February 02, 2022:   Wa’ed, the entrepreneurship arm of Aramco, has increased its ticket size to SAR 75 million ($20 million), and laid a strategic course to invest in five core areas, including Sustainability, Manufacturing, Social, Digital, and Industrial, sectors.

Offering various entrepreneurial initiatives, the Dhahran-based center plans to utilize its new ticket size to target later stage funding rounds, widening its local investment scope and further capitalizing on its current success.

 

“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.”

Last year 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 leading telehealth Cura; and Lamaa, the fintech company that provides financing solutions for small and medium sized companies.

 

During 2021, Wa’ed’s incubation program also onboarded 17 startups across various sectors, 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.

The 2021 roadshow, which was hosted between September and December of last year, expanded the opportunity for Wa’ed to provide 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. 

 

The year also proved instrumental for wider partnerships and sponsorships between Wa’ed and leading local organizations as the center signed numerous memoranda of agreement (MoUs) with the Royal Commission for Jubail and Yanbu, Taibah Valley, and Falak Investment Hub.