Since its inception in 2011 as Saudi Aramco’s entrepreneurship center, the entity now known as Wa’ed Ventures has evolved into a cornerstone of the Kingdom’s innovation landscape. Officially becoming a $500 million venture capital fund in 2013, Wa’ed Ventures has strategically shifted from a support center to a specialized investment powerhouse, championing a dual mission to fund Saudi-based startups and localize cutting-edge global technologies.
Over the past decade, the fund has been instrumental in driving technological diversification across Saudi Arabia, aligning its investment thesis with the ambitious goals of Vision 2030. Its recent activities have focused on vital sectors such as sustainability, artificial intelligence, and healthtech, cementing its role as a key enabler of a tech-centric economy.
Strategic Investments in Deep Tech
Wa’ed Ventures has recently made significant strides in backing high-potential technology companies. A key investment was a $9 million round for Graviton to develop a new cloud platform tailored for AI networks, aiming to mitigate cybersecurity risks.
The fund also supported Lucidya with $5 million to advance its customer interaction automation solutions, designed to reduce operational costs and boost efficiency in critical sectors like telecommunications, financial services, and healthcare.
In the realm of deep tech, Wa’ed Ventures allocated an additional $4 million to Pasqal, a quantum computing company. The investment aims to accelerate the localization of quantum technologies, with Pasqal working towards launching the Kingdom’s first 200-qubit quantum computer by the end of this year. Furthering its commitment to localizing AI infrastructure, the fund also invested $3 million in UK-based startup Ori.
Fostering Global and Local Partnerships
Beyond direct investments, Wa’ed Ventures has cultivated strategic partnerships to amplify its impact. A collaboration with the Saudi Export Development Authority has successfully enrolled 74 portfolio companies into the Saudi Export Catalysis Program, enabling startups like Hazen and Amplify to expand their operations into international markets including the UK, Italy, Morocco, Bahrain, and the UAE.
In a landmark agreement with the Ministry of Investment, Wa’ed Ventures launched a program to attract global deep-tech startups to the Kingdom. The initiative aims to create seamless localization pathways, with a target of generating over 7,000 jobs and adding more than SAR 25 billion to the market value of participating companies by 2030. Three international portfolio companies—Cureoscity, Terraxy, and Rebellions—have already joined the program’s inaugural cohort.
A Track Record of Successful Exits
The fund’s maturity is further evidenced by its successful exits. Portfolio company Al-Tia was acquired by the French multinational GE Vernova, marking a significant validation of its technology and market position.
Additionally, cybersecurity specialist SpiderSilk merged with CPX, a strategic move to combine their capabilities and strengthen their collective defense against sophisticated cyber threats in the region.
About Wa’ed Ventures
Wa’ed Ventures is the $500 million venture capital arm of Saudi Aramco. It was established to accelerate the development of Saudi Arabia’s startup ecosystem by investing in high-growth, tech-based startups across various stages. The fund is dedicated to nurturing local innovation and supporting the localization of global technologies to contribute to the Kingdom’s economic diversification and knowledge-based economy.
Source: Economy Today
