Saudi oil giant Aramco announced an increase in funding for its venture capital arm Wa’ed Ventures. The company has allocated $300m in additional funds to Wa’ed Ventures, increasing the size of its venture capital arm from $200m to $500m. The increase aims to “enable the company to deliver an accelerated investment performance regionally and globally,” Aramco said in a statement.
The announcement was made at the LEAP tech conference currently ongoing in Riyadh. Wa’ed Ventures aims to localise frontier technologies to advance the kingdom’s innovation ecosystem; expand investments in mid and growth-stage startups; and fund underserved domains such as environmental, social and governance, the metaverse and quantum computing, the company added.