Sidewalk Labs, the urban technology-focused innovation division of internet and technology group Alphabet, is looking to raise $20m to $30m for a smart city-oriented venture capital fund, The Logic has reported.
Sidewalk and Alphabet have each committed $10m to the fund, which will be assisted by venture capital firm Plaza Ventures. Other investors would each be expected to provide at least $2m.
Urban Technology Venture Fund is expected to take part in seed or series A rounds over a 18-24 month period and will function over a 10-year investment term.
The vehicle will provide $200,000 for fledgling startups, rising to about $1m for more advanced proposals, with the aim of creating an urban tech ecosystem centred on Toronto.
Sidewalk has plans for a smart city district on Toronto’s lakeshore, but has run up against public opposition, and will only proceed with the fund should the scheme be approved.