Plug and Play Tech Center (PNP) is an American

venture capital Venture capital (VC) is a form of private equity financing provided by firms or funds to start-up company, startup, early-stage, and emerging companies, that have been deemed to have high growth potential or that have demonstrated high growth in ...

firm headquartered in

Sunnyvale, California Sunnyvale () is a city located in the Santa Clara Valley in northwestern Santa Clara County, California, United States. Sunnyvale lies along the historic El Camino Real (California), El Camino Real and U.S. Route 101 in California, Highway 1 ...

. It focuses on deploying capital to early-stage technology companies. According to

CB Insights CB Insights is a private company with a business analytics platform and global database that provides market intelligence on private companies and investor activities. The platform is targeted at private equity, venture capital, investment bank ...

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 Y Combinator, LLC (YC) is an American technology startup accelerator and venture capital firm launched in March 2005 which has been used to launch more than 5,000 companies. The accelerator program started in Boston and Mountain View, Californi ...

and Techstars.

History

Founder Saeed Amidi came from a family of

Iran Iran, officially the Islamic Republic of Iran (IRI) and also known as Persia, is a country in West Asia. It borders Iraq to the west, Turkey, Azerbaijan, and Armenia to the northwest, the Caspian Sea to the north, Turkmenistan to the nort ...

ian immigrants who came to the U.S. in 1979 to escape the

Iranian Revolution The Iranian Revolution (, ), also known as the 1979 Revolution, or the Islamic Revolution of 1979 (, ) was a series of events that culminated in the overthrow of the Pahlavi dynasty in 1979. The revolution led to the replacement of the Impe ...

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 Palo Alto ( ; Spanish language, Spanish for ) is a charter city in northwestern Santa Clara County, California, United States, in the San Francisco Bay Area, named after a Sequoia sempervirens, coastal redwood tree known as El Palo Alto. Th ...

used to rent out spaces for companies. During the

Dot-com bubble The dot-com bubble (or dot-com boom) was a stock market bubble that ballooned during the late-1990s and peaked on Friday, March 10, 2000. This period of market growth coincided with the widespread adoption of the World Wide Web and the Interne ...

, Amidi and his business partner, Pejman Nozad invested in some of the tenants in 165 University Avenue during their early stages. These included

Google Google LLC (, ) is an American multinational corporation and technology company focusing on online advertising, search engine technology, cloud computing, computer software, quantum computing, e-commerce, consumer electronics, and artificial ...

PayPal PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support E-commerce payment system, online money transfers; it serves as an electronic alter ...

, Logitech and

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which gave Amidi multimillion-dollar payouts. 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 A startup or start-up is a company or project undertaken by an Entrepreneurship, entrepreneur to seek, develop, and validate a scalable business model. While entrepreneurship includes all new businesses including self-employment and businesses tha ...

. 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. From 2020 to 2022, 41% of the firm's investments were in the U.S., 30% in Europe and 17% in Asia. Outside the U.S., Plug and Play has expanded to various regions where it has set up local offices. In 2017, it partnered with

Mitsubishi UFJ Financial Group is a Japanese bank holding and financial services company headquartered in Chiyoda, Tokyo, Japan. MUFG was created in 2005 by merger between and UFJ Holdings (株式会社UFJホールディングス; ''kabushikigaisha yūefujei hōrudingusu'' ...

to open an office in

Tokyo Tokyo, officially the Tokyo Metropolis, is the capital of Japan, capital and List of cities in Japan, most populous city in Japan. With a population of over 14 million in the city proper in 2023, it is List of largest cities, one of the most ...

to invest in

Japan Japan is an island country in East Asia. Located in the Pacific Ocean off the northeast coast of the Asia, Asian mainland, it is bordered on the west by the Sea of Japan and extends from the Sea of Okhotsk in the north to the East China Sea ...

ese ventures. In June 2023, it was in talks with Jada under the

Public Investment Fund The Public Investment Fund (PIF; ) is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of billion. It was created in 1971 for the purpose of investing funds on be ...

to raise $100 million to invest in

Saudi Arabia Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in West Asia. Located in the centre of the Middle East, it covers the bulk of the Arabian Peninsula and has a land area of about , making it the List of Asian countries ...

technology startups.

Notable investments

Notable companies that Plug and Play invested in include

, LendingClub and

Dropbox Dropbox is a file hosting service operated by the American company Dropbox, Inc., headquartered in San Francisco, California, that offers cloud storage, file synchronization, personal cloud, and Client (computing), client software. Dropbox w ...

References

External links

* {{authority control American companies established in 2006 Companies based in Sunnyvale, California Financial services companies based in California Privately held companies based in California Startup accelerators Venture capital firms of the United States Business incubators of the United States