Aramco has dedicated an additional $4B to its global venture capital arm, Aramco Ventures, more than doubling its total investment allocation from $3B to $7B.
This move brings Aramco’s overall venture capital commitment to $7.5B, encompassing the $500M Wa’ed Ventures fund focusing on Saudi Arabia’s startup ecosystem.
The decision underscores the increasing importance of Aramco’s venture capital program in fostering disruptive technologies, creating diversification opportunities, and fostering collaborations with innovative startups.
This initiative aligns with Aramco’s long-term strategy, emphasizing new energies, chemicals, transition materials, diversified industrial businesses, and digital technologies, according to Arabian Business.
Aramco’s Executive Vice President of Technology and Innovation, Ahmad Al Khowaiter, emphasized the role of innovation in addressing global challenges, particularly in the energy transition. The additional $4B funding over the next four years aims to support ambitious pioneers and propel groundbreaking solutions forward, contributing to Aramco’s own long-term objectives.
Before this capital increase, Aramco Ventures managed three funds: a Digital/Industrial Fund at $500M, focusing on strategically important technologies, the $1B Prosperity7 Fund investing in disruptive technology ventures beyond the energy sector, and a $1.5B Sustainability Fund supporting startups aligned with Aramco’s net-zero emissions goal by 2050.