from 2020 to 2022, it was the most active startup accelerator in the world with an average deal count of 929 per year, followed by Y Combinator and Techstars.[2]
 | |
| Company type | Private |
|---|---|
| Industry | Venture capital |
| Founded | 2006 |
| Founder | Saeed Amidi |
| Headquarters | Sunnyvale, California, U.S. |
Key people | Saeed Amidi (CEO) |
| AUM | US$500 million (2023)[1] |
| Website | www |
History
editFounder Saeed Amidi came from a family of Iranian immigrants who came to the U.S. in 1979 to escape the Iranian Revolution and established the Amidi Group, a manufacturing business which also had real estate holdings. In 1988, it acquired 165 University Avenue, a small office building in Palo Alto, California used to rent out spaces for companies.[3][4][5] During the Dot-com bubble, Amidi and his business partner, Pejman Nozad invested in some of the tenants in 165 University Avenue during their early stages. These included Google, PayPal, Logitech and Danger which gave Amidi multimillion-dollar payouts.[3][4][6]
In 2006, Amidi used the returns from his investments to fund the Plug and Play Tech Center in Sunnyvale, California. It was based in a three-story 150,000-square-foot building that would rent space and provide other amenities such as gyms and cafeterias to startup companies. It would also provide them with ready access to data centers and telecommunications infrastructure. Amidi and Nozad would use their positions as landlords to look at their tenants before deciding which ones to invest in. Plug and Play would also host events for entrepreneurs to meet. In September 2007, it housed 108 companies.[3][5][6]
From 2020 to 2022, 41% of the firm's investments were in the U.S., 30% in Europe and 17% in Asia.[2] Outside the U.S., Plug and Play has expanded to various regions where it has set up local offices.[5][6][7] In 2017, it partnered with Mitsubishi UFJ Financial Group to open an office in Tokyo to invest in Japanese ventures.[8] In June 2023, it was in talks with Jada under the Public Investment Fund to raise $100 million to invest in Saudi Arabia technology startups.[1]
Notable investments
editNotable companies that Plug and Play invested in include PayPal, LendingClub and Dropbox.[3][8]
References
edit- ^ a b Abuljadayel, Fahad (June 18, 2023). "Silicon Valley Investor Plans $100 Million Saudi Arabia VC Fund". www.bloomberg.com. Archived from the original on June 18, 2023. Retrieved March 23, 2024.
- ^ a b "The most active startup accelerators and where they're investing". CB Insights. October 10, 2023. Archived from the original on February 14, 2024. Retrieved March 23, 2024.
- ^ a b c d Helft, Miguel (September 14, 2007). "Rental Building's Good Karma Nurtures Success". The New York Times. Archived from the original on December 17, 2022. Retrieved March 23, 2024.
- ^ a b Day, Peter (August 27, 2010). "165 University Ave: Silicon Valley's 'lucky building'". BBC News. Archived from the original on May 29, 2018. Retrieved March 23, 2024.
- ^ a b c Adeyemi, Daniel (January 25, 2023). "Plug and Play's multifaceted approach to supporting startups and innovation in Africa". TechCabal. Archived from the original on September 25, 2023. Retrieved March 23, 2024.
- ^ a b c Triniac, Manon (June 13, 2023). "Que Font les Fonds ? Le portrait de Plug & Play Ventures". Maddyness - Le média pour comprendre l'économie de demain (in French). Archived from the original on June 13, 2023. Retrieved March 23, 2024.
- ^ Levy, Ari (April 26, 2013). "Silicon Valley Crash Pad Becomes Crash Course for Global Startups". www.bloomberg.com. Archived from the original on May 26, 2022. Retrieved March 23, 2024.
- ^ a b Allan, Gareth (June 6, 2017). "MUFG Teams Up With Plug And Play for New Japan Venture". www.bloomberg.com. Archived from the original on January 21, 2018. Retrieved March 23, 2024.