Richard Riggs works for Saudi Aramco Energy Ventures within the Europe team of the $500m global corporate venture capital unit of the Saudi Arabia-based oil major.
Based in its main Europe office in Aberdeen, UK, Riggs has been at Saudi Aramco Energy Ventures for just over four years and his more than 30 deals spread across North America and Europe include Airborne Oil and Gas, Oxymem and Flowcastings.
Riggs said the deals were made to help the parent company. “This can be in many ways, from a direct customer or supplier relationship to an indirect one where Aramco benefits from market conditions impacted by the deployment of new technologies. We help this value to be realised, by providing capital for companies to grow and also opening a network of potential customers or partners within Aramco or broadly within Saudi Arabia in different energy-related industries.”
Before joining Saudi Aramco Energy Ventures, he worked for three years at the corporate venturing unit of chemicals company BASF at its headquarters in Ludwigshafen, Germany, a role that “attracted me because of the unique combination of being involved in science and technology and playing an active role in getting young companies developing, growing and commercialising”.
He added: “Doing this from the within a corporate, seeing the big picture and establishing relationships of mutual benefit makes this even more exciting. Having a positive impact in delivering financial returns in strategically relevant companies is where the focus lies.”
