Amazon.com Inc (NASDAQ: 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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