Saudi energy giant Aramco has allocated an additional $4 billion to its global venture capital arm, Aramco Ventures. The company said on Wednesday that it will more than double the capital allotted to Aramco Ventures, increasing its total investment allocation from $3 billion to $7 billion.
It will take Aramco’s overall venture capital allocation to $7.5bn, including the $500 million venture capital fund Wa’ed Ventures, which focuses on the start-up ecosystem in Saudi Arabia.
“By injecting an additional $4 billion in funding over the next four years, we intend to provide the financial backing required to take game-changing solutions to the next level,” said Ahmad Al Khowaiter, Aramco Executive Vice President of Technology & Innovation. “This will provide crucial impetus to businesses at various stages of development worldwide while contributing to Aramco’s long-term objectives.”
Before the new capital allocation, Aramco Ventures managed three funds. These are:
- Digital/Industrial Fund, which stood at $500 million, investing in technologies of strategic importance to Aramco
- Prosperity7 Fund with $1 billion, investing in disruptive technology ventures beyond the energy sector
- Sustainability Fund, which stood at $1.5 billion and invests in start-ups with the potential to support Aramco’s ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across its wholly-owned and operated assets by 2050.
