Endeavor Catalyst, the co-investment fund associated with Endeavor Global, has announced plans to raise a $300 million fund to support high-growth startups across emerging markets. This marks the firm’s fifth and largest fund to date, highlighting a bold move at a time when many venture firms are retreating from developing regions. With limited partners already in early discussions, the fund seeks to build on the momentum of Endeavor’s global entrepreneurial network and proven track record.
Addressing the Growth Capital Gap
Formed in 2012, Endeavor Catalyst was created to solve a persistent gap in the venture capital landscape—access to growth-stage funding in undercapitalized regions. Its unique model backs only founders selected as “high-impact entrepreneurs” by Endeavor Global, ensuring a highly curated pipeline of promising startups. Unlike traditional venture firms, it does not lead rounds or take board seats, instead offering flexible capital that aligns with institutional co-investors.
Targeting Africa, MENA, Latin America, and Southeast Asia
The new $300 million fund will primarily focus on startups in Africa, the Middle East and North Africa (MENA), Latin America, and Southeast Asia. These markets have been significantly underserved by global venture capital, despite producing multiple billion-dollar companies in recent years. By focusing on Series A to C rounds of at least $5 million, Endeavor Catalyst aims to provide the growth capital required to take these companies to scale.
Backing a Proven Portfolio
Over the past decade, Endeavor Catalyst has deployed more than $540 million across 360 investments in 34 countries. Its portfolio features notable successes such as Nigeria’s Flutterwave, Colombia’s Rappi, Turkey’s Insider, and the UAE’s Tabby—each valued at over $1 billion. More than 30 of its investments have exited via IPO or acquisition, proving that high-value outcomes are possible far beyond traditional tech hubs.
A Global Network of Investors and Entrepreneurs
Endeavor Catalyst benefits from an extensive network of influential backers, including industry leaders such as Michael Dell, Bill Ford, Pierre Omidyar, and Reid Hoffman. Many limited partners in previous funds are themselves Endeavor Entrepreneurs—founders who have built iconic companies like Nubank, MercadoLibre, and Snowflake. This ecosystem effect strengthens the fund’s ability to identify and support startups early in their trajectory.
Remaining Active Despite Market Challenges
While global venture capital has slowed significantly since its 2021 peak, Endeavor Catalyst remained one of the most active players in emerging markets last year. In Q4 2024 alone, the firm completed 13 new investments across seven countries, ranking among its most active quarters to date. This continued momentum underscores its commitment to scaling innovation despite broader funding headwinds.
Proving the Investability of Emerging Markets
Endeavor Catalyst’s growing footprint and successful exits are helping change investor perceptions of emerging markets. As one of the few global VCs with a dedicated emerging market focus and a rules-based, non-controlling investment model, it serves as a bellwether for long-term confidence in these regions. Its presence validates the potential of tech ecosystems that have historically been overlooked by global capital.
The launch of Endeavor Catalyst’s fifth fund reflects enduring faith in the resilience and opportunity of startups in emerging economies. With $300 million in its sights, the firm is betting that its mentorship-first model and global reach can help high-growth companies navigate today’s venture capital slowdown. As other firms pull back, Endeavor Catalyst is charting a different path—one rooted in belief, patience, and the power of local founders with global ambition.