Saudi Aramco has officially launched Prosperity7 Ventures, a $1 billion Venture Capital fund.
The fund has been operational for over a year but was launched officially on Tuesday by Aramco Chief Technology Officer Ahmad Al-Khowaiter during the LEAP 22 technology conference in Riyadh.
Prosperity7 is designed as a global financial VC, with a long-term view to supporting the development of next-generation technologies and business models that will bring prosperity and positive impact on a vast scale.
Aramco Chief Technology Officer Ahmad Al-Khowaiter said Aramco’s vast resources and its far-reaching footprint across geographies and sectors provide Prosperity7 can present unparalleled opportunities for scalability and impact.
“This potential would be instrumental in creating stronger foundations for success for its portfolio companies,” he said.
The fund supports exceptional entrepreneurs in building transformative companies striving to solve some of the world’s most pressing challenges, media reports said.
Prosperity7 will support building long-lasting partnerships, providing quality mentorship, and access to a network of leading companies, venture capital firms, and market experts worldwide, the reports added.
The fund identifies ground-breaking companies with exceptional leadership in diverse industries, which deploy disruptive technologies with the ability to scale and transform.
Investments include early-stage enterprise, blockchain, financial and industrial technologies, healthcare, and education solutions. It is headquartered 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 strike commercial oil in Saudi Arabia, also known as the ‘Prosperity Well’.