Propeller, a venture capital firm focused on AI infrastructure, has launched its US$50 million Fund III.
The fund aims to connect technical and entrepreneurial talent in the MENA region with opportunities in Silicon Valley, while linking AI startups in the US with organisations developing large-scale AI infrastructure projects in the Middle East.
Headquartered in Jordan, Propeller operates in Amman, Riyadh, Boston, and Silicon Valley.
Fund III will focus on software startups building horizontal AI infrastructure and AI-native applications, spanning areas from silicon-adjacent technologies to enterprise workflows.
The fund has already made five investments this year, all targeting the US market, including Codemod, Netpreme, Stealthium, Pebble, and Ciphero AI.
“The future of MENA tech isn’t local; it’s global,”
said Zaid Farekh, Founder of Propeller.
“Our strategy is to back founders who are building for cross-border growth. We strongly believe that our region will play a key role on the world stage in building the future of AI infrastructure. Propeller Ventures Fund III is designed as a bridge between exceptional builders and buyers from the MENA region and the startup, venture, and artificial intelligence ecosystems of Silicon Valley.”
Propeller will prioritise founders from MENA with global ambitions, scalable business models, and go-to-market strategies from inception.
The team has experience launching, scaling, and exiting software startups in both MENA and North America and maintains a network of venture funds, technical talent, and design partners across the two regions.
Hani Azzam recently joined Propeller to expand its US presence and now assumes the role of Partner with the launch of Fund III.
Featured image credit: Propeller
