Jordan’s Propeller hits first close for its new $15 million fund

Jordan’s Propeller hits first close for its new $15 million fund

Amman-based early-stage VC Propeller has concluded the first close of its second fund, Propeller Ventures II, it announced today. The fund has a target size of $15 million and aims to achieve the final close next year. The investors in the fund include Jordan's  Innovative Startups and SMEs Fund (ISSF), Capital Bank of Jordan. Beyond Capital, and multiple individuals including a former Careem executive.

The VC firm that was founded by Tambi Jalouqa and Zaid Al-Farekh in 2017 will invest in pre-seed and seed-stage startups in Jordan and the rest of the region, through this new fund. It is sector agnostic but will favor investments in software and technology startups (including SaaS, cloud infrastructure, etc.) over tech-enabled businesses.

Propeller's co-founder and CEO Tambi Jalouqa told MENAbytes that the new fund will mainly invest in Jordanian startups with a few investments in the rest of the region every now and then. Its average cheque size would range between $150,000 to $250,000. He also said that they are in the process of finalizing a few deals (that were in their pipeline) and will start deploying the capital right away.

In a statement, he said, “We seek founders who are obsessed about their customers and follow