Plug and Play unveiled a new partnership with fixed income investment management firm PIMCO which joined the firm as an investment partner.
The global innovation firm which boasts of a network of more than 30,000 start-ups, 500 partner companies and hundreds of venture capital firms and investors, aims to leverage PIMCO’s expertise and portfolio to boost the FinTech industry as well as extend its presence across the sector.
To add on, Plug and Play will get the opportunity to connect PIMCO to some of the most promising startups in the industry under the new association.
Commenting on the new collaboration, PIMCO chief financial officer John Kirkowski said, “We are excited to partner with Plug and Play and engage with the network of innovative startups as PIMCO seeks the best ideas and solutions to augment its strategic evolution in a rapidly changing industry.
“We also look forward to developing relationships with strong management teams in the Plug and Play network as we evaluate a range of startup ideas and technological solutions.”
Throughout the firm’s 50-year history, PIMCO has facilitated innovative solutions to clients through the active management of investment portfolios aiming to get superior returns in public and private markets.
On the other hand, businesses under Plug and Play have raised over $ 9bn in funding to date, with releases including Dropbox, Guardant Health, Honey, Lending Club, and PayPal.
Given that both firms have a strong portfolio and experience, the partnership will boost more startups in the FinTech industry, Plug and Play said.
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