DHAHRAN — Saudi Aramco on Tuesday officially announced the launch of Prosperity7 Ventures, a billion-dollar venture capital fund. The fund has been operational for more than a year, but was officially launched on Tuesday by Aramco Chief Technology Officer Ahmad Al-Khowaiter 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.
Al-Khowaiter said, “With the breadth of the Saudi Aramco ecosystem, vast resources, and expansive footprint across geographies and sectors, Prosperity7 can present unprecedented opportunities for scalability and impact. This potential would help create a stronger foundation for the success of his portfolio companies.”
The fund supports exceptional entrepreneurs in building transformative businesses striving to solve some of the world’s most pressing challenges. Prosperity7 will support the creation of lasting partnerships, the provision of quality mentorship and access to a network of leading companies, venture capitalists and market experts worldwide.
The fund identifies breakthrough companies with exceptional leadership across a variety of industries that are deploying disruptive technologies capable of scaling and transforming. 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”.
Building on a corporate heritage of explorers and entrepreneurs, Prosperity7 continues the tradition of turning big ideas into reality. — SPA