Capital Series: Bruce Niven, Aramco Ventures

Inevitable

This episode is part of our Capital Series hosted by Jason Jacobs. This series explores a diverse range of capital sources and the individuals who drive them. From family offices and institutional LPs to private equity, government funding, and more, we take a deep dive into the world of capital and its critical role in driving innovation and progress.

Bruce Niven is the Head of Strategic Venturing at Aramco Ventures. Aramco Ventures is the corporate venturing arm of Aramco, a world-leading integrated energy and chemicals company. As of 2022, it was the second-largest company in the world by revenue. It also has both the world's second-largest proven crude oil reserves at more than 270 billion barrels and largest daily oil production of all oil producing companies.

Bruce joined Aramco Ventures 11 years ago to build the corporate venture program. He led the design of its first $500 million fund and has since expanded to include three funds totaling 3 billion in assets under management. The venture unit has done close to 200 transactions, deployed more than 30 technologies, and have three exits. Late last year, it launched a $1.5 billion sustainability fund that Bruce manages.

Jason and Bruce have a great discussion about Aramco's history and future, plus Bruce's personal venture journey. We talk about Aramco Ventures, what they look for in investments, how they think about strategic fit versus returns, the types of technologies that Bruce and Aramco Ventures find exciting, and what founders might expect from working with Aramco post-investment. Enjoy the show!

In this episode, we cover:

• [3:31] Overview of Aramco and Aramco Ventures
• [6:18] Bruce's personal journey and background in venture capital
• [8:42] Aramco Ventures' investment focus and priorities
• [10:31] The role of fossil fuels in past, present, and future energy systems
• [14:22] The importance of energy abundance and the transition to cleaner technologies
• [21:54] Aramco's priorities in the energy transition and the role of venture in fulfilling its objectives
• [23:30] Aramco Ventures' interest in disruptive technologies
• [28:15] Strategic fit versus returns in Aramco Ventures' investment decisions
• [30:52] Aramco's role in the capital gap for early-stage startups and the need for project financing
• [39:34] Addressing concerns and criticisms of the oil and gas industry
• [42:28] The need for a mature accounting system for measuring emissions and the challenges in the current regulatory environment
• [46:47] Ways for listeners to engage with Aramco Ventures

Episode recorded on Nov 29, 2023 (Published on Jan 24, 2024)

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