You Won't Believe What Jordan's Propeller Just Did with Its Shocking $50M AI Fund!

Propeller, a venture capital firm with a focus on artificial intelligence (AI) infrastructure, has announced the launch of its new $50 million Fund III. This initiative aims to foster connections between technical and entrepreneurial talent in the Middle East and North Africa (MENA) region and the innovation powerhouse of Silicon Valley. By bridging these ecosystems, Propeller is positioning itself as a key player in the global AI landscape.

Founded in 2017 and headquartered in Jordan, Propeller operates across various locations, including Amman, Riyadh, Boston, and Silicon Valley. The firm is dedicated to investing in software startups that focus on building horizontal AI infrastructure and AI-native applications. This includes a range of technologies from silicon-adjacent innovations to enterprise workflow solutions.

As part of its strategy, Propeller has already made five investments in 2023, targeting companies that are either based in the U.S. or actively selling to the U.S. market. These companies include Codemod, Netpreme, Stealthium, Pebble, and Ciphero AI. The firm is particularly interested in founders from the MENA region who have global ambitions and scalable go-to-market strategies from the outset.

"The future of MENA tech isn’t local, it’s global,"

stated Zaid Farekh, the Founder of Propeller. He emphasized the firm’s commitment to supporting founders who build for cross-border growth and expressed confidence that the MENA region will play a significant role in shaping the future of AI infrastructure. Propeller Ventures Fund III is designed to serve as a bridge between exceptional builders in MENA and the startup, venture capital, and AI ecosystems in Silicon Valley.

Propeller’s team brings valuable experience in launching, scaling, and exiting software startups in both MENA and North America. The firm has cultivated a strong network of partners and potential design collaborators across these regions. Earlier this year, Hani Azzam joined Propeller to expand its presence in the U.S. and has stepped into the role of Partner with the launch of Fund III.

Throughout its previous two funds, Propeller has supported more than 30 startups, including notable names like Clarity (formerly Anecdote), ActivePieces, OpenCX, Corgea, Hounddog.ai, POSRocket, and Maqsam. The second fund received backing from prominent investors, including the Saudi Venture Capital Company and Jordan’s Innovative Startups and SMEs Fund.

Propeller primarily invests at the Seed to Pre-Series A stages in areas such as horizontal AI infrastructure, AI-native applications, developer tools, and core software systems. The launch of Fund III signals not only a strong commitment to the growth of AI across borders but also a belief in the potential of MENA startups to achieve significant success in global markets.

With the increasing focus on AI technology, Propeller's efforts reflect a growing trend towards building robust international networks that can leverage diverse talent and innovative ideas. As startups in MENA work to expand their reach into the U.S. and beyond, the support from a firm like Propeller may prove crucial in navigating the complexities of scaling in these competitive environments.