SEATTLE--(BUSINESS WIRE)--Oct 5, 2022-- Amazon (NASDAQ: AMZN) today announced Amazon Catalytic Capital, a new initiative to invest $150 million in venture capital (VC) funds, accelerators, incubators, and venture studios that provide funding to entrepreneurs from underrepresented backgrounds, primarily at the pre-seed/seed stage of venture capital funding. The company will invest in funds that focus on Black, Latino, Indigenous, women, and LGBTQIA+ founders. Historically, underrepresented founders have had less access to startup venture capital and greater difficulties in securing funding to bring ideas to fruition. According to PitchBook, women founders received 2% of U.S. venture capital funding in 2021. Similarly, Black-founded and Latino-founded startups attracted only 1% and 2% of U.S. venture capital funding respectively last year as reported by Crunchbase News.

Source: CNN October 05, 2022 21:30 UTC