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Aramco launches $1bn venture capital fund at LEAP after a year in operation

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03 Feb 2022 12:02:53 GMT9
03 Feb 2022 12:02:53 GMT9

Arab News

RIYADH: Aramco officially announced on Tuesday Feb. 1 the launch of Prosperity7 Ventures, a one-billion-dollar Venture Capital fund.

Although the fund has been operational for over a year, it was launched officially by Aramco Chief Technology Officer Ahmad Al-Khowaiter during the LEAP 22 technology conference in Riyadh.

The Dhahran-based company said in a statement that Prosperity7 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.

The fund is headquartered in Dhahran, with offices in Palo Alto, New York, Beijing, and Shanghai.

Aramco CTO Ahmed Al-Khowaiter during LEAP

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.”

Prospeity7’s investments include early-stage enterprise, blockchain, financial and industrial technologies, healthcare, and education solutions.

It 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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