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.