Lemma 6.163.
A category \(C\) admits small colimits if and only if it admits anima-indexed colimits and weakly contractible colimits. Similarly, if \(C\) and \(D\) are categories with small colimits, then a functor \(F\colon C \to D\) preserves small colimits if and only if it preserves both anima-indexed colimits and weakly contractible colimits.
Proof
Assume that \(C\) admits anima-indexed colimits and weakly contractible colimits. We need to show that it admits a colimit for an arbitrary diagram \(X\colon I \to C\), where \(I\) is a small category. To this end, consider the localization functor \(p\colon I \to \abs{I}\) inverting all morphisms in \(I\). As discussed before, the finality of \(p\) implies that the relative slices of \(p\) are weakly contractible, so that the left Kan extension \(p_!X \colon \abs{I} \to C\) of \(X\) along \(p\) exists in \(C\). Moreover, the colimit of \(p_!X\) exists in \(C\) since \(\abs{I}\) is an anima. Since Kan extensions compose, we conclude that the colimit of \(X\) exists in \(C\).The argument for preservation of colimits is entirely analogous.