Amazon.com Inc. will invest $150 million in venture capital firms, accelerators, incubators and venture studios that provide funding to entrepreneurs from underrepresented backgrounds.
The investment will be made as part of an initiative called Amazon Catalytic Capital. Over the next year, the company expects to support more than 10 funds and 200 companies through the initiative. Amazon will invest in funds that focus on Black, Latino, Indigenous, women and LGBTQIA+ founders. The funds backed by the company will primarily make seed and pre-seed investments. Amazon detailed today that to date it has invested in four funds: Collide Capital, Elevate Future Fund, Share Ventures and the Techstars Rising Stars Fund..
“We’ve seen incredibly innovative ideas from underrepresented entrepreneurs — from companies offering inclusive health services for women, to startups helping companies mitigate climate impact for underserved communities — and we’re convinced that an inclusive investment strategy leads to better returns and innovation,” said Peter Krawiec, Amazon’s senior vice president of worldwide corporate development.
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