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Amazon announced a new diversity-related initiative called Amazon Catalytic Capital that will provide funding to underrepresented entrepreneurs.

Amazon Invests $150M in VC Funds for Underrepresented Entrepreneurs 

Amazon announced a new diversity-related initiative called Amazon Catalytic Capital that will provide funding to underrepresented entrepreneurs.

The $150 million program marks the first time Amazon is backing outside venture capital firms.  

The funding will support more than 10 funds and over 200 startups over the next year. Amazon will provide access to executives and employees in addition to cash.

“We want to ensure that these companies and their founders have the same access to capital as anyone else,” Peter Krawiec, Amazon’s senior vice president of worldwide corporate development, said in a statement.

The program builds on Amazon’s other recent diversity initiatives including AWS Impact Accelerator, which backs startups led by underrepresented founders, and its $150 million Black Business Accelerator unveiled last year.

Some of the funds receiving money from Amazon include Collide Capital; Elevate Future Fund; Share Ventures; and Techstars Rising Stars Fund.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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