RIYADH: Aramco officially announced on Tuesday Feb. 1 the launch of Prosperity7 Ventures, a one-billion-dollar Venture Capital fund.
Although the fund has been operational for over a year, it was launched officially by Aramco Chief Technology Officer Ahmad Al-Khowaiter during the LEAP 22 technology conference in Riyadh.
The Dhahran-based company said in a statement that Prosperity7 is designed as a global financial VC, with a long-term view to support the development of next-generation technologies and business models that will bring prosperity and positive impact on a vast scale.
The fund is headquartered in Dhahran, with offices in Palo Alto, New York, Beijing, and Shanghai.
Aramco CTO Ahmed Al-Khowaiter during LEAP
Aramco Chief Technology Officer Ahmad Al-Khowaiter said: “Through the breadth of the Saudi Aramco ecosystem, its vast resources, and its far-reaching footprint across geographies and sectors, Prosperity7 can present unparalleled opportunities for scalability and impact. This potential would be instrumental in creating stronger foundations for success for its portfolio companies.â€
Prospeity7's investments include early-stage enterprise, blockchain, financial and industrial technologies, healthcare, and education solutions.
It is named after Dammam Well-7, the first oil well to strike commercial oil in ¶¶Òõ¶ÌÊÓƵ, also known as the ‘Prosperity Well’.
