AAA Zahroof Valves filters through series C funding

Zahroof Valves filters through series C funding

Saudi Aramco Energy Ventures (SAEV), the corporate venturing subsidiary of petroleum producer Saudi Aramco, has led a $6.3m series C round for US-based gas compressor valve producer Zahroof Valves (ZVI).

ZVI formally announced the funding on Tuesday and did not disclose the amount, but a regulatory filing from the same day revealed the size of the round, which also included private equity firm NGP Energy Technology Partners.

Founded in 2010, ZVI produces specialist valves for use in reciprocating gas compressors. The series C funding will support global growth.

Tony Gioffredi, chief executive of ZVI, said: “We are honoured that Saudi Aramco Energy Ventures has decided to make an investment in ZVI and are pleased that NGP Energy Technology Partners continues to support our vision in the reciprocating compressor valve market.

“The addition of Saudi Aramco Energy Ventures as a partner is significant, as they are recognised as a value-based strategic partner who invests in companies with strategic importance to its parent Saudi Aramco and other global energy companies.”

The company had raised $100,000 in 2013 before adding another $2.5m the following year, according to securities filings. The latter round included NGP

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