The oil behemoth, Saudi Aramco, said on Wednesday that it had increased the funding for its venture capital arm, Aramco Ventures, by $4 billion, more than doubling the total amount.
With this extra infusion of $4 billion spread over four years, Aramco Ventures now has $7 billion in capital. Additionally, Aramco has invested $500 million in Saudi start-ups through its venture capital firm, Wa’ed Ventures.
The $500 million Digital/Industrial Fund, the $1 billion Prosperity7 Fund, and the $1.5 billion Sustainability Fund were all administered by Aramco Ventures before the capital increase.
“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,” Aramco said in a statement.
Aramco stated that by concentrating on “new energies, chemicals, and transition materials, diversified industrial businesses, and digital technologies,” these venture capital investments seek to advance the company’s long-term strategy.
