Jordan-rooted venture capital firm Propeller has launched its $50 million Fund III to back startups building AI infrastructure and software across the United States and the Middle East and North Africa. The new vehicle is designed to connect MENA’s technical and entrepreneurial talent with the commercial depth of Silicon Valley, while channeling U.S. AI innovation into large-scale projects in the Gulf. Operating from Amman, Riyadh, Boston, and Silicon Valley, Propeller positions itself as a bridge between two of the world’s most active technology ecosystems.
A cross border AI and software thesis
Fund III will invest exclusively in software companies focused on horizontal AI infrastructure and AI-native applications. The strategy spans the stack from silicon-adjacent technologies to enterprise workflows, targeting the underlying tools and platforms that will power next generation AI systems. By concentrating on the infrastructure layer, Propeller aims to back technically ambitious founders who can build products that serve both regional and global markets at scale.
Connecting MENA founders with global markets
Propeller’s investment thesis centers on the belief that the future of MENA technology is global, not confined to local markets. The firm intends to prioritize founders from the region who design cross-border go-to-market plans from day one and structure their businesses to achieve international scale. Fund III is framed as a conduit between builders and buyers in MENA and the startup, venture, and AI ecosystems of Silicon Valley, aligning regional talent with global demand.
Early investments signal a U.S. oriented pipeline
Even at launch, Fund III has already deployed capital into five startups that are based in or actively selling into the U.S. market. The portfolio includes Codemod, Netpreme, Stealthium, Pebble, and Ciphero AI, a group that reflects the fund’s focus on developer tools, infrastructure, and AI-driven software. These early investments underscore Propeller’s intention to plug MENA-backed founders and regional capital directly into mature and demanding markets.
Team experience and expanded U.S. presence
Propeller’s team brings experience in launching, scaling, and exiting software startups across MENA and North America. Over the years, the firm has built an extensive network of community partners, venture funds, technical talent, and potential design partners in both regions, which it activates to support portfolio companies. Earlier this year, industry operator Hani Azzam joined the firm to strengthen its U.S. footprint and, with the launch of Fund III, has now stepped into the role of Partner.
Track record from previous funds
Across its first two funds, Propeller has backed more than 30 startups that align with its thesis of technical depth and international ambition. Portfolio companies include Clarity, formerly Anecdote, as well as ActivePieces, OpenCX, Corgea, Hounddog.ai, POSRocket, and Maqsam, each reflecting the firm’s focus on software products that can scale across borders. These investments demonstrate Propeller’s ability to identify early technical teams and support them as they move from regional traction to global expansion.
Institutional backing and regional capital
Propeller’s second fund attracted institutional support from Saudi Venture Capital Company and Jordan’s Innovative Startups and SMEs Fund. Through these vehicles, the firm has built a portfolio that has generated significant value while helping startups enter new markets beyond their home geographies. This backing highlights the growing role of regional capital in financing globally oriented software and AI infrastructure companies.
With the launch of its $50 million Fund III, Propeller is doubling down on a cross-border thesis that links MENA founders, regional capital, and U.S. market opportunities in AI infrastructure and software. The fund builds on an existing portfolio, a multi-city footprint, and a network that spans both ecosystems, positioning the firm as a connector for technically ambitious teams. As AI infrastructure becomes more critical to enterprises worldwide, Propeller aims to ensure that MENA and U.S. founders can jointly shape this emerging landscape.