Prince Harry and Meghan Markle released an official statement on Monday detailing their plans for a new venture. Their foundation does not only have a sweet link to their son Archie, who turns one year old on May 6th, but will offer a wide range of charitable services. The Daily Telegraph was the first to report the news after obtaining paperwork filed by the couple in the United States. 

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The name of their newest venture will be Archewell, and it turns out the couple decided on the name before their son Archie was born in May 2019 - it has a very special meaning to them, as they explained in the statement.

Harry & Meghan's New Foundation: Archewell

"Like you, our focus is on supporting efforts to tackle the global COVID-19 pandemic but faced with this information coming to light, we felt compelled to share the story of how this came to be," the couple said in their statement.

"Before SussexRoyal, came the idea of Arche – the Greek word meaning source of action," they continue. "We connected to this concept for the charitable organisation we hoped to build one day, and it became the inspiration for our son’s name. To do something of meaning, to do something that matters."

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"Archewell is a name that combines an ancient word for strength and action, and another that evokes the deep resources we each must draw upon. We look forward to launching Archewell when the time is right."

The information about their newest venture comes after the couple recently shut down their Instagram account as well as closed the offices of SussexRoyal, which finalized their official exit as senior members of the royal family.

According to the Daily Telegraph, the services of their new non-profit will include emotional support groups, a multi-media educational empire, and a well-being website. We will keep you updated with more news on the royal family right HERE...