RIYADH, SAUDI ARABIA (Nov. 1, 2 p.m. ET) — Saudi Basic Industries Corp. has launched of a global corporate venture capital arm, Sabic Ventures BV, based in Sittard, the Netherlands, with the primary goal of seeking out innovative technologies and businesses that fit with the company's global strategy.
Sabic Ventures aims to build up a portfolio of technology options for the company's future businesses. It will do this by investing directly in start-ups as well as established operations. The new organization will both lead investment and work alongside venture capitalists.
Sabic Ventures said investment sizes will depend on the stage of investment, but will generally range from $500,000 to $5 million for seed stage companies, between $2 million to $10 million for early-stage deals and between $5 and $20 million for later stage investments.
Mohamed Al-Mady, Sabic's vice-chairman and CEO, said: “Sabic aspires to be the preferred leader in chemicals. We will accomplish this through organic growth by investing in new assets and expanding current assets, mergers and acquisitions in targeted areas and new business creation.
“Venturing provides growth opportunities for new businesses.”