Propeller, the Jordanian venture capital firm, has confirmed the first close of its second fund focused on pre-seed and seed-stage startups from MENA. While the fund describes itself as sector-agnostic, it will likely give a preference to startups offering software and technology solutions.
The VC firm plans on reaching a final close of $15 million by the end of this year.
Sofar, Propeller has roped in several limited partners to join the second fund including BeyondCapital, the ISSF, Capital Bank of Jordan, and several individual investors.
Launched in 2017 by co-founders Jaloqua and Zaid Al-Farekh, Propeller says it remains fully committed to further strengthening Jodarn’s and the broader region’s software community.
Commenting on the VC platform’s contributions to the regional startup ecosystem, Laith Al-Qassem, CEO at ISSF, noted, “Propeller provides startups they invest in with real-world and practical mentoring, enabling investee companies to more successfully navigate the chaotic waters of starting and growing successful businesses.
We see Propeller’s proactive coaching as a great added value particularly since the principals of Propeller are themselves successful entrepreneurs who are intimately familiar with challenges of establishing and growing successful businesses.”
As for the purpose of the second Propeller fund, Tambi Jalouqa, managing partner at the firm, explained, “We seek founders who are obsessed about their customers and follow their lead. Our experience in building products and teams gives us the strength to empower them to satisfy those customers.”