RIYADH: Saudi Aramco’s venture capital fund Prosperity7 has so far invested in 19 companies that provide technologies and solutions in several areas, the oil giant told Aleqtisadiah.
The companies operate in fields of finance, cloud, logistics and service robots, healthcare and in areas of movement and mobility, Aramco added.
As the first investment fund of its kind for Saudi Aramco, Prosperity7 is established with a capital of $1 billion dollars, targeting emerging companies globally.
The fund’s investments are diversified, as it targets emerging companies in leading global markets such as the US and China in various sectors and fields, the company said, regarding its future plans to raise capital.
In line with Saudi Vision 2030, Prosperity7 was established by Aramco, aiming to invest in early and growth-stage startups with a long-term view to support the development of next-generation technologies and business models.
