- Amazon.com Inc (NASDAQ:AMZN) looks to invest $1 billion in companies developing technologies in logistics, supply chain management, and safety to boost its core business.
- Amazon launched the Amazon Industrial Innovation Fund venture investment program to back companies “of all stages” working on technology to increase e-commerce delivery speeds and improve the experience of workers in warehousing and logistics.
- Also Read: Amazon’s Troubles Mount As Workers’ Rights Advocates Slam Its Scheme For Injured Workers
- Amazon’s corporate development group has a long track record of buying stakes in other companies, Bloomberg reports.
- The initiative becomes imminent as online shopping becomes even more important to people seeking more convenience and time savings.
- The new fund’ coincides with Amazon facing flak from politicians and labor unions over workplace safety.
- Price Action: AMZN shares traded higher by 0.40% at $2,977.83 on the last check Friday.
