<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0002159606</cik>
        <entityName>Deep Reef LLC - Series III</entityName>
        <issuerAddress>
            <street1>2067 CALLE ESPANA #4</street1>
            <city>SAN JUAN</city>
            <stateOrCountry>PR</stateOrCountry>
            <stateOrCountryDescription>PUERTO RICO</stateOrCountryDescription>
            <zipCode>00911</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>2122276297</issuerPhoneNumber>
        <jurisdictionOfInc>WYOMING</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2026</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Patrick</firstName>
                <lastName>Horsman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2067 Calle Espana #4</street1>
                <city>San Juan</city>
                <stateOrCountry>PR</stateOrCountry>
                <stateOrCountryDescription>PUERTO RICO</stateOrCountryDescription>
                <zipCode>00911</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager of the Investment Advisor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Russell</firstName>
                <lastName>Gross</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2067 Calle Espana #4</street1>
                <city>San Juan</city>
                <stateOrCountry>PR</stateOrCountry>
                <stateOrCountryDescription>PUERTO RICO</stateOrCountryDescription>
                <zipCode>00911</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager of the Investment Advisor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Deep Reef Capital LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2067 Calle Espana #4</street1>
                <city>San Juan</city>
                <stateOrCountry>PR</stateOrCountry>
                <stateOrCountryDescription>PUERTO RICO</stateOrCountryDescription>
                <zipCode>00911</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Investment Advisor of the Issuer</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2026-05-22</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Peter Michael Nash</recipientName>
                <recipientCRDNumber>4209755</recipientCRDNumber>
                <associatedBDName>16 Points LLC</associatedBDName>
                <associatedBDCRDNumber>277033</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>10101 Cond Royal Palm</street1>
                    <city>Vega Alta</city>
                    <stateOrCountry>PR</stateOrCountry>
                    <stateOrCountryDescription>PUERTO RICO</stateOrCountryDescription>
                    <zipCode>00692</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>MN</state>
                    <description>MINNESOTA</description>
                    <state>IL</state>
                    <description>ILLINOIS</description>
                    <state>TX</state>
                    <description>TEXAS</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Brian Matthew Nash</recipientName>
                <recipientCRDNumber>4071865</recipientCRDNumber>
                <associatedBDName>16 Points LLC</associatedBDName>
                <associatedBDCRDNumber>277033</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>10101 Cond Royal Palm</street1>
                    <city>Vega Alta</city>
                    <stateOrCountry>PR</stateOrCountry>
                    <stateOrCountryDescription>PUERTO RICO</stateOrCountryDescription>
                    <zipCode>00692</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>MN</state>
                    <description>MINNESOTA</description>
                    <state>IL</state>
                    <description>ILLINOIS</description>
                    <state>TX</state>
                    <description>TEXAS</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>5000000</totalOfferingAmount>
            <totalAmountSold>5000000</totalAmountSold>
            <totalRemaining>0</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>30</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>1313</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Deep Reef LLC - Series III</issuerName>
                <signatureName>Patrick Horsman</signatureName>
                <nameOfSigner>Patrick Horsman</nameOfSigner>
                <signatureTitle>Manager</signatureTitle>
                <signatureDate>2026-10-15</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
