Saudi Arabia’s multinational petroleum and natural gas company, Saudi Aramco has officially launched its $1 billion venture capital fund, Prosperity7 Ventures.
Even though the fund has been operational for over a year, it was launched officially by Mr. Ahmad Al-Khowaiter, Chief Technology Officer of Aramco, during the LEAP 22 technology conference in Riyadh.
Designed as a global financial venture capital firm, Prosperity7 reinforces the long-term view to build the next-generation technologies and business models that will bring positive impact on a vast scale.
Ahmad Al-Khowaiter CTO – Saudi Aramco
“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.”
The Prosperity7 Ventures is headquartered in Dhahran, with offices in Palo Alto, New York, Beijing, and Shanghai. It aims to support exceptional entrepreneurs in building transformative companies striving to solve some of the world’s most pressing challenges.
The fund will support building long-lasting partnerships, offering quality mentorship, and access to a network of leading companies, venture capital firms, and market experts globally.
Further, the fund will identify ground-breaking firms with exceptional leadership in diverse industries which are deploying disruptive technologies with the ability to scale and transform. Investments include early-stage enterprise, blockchain, financial and industrial technologies, healthcare, and education solutions.
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’.
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