Saudi Aramco Supercharges Venture Capital Arm with $4B Funding

Saudi Arabia’s state-owned oil company, Saudi Aramco, is to increase its funding of its venture capital (VC) arm by $4bn, taking its total investment in the division to $7bn. Aramco Ventures’ existing funds were placed in a digital/industrial fund, a sustainability fund and a $1bn Prosperity7 Fund. Aramco said the financing would enable the firm to develop future technologies and collaborate with start-ups.

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