Aramco, one of the world’s largest integrated energy and chemicals companies, has allocated an additional $4bn to its global venture capital arm, Aramco Ventures, more than doubling the capital allotted from $3bn to $7bn.
The new funding will take Aramco’s overall venture capital allocation to $7.5bn which also includes Wa’ed Ventures, a $500m venture capital fund that focuses on the startup ecosystem in the Kingdom of Saudi Arabia.
In a statement, Aramco said the decision reflects the growing significance of the company’s venture capital programme in “enabling the development of disruptive new technologies, creating diversification opportunities for Aramco, and paving the way for collaborations with innovative startups”.
Prior to the new capital allocation, Aramco Ventures managed three funds: the Digital/Industrial fund ($500m), investing in technologies of strategic importance to Aramco; the Prosperity7 fund ($1bn), investing in disruptive technology ventures beyond the energy sector; and the Sustainability fund ($1.5bn), investing in startups 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.”
