Alphabet and its Sidewalk Labs unit have each committed $10m to a smart city-focused venture fund on the proviso that Sidewalk's development on Toronto's waterfront is approved.
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…
