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Saudi Arabia’s state energy giant, Saudi Aramco, has announced on Wednesday that it has boosted its global venture capital arm,&nbsp; Aramco Ventures by $4 billion. 
According to <a href="https://www.reuters.com/business/aramco-boosts-venture-arms-capital-by-4-billion-2024-01-17/" target="_blank" rel="noopener">reports</a>, the additional funding ($4 billion over four years) boosts and more than doubles the oil giant’s venture capital funding to $7.5 billion, which also includes the $500 million venture capital fund Wa’ed Ventures that focuses on the start-up ecosystem in Saudi Arabia. 
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<a href="https://www.aramco.com/en/" target="_blank" rel="noopener">Saudi Aramco</a>, officially known as Saudi Arabian Oil Company, is the world’s largest oil producer. The company, which is led by Amin H. Nasser as president and CEO, is primarily state-owned and is based in Dhahran, Saudi Arabia. Aramco Ventures, a corporate venture capital firm is a subsidiary of Saudi Aramco, with a total AUM of $7 billion. 
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<h4 id="saudi-aramcos-additional-4-billion-funding" data-beyondwords-marker="9a30e9f5-c446-4457-85c0-bd3b52b25981">Saudi Aramco’s additional $4 billion funding&nbsp;</h4> 
According to the statement, the decision to boost its venture funding reflects the growing significance of the oil giant’s venture capital program in enabling the development of disruptive new technologies, creating diversification opportunities for Saudi Aramco, and paving the way for collaborations with innovative start-ups. 
The energy company added that such venture capital investments aim to progress its long-term strategy by focusing on “new energies, chemicals and transition materials, diversified industrial businesses, and digital technologies.” 
Ahmad Al Khowaiter, Executive Vice President of Technology &amp; Innovation, said: 
“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.” 
<h4 id="venture-capital-mission" data-beyondwords-marker="e389695a-0790-45c1-92ad-ed3a8ae2c2a1">Venture capital mission&nbsp;</h4> 
According to the company’s <a href="https://aramcoventures.com/" target="_blank" rel="noopener">website</a>, the mission of Aramco Venture is to invest globally in start-up and high-growth companies with technologies of strategic importance to the company in order to accelerate their development and deployment in its operations. 
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The program seeks to invest in highly scalable ventures, led by world-class management teams, with disruptive technologies and business models, outside of the energy sector. With an in-house business development team, Aramco Venture actively supports portfolio companies in doing business with Aramco and accessing the Saudi Arabian and regional <a href="https://en.wikipedia.org/wiki/Middle_East_and_North_Africa" target="_blank" rel="noopener">MENA</a> (African inclusive) markets, including facilitating technical collaboration, piloting, business development, and accessing technical and operational expertise.&nbsp; 
Aramco invests across the capital stack, from the early stage to the growth stage.&nbsp; 
“We also selectively make smaller seed investments in promising early-stage companies and partner with 3rdparty fund managers and other corporates in sectors and geographies of interest.”

Saudi Arabia’s Aramco strengthens its Venture Capital arm with $4 billion boost

Technext.ng

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