- Amazon.com Inc AMZN has formed Amazon Catalytic Capital, a new initiative to invest $150 million in venture capital (VC) funds.
- The initiative will fund entrepreneurs from underrepresented backgrounds, primarily at the pre-seed/seed stage of venture capital funding.
- The company will invest in funds focusing on Black, Latino, Indigenous, women, and LGBTQIA+ founders.
- Amazon expects to support more than 10 funds and over 200 companies through 2023.
- In addition to capital, the entrepreneurs will also receive mentorship from Amazon executives and gain access to resources to support their business and technical strategy.
- Also Read: Amazon Freezes Hiring, Discontinues Amazon Glow: Report
- The funds in which Amazon has invested include, Collide Capital, Elevate Future Fund, Share Ventures and Techstars Rising Stars Fund.
- Price Action: AMZN shares are trading lower by 1.77% at $118.95 on the last check Wednesday.
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