Saudi Aramco has officially launched its $1 billion venture capital fund Prosperity7, which has been in operation for more than a year

21st Century Business Herald reporter Zheng Qingting Beijing reported that recently, Saudi Aramco officially launched a $1 billion venture capital fund Prosperity7. The fund has been in operation for more than a year, and was officially launched on February 1 at the LEAP 22 technology conference in Riyadh, announced by Saudi Aramco Chief Technology Officer Ahmad Al-Khowaiter.

Prosperity7 is positioned as a global financial venture capital firm with a long-term focus on supporting the development of next-generation technologies and business models that will bring massive prosperity and positive impact.

"Prosperity7 can bring unparalleled opportunities through the breadth of Saudi Aramco's ecosystem, its abundant resources, and its wide distribution of businesses across geographies and industries." "Its potential will help build a more solid foundation for the success of its portfolio companies," Howright said. ”

The fund supports outstanding entrepreneurs in building transformative companies to address some of the most pressing global challenges. Prosperity7 will support long-term partnerships, provide high-quality guidance, and enhance communication and connections with leading global firms, venture capital firms and market experts.

From a range of industries that are deploying disruptive technologies that can be scaled and transformed, the fund looks for groundbreaking companies with leadership. Investment areas cover early-stage enterprises, blockchain, financial and industrial technologies, healthcare and education solutions. The fund is headquartered in Dhahran with branches in Palo Alto, New York, Beijing and Shanghai.

The fund is named after Dammam 7, Saudi Arabia's first commercial well, also known as the "Well of Prosperity."

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