Friday, October 7, 2022

Amazon Backs Share Ventures, Techstars To Open VC Access

Amazon, which has significant operations in the Los Angeles area, is putting some capital to work in at least two, Los Angeles area venture capital investors, as part of a new fund to back underrepresented entrepreneurs. Amazon said this week that it will invest $150M in venture fund that provide underrepresented entrepreneurs access to capital. The initial investments by Amazon include Los Angeles-based Share Ventures, and Techstars, the venture accelerator/investors which has been extremely active in running programs in the LA area. Amazon says the investments are part of a new effort called Amazon Catalytic Capital, which focuses on backing funds at the pre-seed/seed stage of venture capital, and specifically looking at funds supporting entrepreneurs who are Black, Latino, Indigenous, women, and LGBTQIA+. Amazon says it expects to support more than 10 funds as part of the effort.