Aramco Boosts Wa’ed Ventures to $500m, Partners with Zoom for Global Data Center

Saudi Arabian oil giant Aramco has announced that it is increasing the size of its venture capital arm, Wa’ed Ventures, from $200m to $500m by allocating an additional $300m in funds.

Riyadh, February 7, 2023 – As reported by Gulf Business, the move is aimed at accelerating investment performance both regionally and globally, and is part of the company's strategy to promote innovation in the kingdom.

Wa'ed Ventures has a mission to localise frontier technologies, expand investments in mid and growth-stage startups, and fund domains that are currently underserved, such as environmental, social and governance, the metaverse, and quantum computing.