Amazon Commits $150M To Funds That Back Underrepresented Tech Founders
Amazon has announced the launch of Amazon Catalytic Capital, a $150 million commitment focused on investing in Black, Latinx, Indigenous, women, and LGBTQIA+ builders in tech.
Amazon Catalytic Capital
The initiative will provide capital to funds, venture studios, accelerators, or incubators committed to backing startups led by underrepresented founders.
Recipients will also receive 1:1 mentorship from Amazon executives and unique business opportunities for partnerships, technical support, and scaling resources.
Amazon Catalytic Capital aims to support at least 10 funds and 200 companies through the next year.
Inclusivity leads to innovation
“We’ve seen incredibly innovative ideas from underrepresented entrepreneurs,” said Peter Krawiec, Amazon’s senior VP of worldwide corporate development.
“From companies offering inclusive health services for women, to startups helping companies mitigate climate impact for underserved communities.”
“We’re convinced that an inclusive investment strategy leads to better returns and innovation, [and] we want to ensure that these companies and their founders have the same access to capital as anyone else.”
Supporting underrepresented founders
Amazon Catalytic Capital builds on the tech giant’s previous initiatives to support underrepresented entrepreneurs.
Recently, Amazon announced they were testing a badge to boost the exposure of Black-owned businesses on their online store. Alexa Startups also announced the first cohort for their Black Founders Build with Alexa program earlier this year, and last year saw the launch of Amazon’s $150 million Black Business Accelerator initiative.