Aramco expands global venture capital program with $4bn funds injection
- Company more than doubles funding for its venture capital arm, Aramco Ventures
- Decision supports Aramco’s long-term strategy through investments in strategic areas of business development
- Intention to finance game-changing innovations across a variety of industries
DHAHRAN, Saudi Arabia, January 17, 2024 – Aramco (“the Company”), one of the world’s leading integrated energy and chemicals companies, 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 capabilities from $3 billion to $7 billion between 2024 and 2027.
It will take Aramco’s overall venture capital allocation to $7.5bn, which also includes the $500 million venture capital fund Wa’ad 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 is helping advance the Company’s long-term strategy, which includes a focus on new energies, chemicals and the materials transition, diversified industrial businesses, and digital technologies.
Ahmad Al Khowaiter, Aramco Executive Vice President of Technology & Innovation, said: “Innovation is key to addressing some of the key challenges facing the world today, including the energy transition. Through Aramco Ventures, we aim to support pioneers with big ambitions, and ultimately help bring their ideas to life. 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.”
Prior to the new capital allocation, Aramco Ventures managed three funds. These are a Digital/Industrial Fund, which stood at $500 million, investing in technologies of strategic importance to Aramco; 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 and invests in start-ups with 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.
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About Aramco
Aramco is a global integrated energy and chemicals company. We are driven by our core belief that energy is opportunity. From producing approximately one in every eight barrels of the world’s oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. We focus on making our resources more dependable, more sustainable and more useful. This helps promote stability and long-term growth around the world. www.aramco.com
About Aramco Ventures
Aramco Ventures is the corporate venturing subsidiary of Aramco, the world’s leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran with offices in North America, Europe and Asia, Aramco Ventures strategic venturing programs invest globally in start-up and high growth companies with technologies of strategic importance to its parent, Aramco, primarily supporting the company’s operational decarbonization, new lower-carbon fuels businesses, and digital transformation initiatives. Aramco Ventures also operates Prosperity7, the company’s disruptive technologies investment program.
For more information, please visit www.aramcoventures.com
About Prosperity7 Ventures
Prosperity7 Ventures (P7) is the diversified growth fund of Aramco Ventures, a subsidiary of Aramco, the world’s leading integrated energy and chemicals company. The fund’s name derives from “Prosperity Well,” the seventh oil well drilled in Saudi Arabia and the first to strike oil. Taking forward this pioneering history, P7 invests globally with a long-term view in breakthrough technologies and transformational business models that will bring prosperity and positive impact on a vast scale.
For more information, please visit www.prosperity7vc.com