Plug and Play Looks To Invest in European Tech Startups
International Accelerator Establishes its European Headquarters in Valencia, Spain
• Plug and Play Spain to serve as a bridge for Silicon Valley-based tech companies to expand into Europe
• Plug and Play seeks to invest in 5 to 10 European companies per year
• Plug and Play intends to invest between EUR 25.000 – 50.000
Valencia, Spain (05/13/2012) – Silicon Valley based startup accelerator Plug and Play Tech Center, is looking to invest in European tech startups who want to accelerate growth and have unique access to the Silicon Valley ecosystem. Founded in 2006 by entrepreneur Saeed Amidi, Plug and Play began operating in Spain this year, with the objective of growing entrepreneurial tech projects.
Plug and Play’s ‘Plug and Play Accelerator’ program will search for promising startups and invest between EUR 25.000 and 50.000 per company. Plug and Play has a budget of EUR 1 million to invest annually in 5 -10 local startups. In addition, the founders of the selected companies will take part in a 3-month program designed to immerse startups into the Silicon Valley environment. “Through a combination of structured workshops, speaker series, mentorship sessions, and active coaching, startup founders will crystallize their ideas and business plans, build out their startups’ business models and prototypes as well as present their refined pitches to the venture capital community,” said Juan Luis Hortelano, Manager and Co- founder of Plug and Play Spain.
The Plug and Play Accelerator programs will take place at both Plug and Play’s Sunnyvale, California headquarters and at Plug and Play Spain in Valencia. The Plug and Play Accelerator Program will conclude with EXPO, a demo day that provides exposure for the Plug and Play Accelerator companies and connects them with the venture capital and angel investor community. The deadline for applications in Silicon Valley is June 11. The deadline for the Valencia program is June 25.
“Plug and Play Spain will also serve as a bridge for fast-growing technology startups based in the Silicon Valley to expand into Europe via Spain,” says Hortelano. One of Plug and Play Spain’s goals is to expedite the establishment of U.S. tech companies in Europe. Hortelano emphasizes that Plug and Play Spain’s objective is, “to create a bridge between Europe and Silicon Valley, helping European companies to make the leap into the most important high-tech region in the world.” Plug and Play will also work closely with Spanish universities to find new talent. Plug and Play plans to organize two annual events in Spain and in the Silicon Valley, which aim to promote entrepreneurial culture and to create an ecosystem for entrepreneurs and investors.
About Plug and Play Spain
Plug and Play Spain is the European headquarters for Plug and Play Tech Center and was established in January 2012 in Valencia after its founders, Saeed Amidi and Alberto Gutiérrez, had strong ties to the city spanning the last15 years. It is focused on sourcing, funding and accelerating the growth of the most promising young tech companies. Plug and Play Spain seeks to build an inclusive environment with wide networks and strong support structures to help accelerate these companies toward success.
About Plug and Play Tech Center
Plug and Play Tech Center is a business accelerator that specializes in growing tech startups. Headquartered in Sunnyvale, CA, Plug and Play’s global network includes over 300 tech startups, 180 investors and a community of leading universities and corporate partners. From unique industry networking events, education and immersion programs to mentorship, Plug and Play provides access to the resources and infrastructure essential to building rapidly growing, profitable enterprises.
Since its creation in January 2006 Plug and Play has helped startups raise over $1 billion in venture funding. For nearly three decades, Plug and Play management has played a direct role in starting successful ventures in the Silicon Valley and around the world. Plug and Play’s portfolio includes investment in companies like Google, Paypal, Dropbox, Zoosk, Soundhound and Lending Club.