London, 22 January 2024, (Oilandgaspress): – Aramco has allocated an additional $4 billion to its global venture capital arm, Aramco Ventures. 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, which also includes the $500 million venture capital fund Wa’ed Ventures that focuses on the start-up ecosystem in the Kingdom of Saudi Arabia.
The decision reflects the growing significance of Aramco’s venture capital program in enabling the development of disruptive new technologies, creating diversification opportunities for Aramco, and paving the way for collaborations with innovative start-ups. In doing so, it aims to help advance the Company’s long-term strategy, which includes a focus on new energies, chemicals and transition materials, diversified industrial businesses, and digital technologies.
Prior to the new capital allocation, Aramco Ventures managed three funds. These are a Digital/Industrial Fund, 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
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