Propeller launches Fund III: Jordan-based venture capital firm Propeller — with operations in Amman, Riyadh, Boston, and Silicon Valley — launched a USD 50 mn Fund III, targeting software startups building AI infrastructure and AI-native applications, it said in a press release (pdf). The fund aims to connect MENA founders with US markets and link US AI startups to large-scale infrastructure projects in the Middle East, including Saudi Arabia.

Focus on MENA founders with global ambitions: Propeller will prioritize MENA founders with global go-to-market strategies and scalable business models. The new fund has already invested in five companies this year — Codemod, Netpreme, Stealthium, Pebble, and Ciphero AI — all of which operate in or sell to the US market.

Propeller backed more than 30 startups through its first two funds, including homegrown Maqsam, Jordan’s POSRocket, London-based Clarity (formerly Anecdote), ActivePieces, OpenCX, Corgea, and Hounddog.ai. The funds are supported by the Saudi Venture Capital Company and Jordan’s Innovative Startups and SMEs Fund.

About Propeller: Founded in 2017, Propeller is a global venture capital firm that invests in Seed to Pre-Series A startups developing horizontal AI infrastructure, AI-native applications, developer tools, and core software systems — spanning silicon-adjacent technologies to enterprise workflows.

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