Saudi Arabia’s Aramco has announced a significant expansion of its venture capital arm, Aramco Ventures, increasing its allocation for global high-growth startups from $3 billion to $7 billion.
This move brings the total capital dedicated to Aramco’s venture investments to $7.5 billion, which also encompasses the $500 million Wa’ed Ventures fund targeting the entrepreneurial ecosystem within the Kingdom.
Additionally, the Prosperity7 fund, with a capital of $1 billion, invests in startups globally, and the Sustainability fund, with $1.5 billion in capital, focuses on startups that align with Aramco’s aims to achieve carbon neutrality.
The Context fund, in partnership with Cognite Data Fusion, is valued at $500 million and targets strategic technological investments for Aramco, including cloud technology and superior digital transformation solutions.
Aramco’s diverse investments in startups last year included notable actions such as Prosperity7 leading a $14 million funding round for China-based health tech company Cispoly.
Aramco Ventures spearheaded a Series A funding round with a $10 million investment in Singapore-based REDEX, a provider of renewable energy certificate services.
Meanwhile, Wa’ed Ventures led a $52 million funding round for the American 3D construction technology company Mighty Buildings, and another funding round of $27 million for the storage and retail solutions company Rawaa.
