Aramco announces $1 bn Venture Capital fund

Aramco announced the launch of Prosperity7 Ventures, a one-billion-dollar Venture Capital fund. Aramco Chief Technology Officer Ahmad Al-Khowaiter launched the VC fund during the LEAP 22 technology conference in Riyadh.
Dollar spending on technologyProsperity7 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.

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.”

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’.

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