Plug and Play, the global innovation platform connecting startup to large corporations, has signed an agreement with Abu Dhabi Global Market (ADGM) to establish a branch in the Middle East. The new hub would offer selected fintech startups a three-month accelerator program once a year. The first class would begin in Q3 2018.
Since its inception in 2006, Plug and Play has an extensive experience in building bridges between newly-established companies and big corporations. The platform has expanded into 22 countries worldwide. Each year it connects over 150 startups with potential investors. Plug and Play has a rich database of over 6,000 startups and 180 official corporate partners. The companies within its community have raised over US$6 billion in funding. Some of its successful portfolio exits include Danger, Dropbox, SoundHound, PayPal, and more.
The new partnership is in line with the long-term strategy of Abu Dhabi to keep its leadership position as a leading fintech hub in the GCC region. The agreement with Plug and Play would bring together young entrepreneurial talents, large corporations, venture capitalists and mentors to the Emirate. The startups part of the program would also have access to Plug and Play’s offices in Silicon Valley, Tokyo, and New York.
According to Omeed Mehrinfar, Director of Plug and Play EMEA, the partnership with ADGM would help local startups gain international experience and would put them in contact with top-tier mentors and industry insiders. Scott Robinson, Founder of Plug and Play’s Fintech initiative, added that entering the Middle East market was a massive step for Plug and Play as the region was full of promising fintech talents that needed additional opportunities to grow and expand internationally.
Richard Teng, Chief Executive Officer of ADGM commented he was excited to welcome Plug and Play on board:
“We look forward to working closely with our global partners to create more success stories in Abu Dhabi and the MENA region.”
For more information about the program, please visit its official website.