Saudi Aramco’s Wa’ed raises allocated capital for startup investment to $20M in 2022
Mita Srinivasan
10x Industry

Saudi Aramco’s Wa’ed raises allocated capital for startup investment to $20M in 2022

Aramco’s entrepreneurship arm has provided SAR 409 million ($109.9 million) in funding since 2011 – expanding its focus to sustainability, manufacturing, social, digital, and industrial sectors and later stage funding rounds in 2022

Wa’ed, the entrepreneurship arm of Aramco, has increased its allocated capital for investment to SAR 75 million ($20 million) with a focus to invest in five core areas, including sustainability, manufacturing, social, digital, and industrial sectors. The company will also target later stage funding rounds, widening its local investment scope and further capitalizing on its current success.

In 2021, Wa’ed increased its venture capital portfolio by an additional eight new deals and four follow-on investments, reaching up to SAR 34 million ($9.07 million) in total dedicated funds. Wa’ed Ventures, the VC investment arm at Wa’ed, currently supports more than 37 companies, most notably the Saudi Agtech startup, Red Sea Farms, who uses saltwater-based agriculture systems; the telehealth startup, Cura; and Lamaa, the fintech company that provides financing solutions for small and medium sized companies.

“2021 signaled a transformational year for Wa’ed. Our continuous support for visionary founders and scalable startup solutions has given us the right foundation to embark on this new chapter as we aim to create greater impact on the local entrepreneurial ecosystem,” said Fahad Alidi, the Managing Director at Wa’ed. “We plan to strengthen our role as a founder-focused partner and the five identified sectors will help activate a clear and sustainable strategy for the years ahead.”

Wa’ed’s incubation program also onboarded 17 startups across various sectors in 2021 including e-commerce startup, Naseej Market, and the first local B2B manufacturer for enclosed sleeping capsules, Wassan, both were enrolled during the six-city Wa’ed Entrepreneurship Roadshow.

Wa’ed provided financial support for 28 Saudi-based entrepreneurs, announcing more than SAR 43.6 million ($11.63 million) in total venture funds, loans, and seed grants.