Amazon makes first venture fund bets with $150 mln for underrepresented founders

Amazon.com Inc is investing in outside venture capital funds for the first time, saying on Wednesday it planned to hand $150 million to firms that are backing underrepresented founders.

The online retailer said it is aiming to put money into more than 10 funds supporting some 200 companies at or before the seed stage of investment, through 2023. It is focused on Black, Latino, female, Indigenous and lesbian, gay, bisexual, transgender, queer, intersex and asexual (LGBTQIA+) founders, Amazon said.