Jordan-rooted venture capital firm Propeller has launched Fund III at $50 million, with a mandate to invest in startups building horizontal AI infrastructure and AI-native software. The fund will prioritise technically ambitious founders aiming to scale globally from inception.
Founded in 2017 by Zaid Farekh and Tambi Jalouqa, Propeller operates across Amman, Riyadh, Boston, and Silicon Valley, positioning itself as a bridge between MENA AI builders and US growth markets.
The firm has already made five Fund III investments in 2025: Codemod, Netpreme, Stealthium, Pebble, and Ciphero AI, all selling into the US market.
“The future of MENA tech isn’t local; it’s global,” said Zaid Farekh, Founder of Propeller. “We back founders building for cross-border growth. The region will play a defining role in shaping the next era of AI infrastructure. Fund III is designed as a bridge between exceptional builders from MENA and the demand engines of Silicon Valley.”
With Fund III, Propeller intends to deepen its US presence, support MENA founders with global go-to-market strategies, and scale software products beyond regional borders
Earlier this year, Hani Azzam joined the team to expand US operations and now steps into the role of Partner with the launch of Fund III.
Propeller has backed 30+ startups to date across two prior funds, including Clarity (formerly Anecdote), ActivePieces, OpenCX, Corgea, Hounddog.ai, POSRocket, and Maqsam.
Its second fund was backed by Saudi Venture Capital Company (SVC) and Jordan’s Innovative Startups and SMEs Fund (ISSF).
