Tuesday February 27th, 2024
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Saudi Oil Giant Aramco Injects $4 Billion Into Aramco Ventures

The augmented capital infusion is intended to support companies at various stages of development worldwide.

Startup Scene

Saudi Arabia's oil giant, Aramco, has announced a substantial $4 billion increase in funding for its global venture capital arm, Aramco Ventures. This decision elevates Aramco Ventures' total investment allocation from $3 billion to $7 billion, contributing to a comprehensive venture capital commitment of $7.5 billion, which includes the $500 million venture capital fund Wa’ed Ventures.

The augmented capital infusion is intended to support companies at various stages of development worldwide, aligning with Aramco's long-term objectives. These objectives encompass a strategic emphasis on new energies, chemicals, transition materials, diversified industrial businesses and digital technologies.

“Innovation is key to addressing some of the fundamental challenges facing the world today, including the energy transition… 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,” Ahmad Al Khowaiter, Aramco Executive Vice President of Technology & Innovation, tells StartupScene. “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.”

Before this capital injection, Aramco Ventures managed three funds: the Digital/Industrial Fund with $500 million, focused on strategically important technologies for Aramco; the Prosperity7 Fund with $1 billion, dedicated to disruptive technology ventures beyond the energy sector; and the Sustainability Fund with $1.5 billion, investing in startups supporting Aramco's ambition to achieve net-zero greenhouse gas emissions across its wholly-owned and operated assets by 2050.


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