Aramco launches $1 billion venture capital fund
Aramco announced the launch of Prosperity7 Ventures, a billion dollar venture capital fund. Aramco Chief Technology Officer Ahmad Al-Khowaiter launched the VC fund at the LEAP 22 technology conference in Riyadh.
Prosperity7 is designed as a global financial venture capital, with a long-term vision to support the development of next-generation technologies and business models that will bring prosperity and positive impact at scale.
Ahmad Al-Khowaiter, Chief Technology Officer of Aramco, said: “Thanks to the breadth of the Saudi Aramco ecosystem, its vast resources and its extensive footprint in geographies and sectors, Prosperity7 can present unprecedented opportunities for scalability and impact. This potential would help create a stronger foundation for the success of its portfolio companies. »
Investments include early-stage companies, blockchain, fintech and industrials, healthcare, and education solutions. Its headquarters are in Dhahran, with offices in Palo Alto, New York, Beijing and Shanghai.
The fund is named after Dammam Well-7, the first oil well to extract commercial oil in Saudi Arabia, also known as the “Prosperity Well”.