Propeller, the Jordan-rooted venture capital firm focused on AI infrastructure, launched its USD 50 million Fund III to back startups building horizontal AI infrastructure and AI-native software. The fund aims to connect MENA’s deep technical talent with global commercial opportunities, while also helping US-based AI companies access large-scale AI deployment projects in the Middle East. Propeller now operates across Amman, Riyadh, Boston and Silicon Valley, strengthening its position as a bridge between the two ecosystems.
A Fund Built for Global AI Ambitions
Fund III will invest exclusively in software startups ranging from silicon-adjacent technologies to enterprise AI applications. The firm has already made five investments in 2025, all selling into the US market. These include:
- Codemod
- Netpreme
- Stealthium
- Pebble
- Ciphero AI
Propeller’s founders, Zaid Farekh and Tambi Jalouqa, emphasise that their thesis revolves around backing globally ambitious founders. Their strategy focuses on teams building cross-border companies from day one with the scale, maturity and technical depth to compete internationally.
Positioning MENA as a Global AI Contributor
According to Farekh, MENA’s role in the future of AI will extend far beyond local markets. He noted that the region’s growing involvement in AI infrastructure projects creates new opportunities for collaboration with US-based innovators. Fund III is designed to accelerate this exchange by pairing MENA builders with global buyers and linking US startups with regional demand.
When assessing MENA founders, Propeller will prioritise companies with early global go-to-market plans, scalable product architectures and the ambition to compete in the US and European markets.
Strengthening the Cross-Border Network
The Propeller team brings deep operational experience from building, scaling and exiting software startups across MENA and North America. Their network includes venture funds, community partners, technical experts and design partners in both regions. Earlier this year, Propeller strengthened its US presence with the addition of Hani Azzam, who now steps into the role of Partner following the launch of Fund III.
To date, Propeller has backed more than 30 startups across its first two funds. Its portfolio includes companies such as Clarity, ActivePieces, OpenCX, Corgea, Hounddog.ai, POSRocket and Maqsam. These companies reflect Propeller’s thesis of supporting technically ambitious founders building products capable of scaling across borders.
Building on a Proven Track Record
Propeller’s earlier funds were backed by the Saudi Venture Capital Company (SVC) and Jordan’s Innovative Startups and SMEs Fund (ISSF). Over the years, the firm has cultivated a strong portfolio that continues to generate value and expand internationally. Fund III aims to build on this momentum, further reinforcing Propeller’s role in advancing AI innovation across the MENA region and beyond.
