Wa’ed, the entrepreneurship arm of Aramco, has poured more than SR21 million ($5.6 million) into Saudi-based startups on its third national roadshow stop in Jeddah.
The event follows two previous stops held in Al-Jubail and Yanbu industrial cities, where the Aramco unit pledged a number of loans and seed grants to eleven Saudi-based startups.
Managing director Fahad Alidi said it is important for Wa’ed to provide “accessible and inclusive opportunities across various sectors” in the Kingdom’s startup scene.
In an allusion to the Saudi Vision 2030, that puts emphasis on the contribution of small and medium enterprises (SMEs) to the national GDP, he added: “True entrepreneurial innovation makes the backbone of the Kingdom’s economic and technological development.”
Wa’ed has also recommended a venture capital fund to Fathom Solutions, a Saudi-based software company that provides enterprise AI and IoT platform solutions to increase digital business agility in the oil and gas industry.
For seed grants, Wa’ed granted SR75,000 to Mawidy, a deep tech startup utilizing artificial intelligence to enhance healthcare services, and SR50,000 to Last Link (Bubble), a proximity-based online video platform that turns virtual workshops to collaborative and engaging experiences.
It also pledged a SR25,000 seed grant to Veem, a business-to-business AI-backed virtual commerce platform that helps retail stores boost their customer experience and retention rates.
This comes amid Wa’ed’s aim to promote higher visibility and financial support to key entrepreneurial sectors, as the national roadshow rumbles on in the next two months.
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