Aramco announces $1bn venture capital fund
Fund has headquarters in Dhahran, with offices in New York, Palo Alto, Beijing and Shanghai
Saudi Arabia’s Aramco has announced the launch of Prosperity7 Ventures, a $1bn venture capital fund to support the development of next generation technologies and global businesses in the technology and cryptocurrency sector.
Although the fund has been operational for over a year, it was officially launched earlier this week with a focus on identifying ground-breaking companies with “exceptional leadership in diverse industries”, as well as those deploying disruptive technologies.
Aramco confirmed the investment will be used to back early-stage enterprise, blockchain, financial and industrial technologies as well as the health care and education sectors.
Backing global businesses
The fund’s aim is to diversify the Kingdom’s investments across new industries and support entrepreneurs around the globe to build transformative companies solving some of the world’s most pressing challenges.
The Dhahran-based company confirmed that Prosperity7 – named after Dammam Well-7, the first well to strike commercial oil in Saudi Arabia, also known as the “Prosperity Well” – will act as a global financial VC firm and support building long-lasting partnerships, provide quality mentorship, and give access to a network of leading companies, venture capital firms, and market experts worldwide.
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.”