Online marketplace Amazon has launched a new initiative dedicated to supporting and funding entrepreneurs from underrepresented backgrounds.
The 150 million dollar fund, ‘Amazon Catalytic Capital’, will look to support venture capitals, accelerators, incubators and venture studios that back relevant companies which are primarily at the pre-seed stage of venture capital funding.
In a release, the platform said it is expecting to support more than 10 funds and over 200 companies through the next year.
Those selected to be a part of the funding will also receive mentorship from Amazon executives and gain access to resources to support their business and technical strategy.
The company’s teams will further work with the start-ups to help identify potential collaboration opportunities to help accelerate growth.
Speaking on the new initiative, Peter Krawiec, Amazon’s senior vice president of worldwide corporate development, said the company is convinced that an inclusive investment strategy can lead to better returns and innovation.
It builds on Amazon’s ongoing efforts to support early stage entrepreneurs.
In its release, the platform highlighted its recently launched AWS Impact Accelerator, in which it is investing 30 million dollars in a series of programmes designed to aid high-potential start-ups also led by underrepresented founders.