Aramco, one of the world's leading integrated energy and chemicals companies, has increased its global venture capital arm, Aramco Ventures' allocation by an additional $4 billion. This move more than doubles the capital allotted to Aramco Ventures, raising its total investment allocation from $3 billion to $7 billion. The overall venture capital allocation for Aramco, including the $500 million venture capital fund Wa’ed Ventures which focuses on the startup ecosystem in Saudi Arabia, will now be $7.5 billion.
This decision underscores the growing significance of Aramco's venture capital program, enabling the development of disruptive technologies, diversifying opportunities, and fostering collaborations with innovative startups. The increased funding aims to advance Aramco's long-term strategy, emphasizing new energies, chemicals, transition materials, diversified industrial businesses, and digital technologies.
Ahmad Al Khowaiter, Aramco Executive Vice President of Technology & Innovation, emphasized the role of innovation in addressing global challenges and stated, "Through Aramco Ventures, we aim to support pioneers with big ambitions and ultimately help bring their ideas to life." The additional $4 billion funding over the next four years is intended to provide crucial financial backing to propel game-changing solutions to the next level and contribute to the long-term objectives of Aramco.
Prior to this capital increase, Aramco Ventures managed three funds, including a Digital/Industrial Fund, Prosperity7 Fund, and Sustainability Fund, with allocations of $500 million, $1 billion, and $1.5 billion, respectively. These funds focus on strategic technologies, disruptive technology ventures beyond the energy sector, and startups supporting Aramco's sustainability goals, respectively.
