Saudi Aramco allocates additional $4B in venture capital arm
With the development, energy giant Saudi Aramco has increased its venture capital commitment to $7.5 billion, including its $500 million fund Wa'ed Ventures.
Saudi Arabia's state energy company Aramco has increased the capital allocation of its global venture capital arm, Aramco Ventures, by $4 billion, bringing its total investment size to $7 billion, according to Zawya.
The total venture capital commitment of the energy giant now stands at $7.5 billion, including its $500 million fund, Wa'ed Ventures, which focuses on nurturing the startup ecosystem in the kingdom.
The firm aims to enhance its long-term strategy, focusing on new energies, chemicals, transition materials, diversified industrial businesses, and digital technologies.
"We intend to provide the financial backing required to take game-changing solutions to the next level. This will provide crucial impetus to businesses at various stages of development around the world, while also contributing to our own long-term objectives,” said Ahmad Al Khowaiter, Aramco's Executive Vice President of Technology and Innovation.
Aramco Ventures has invested $500 million in three funds: Digital-Industrial Fund, Prosperity7 Fund, and Sustainability Fund. Digital-Industrial Fund focuses on strategic technologies, while Prosperity7 Fund supports disruptive technology ventures beyond the energy sector, as reported by Arab News.
Sustainability Fund invests in startups aiming to achieve net-zero greenhouse gas emissions by 2050.
Aramco Ventures has led multiple investment rounds across different regions, including $10 million for REDEX in Singapore, $14 million for Cispoly in China, and $52 million for Mighty Buildings in the US.
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Edited by Kanishk Singh