Amazon To Invest $150 Mln To Support Underrepresented Entrepreneurs

(RTTNews) - Amazon.com Inc. (AMZN) on Wednesday announced Amazon Catalytic Capital, a new program to invest $150 million in venture capital funds, accelerators, incubators, and venture studios to provide funding to underrepresented entrepreneurs, primarily at the pre-seed, seed stage of venture capital funding.

The e-commerce giant said its investment in funds is intended to support Black, Latino, Indigenous, women, and LGBTQIA+ founders.

With this move, the retailer expects to support over 10 funds and more than 200 firms through the next year.

In addition to capital, the companies in the funds' portfolios will get mentorship from Amazon staff and receive access to resources to support their business and technical strategy.