Endeavor Catalyst is a global venture capital fund launched in 2012 as an initiative of Endeavor Global, the non-profit organization dedicated to supporting high-impact entrepreneurs in emerging markets. Headquartered in New York, Endeavor Catalyst operates as a passive, rules-based co-investment fund, backing select founders from the Endeavor network as they scale transformative businesses across underserved regions. Its distinctive structure allows it to invest without leading rounds or taking board seats, relying instead on the strength of the Endeavor selection process and the participation of institutional co-investors.
Endeavor Catalyst invests exclusively in Endeavor Entrepreneurs, founders who have been vetted and selected by Endeavor Global. The fund focuses on growth-stage startups raising rounds of at least $5 million, typically at Series A, B, or C, and invests alongside other institutional venture capital firms.
Its geographic mandate centers on emerging and frontier markets, particularly in Latin America, Africa, Southeast Asia, and the Middle East, with occasional investments in underserved ecosystems in the U.S. and Europe.
The fund does not lead rounds or negotiate terms, participating on a standardized basis instead.
Endeavor Catalyst is currently in the early fundraising phase for its fifth fund, targeting $300 million. If closed at target, Fund V will be the largest in the firm’s history and bring total assets under management to over $800 million.
This new fund comes on the heels of Endeavor Catalyst Fund IV, a $292 million vehicle closed in 2022.
The capital for Fund V is being raised from a global mix of family offices, development finance institutions, and high-profile tech founders (many of whom are also Endeavor Entrepreneurs).
Around 30% of limited partners in the first four funds came from Endeavor’s own founder network.
Fund V aims to deepen support for growth-stage startups across emerging markets amid a challenging global VC climate, betting on the continued success of its portfolio and the long-term potential of its sourcing advantage.
Leadership
Endeavor Catalyst is led by the broader Endeavor Global team under the leadership of Endeavor co-founder and CEO Linda Rottenberg. The investment team operates with a disciplined, rules-based model, working in close collaboration with Endeavor's local offices and the Endeavor Global selection board to identify and back the most promising founders in each region.
Investment Strategy
The fund's strategy is to co-invest passively in equity rounds of qualified Endeavor Entrepreneurs, once they raise a round of $5 million or more led by institutional investors.
The fund does not lead rounds, take board seats, or set terms, positioning itself as a trusted co-investor. By relying on Endeavor Global’s rigorous founder selection process and the support structure of the Endeavor network, Endeavor Catalyst reduces information asymmetry and amplifies the value of its investments.
Its evergreen co-investment approach also ensures alignment with both founders and lead VCs, while reducing risk through broad regional diversification.
Notable Investments
Endeavor Catalyst has made over 360 investments in 34 countries across its first four funds.
Its portfolio includes several high-profile startups such as:
The firm has also backed promising companies in underserved European and U.S. ecosystems, including:
Endeavor Catalyst often co-invests with top-tier firms like General Atlantic, Tiger Global, QED Investors, Kaszek Ventures, Peak XV, Prosus Ventures, and STV.
Notable Exits
The fund has seen over 30 exits through IPOs or acquisitions, highlighting the investability of emerging markets. Successful exits include:
These exits reinforce Endeavor Catalyst’s thesis that global tech leaders can be built in overlooked markets with the right support and access to capital.
Other
Endeavor Catalyst’s funding base includes notable investors such as Bill Ford, Bill Ackman, Michael Dell, Pierre Omidyar, and Reid Hoffman.
Many successful founders, including Marcos Galperin (MercadoLibre), David Vélez (Nubank), and Marcin Zukowski (Snowflake), are both portfolio entrepreneurs and LPs, underscoring the deep founder alignment built into the fund’s DNA.
The firm’s commitment to fueling entrepreneurial ecosystems has also helped de-risk early-stage tech investing across emerging markets by proving that billion-dollar outcomes are not exclusive to Silicon Valley.
