Dhahran, Saudi Arabia — Aramco has allocated an additional $4 billion to its global venture capital arm Aramco Ventures, more than doubling the capital allotted to it, from $3 billion to $7 billion.
This, Aramco said in a statement, will take Aramco’s overall venture capital allocation to $7.5 billion, which also includes the $500 million venture capital fund Wa’ed Ventures, which focuses on the start-up ecosystem in Saudi Arabia.
Prior to the new capital allocation, Aramco Ventures managed three funds: the Digital/Industrial Fund, which stood at $500 million, investing in technologies of strategic importance to Aramco; the Prosperity7 Fund, with $1 billion, investing in disruptive technology ventures beyond the energy sector; and the 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”.
Aramco Executive Vice President of Technology and Innovation Ahmad Al Khowaiter said that innovation is important in addressing important challenges facing the world today, including the energy transition.
“Through Aramco Ventures, we aim to support pioneers with big ambitions, and ultimately help bring their ideas to life. 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. This will provide crucial impetus to businesses at various stages of development around the world, while also contributing to Aramco’s own long-term objectives, Al Khowaiter said.