Plug and Play Expands to Greater Seattle, Bringing $40M Investment to Regional Startups

Greater Seattle continues to attract global innovation leaders, with Silicon Valley-based Plug and Play launching two new accelerator programs in the region. In partnership with SBI Holdings and SNBL, Plug and Play is establishing its first presence in Greater Seattle, further strengthening the area’s startup ecosystem.

The expansion includes two new offices at the SNBL Global Gateway (SGG) business incubation facility in Everett and CoMotion Labs at the University of Washington. These spaces will serve as hubs for nurturing early-stage companies across industries such as AI, advanced manufacturing, climate tech, supply chain, and healthcare.

“We are thrilled with this latest investment that builds on decades of successful business and cultural connections with Japan. Everett’s accessible business environment and limitless ceiling for growth will undoubtedly generate outstanding returns with the $40 million invested in Everett startups through the SBI Gateway Fund,” said Dan Eernissee, Director of Economic Development, City of Everett.

$40M SBI US Gateway Fund to Fuel Startup Growth

A key part of this initiative is the newly launched $40 million SBI US Gateway Fund, which Plug and Play is co-managing as a co-General Partner (co-GP). This fund, backed by SBI and SNBL, aims to bridge North American startups with Japanese investors, unlocking new growth and international market access.

Greater Seattle Partners has been engaged with Plug and Play since January 2024, supporting efforts to strengthen regional innovation and attract global capital. This collaboration underscores Greater Seattle’s role as a hub for breakthrough technologies and cross-border partnerships.

“Greater Seattle Partners has been working Economic Development projects with Plug and Play and regional partners for the last 15 months as they have been exploring many possibilities in the Seattle region. The commitment of SBI Holdings USA to locate their CEO in the Seattle region is a very positive signal. GSP will be on the ground in Japan later this year and we are excited to reengage in Japan after a major regional mission of more than 70 delegates to Tokyo, Nagoya, and Kobe in 2022 resulted in positive outcomes. This announcement by Plug and Play builds on the $110 million agreement on AI Innovation penned by the University of Washington and Japan just last year. We expect Japan to continue as both a top trade partner and top source of FDI for the Seattle region,” said Josh Davis, Chief Economic Development Officer and Senior Vice President, Greater Seattle Partners.