Plug and Play poised to invest capital in UAE soon

Silicon Valley-based Plug & Play says it will deploy capital in the UAE by the first quarter of 2019 “to invest in the local startup scene more proactively”.

Plug & Play is a global innovation platform, bringing together the best startups and the world’s largest corporations.

The tech accelerator, whose past investments include Google, PayPal and Dropbox, signed a partnership in October 2017 with Abu Dhabi Global Market (ADGM) to launch a new fintech start-up acceleration programme in Abu Dhabi.

“Actually we could yesterday have started deploying capital and investing in the local startup scene” Omeed Mehrinfar, Plug and Play managing director, Fintechat, told the Emirates News Agency, WAM.

“But at Plug and Play our primary concern is quality control and whenever we want to deploy capital we have to ensure our primary scope of service is first intact,” Mehrinfar, who is also managing partne, Middle East at Plug and Play, told WAM on the sidelines of the Second FinTech Abu Dhabi 2018.

“By our investments in 2019 Plug and Play will be looking to empower local and regional entrepreneurs by providing them access to our global network of corporate partners and our infrastructure. We will be looking also to leverage Abu Dhabi Global Market regularly.”