Endeavor Catalyst, a co-investment fund belonging to the global entrepreneur network Endeavor Global, is garnering its fifth largest fund, a new $300 million fund, as it seeks to deepen its bets on high-growth startups in Africa, Latin America, the Middle East and Southeast Asia.
Sources say the new fund is still in its early funding stage. Previous funds had $292 million Fund IV closed in 2022. The company has already begun early conversations with limited partners, including offices around the world, development finance institutions and high-tech founders across the global network.
If successful, the fund will make the total assets under management well over $800 million, further strengthening its position as one of the most active venture players in emerging markets.
Endeavor Catalyst declined to comment on its funding efforts.
Funding comes at a moment when many emerging market venture investors face headwinds: dull exits, fewer subsequent rounds, a constrained global capital environment. However, Endeavor Catalyst bets that its model could survive the recession and expand promising and well-established companies in these markets.
Founded in 2012, the company resolves the sustained gaps in venture capital in developing markets. Access to growth stage funds. Unlike traditional VCs, Endeavor Catalyst only invests in selected founders in Endeavor Global's network. He is called an “impact entrepreneur.” He has participated in at least $5 million (usually stages from Series A to C) equity rounds and is investing alongside other institutional VCs.
Endeavor Global will identify breakout founders early, provide global mentorship and access to the market, and back (with effort catalysts) when they intend to raise capital without any major or setting (the fund will not lead rounds or take board sheets).
Linda Rottenberg, who co-founded the organization in 1997, saw what most investors didn't. The early convictions that began in Latin America laid the foundation for a global network that helped investors expand hundreds of companies long before they paid attention to the market.
So far, the paper seems to be rewarding.
Spanning four funds, Endeavor Catalyst has raised over $540 million and has invested more than 360 in 34 countries. The portfolio includes 63 companies currently over $1 billion, including insiders from Turkey, Flutterwave from Nigeria, Lapi from Colombia, UAE and Karo from Indonesia.
Endeavor Catalyst supports startups in the less active startup ecosystem in the US and Europe. Polish AI startup ElevenLabs, Spanish job platform Jobandtalent, and US interests are several names.
Endeavor Catalyst's fifth fund is launched in a very different climate than its predecessor. After the 2021 boom year, global venture capital was significantly slowed from 2022 to 2024, bringing back many crossover investors in emerging markets, and capital drained afterwards.
However, New York-based investors remained unusually active, especially last year. In the fourth quarter of 2024, the company completed 13 new investments in seven markets, according to its annual report.
The performance of the funds up until now has also helped build reliability. Over 30 portfolio companies have exited and provided returns via IPOs or acquisitions, proving that high growth results are possible in markets outside the US, China, Europe and India. Names come to mind: Grobant from Argentine, Corner Shops from Chile, and Instadeep from Tunisia.
Still, Catalyst's success is important beyond its own return. As one of the few global VCs with purely emerging market missions and built-in sourcing advantages, it plays a major role in proofing the investment potential of high-tech markets outside of Silicon Valley.
Endeavor Catalyst is backed by renowned investors and founders, including Bill Ford, Bill Ackman, Michael Dell, Pierre Omidyar and Reid Hoffman.
Similarly, founders such as Marcos Galperin (Mercadolibre), David Velez (Nubank), and Marcin Zukowski (Snowflake) and “Endeavor Entrepreneurs” are also 30% of the LPS of the first four funds (and “Endeavor entrepreneurs”).
Companies such as General Atlantic, Tiger Global, QED Investors, Kaszek Ventures, Prosus Ventures, Peak XV and STV are frequently local and international co-investors in startups.