TLDR:
- Saudi Aramco has injected an additional $4 billion into its venture capital arm, Aramco Ventures.
- This increases the total investment allocation to Aramco Ventures from $3 billion to $7 billion.
- Aramco Ventures will support businesses at various stages of development worldwide and contribute to Aramco’s long-term objectives.
Saudi Aramco, the world’s biggest crude oil exporter, has allocated an additional $4 billion to its global venture capital arm, Aramco Ventures. This more than doubles the capital allotted to Aramco Ventures, increasing its total investment allocation from $3 billion to $7 billion. The additional investment also takes Aramco’s overall venture capital allocation to $7.5 billion, including the $500 million venture capital fund Wa’ed Ventures, which focuses on the startup ecosystem in Saudi Arabia. The funding will support businesses at various stages of development worldwide and contribute to Aramco’s long-term objectives.
Before the new capital allocation, Aramco Ventures managed three funds:
- The Digital/Industrial Fund, which had $500 million and invested in technologies important to Aramco.
- The Prosperity7 Fund, with $1 billion, invested in disruptive technology ventures beyond the energy sector.
- The Sustainability Fund, with $1.5 billion, invested in start-ups that could support Aramco’s goal of achieving net-zero greenhouse gas emissions across its assets by 2050.
The decision to increase the capital allocation reflects the growing significance of Aramco’s venture capital program in enabling the development of disruptive new technologies. The program aims to advance the company’s long-term strategy, which includes a focus on new energies, chemicals and transition materials, diversified industrial businesses, and digital technologies. Aramco Ventures aims to support pioneers with big ambitions and help bring their ideas to life.
