Endeavor Catalyst, the co-investment fund affiliated with global entrepreneurial network Endeavor Global, is raising a new $300 million fund—its fifth and largest to date—as it deepens its focus on backing high-growth startups in Africa, Latin America, the Middle East, and Southeast Asia.
The fund is currently in the early stages of fundraising, with initial discussions already underway involving family offices, development finance institutions, and successful tech founders from around the globe, according to sources familiar with the matter. Endeavor Catalyst closed its previous fund, Fund IV, at $292 million in 2022. If this latest fund comes to fruition, it will increase the firm’s total assets under management to more than $800 million, reinforcing its role as one of the leading venture investors in emerging markets.
Endeavor Catalyst declined to comment on its fundraising activities.
The fundraising effort occurs at a challenging time for emerging markets investors, grappling with fewer exits, limited follow-on investments, and a tightening of global venture capital flows. Despite these pressures, Endeavor Catalyst is optimistic its distinctive approach can successfully scale up promising companies and weather any persistent downturn.
Established in 2012, Endeavor Catalyst arose to fill a critical funding gap in developing markets by providing growth capital at stages traditionally underserved by investors. Distinct from conventional venture capitalists, Endeavor Catalyst specifically invests alongside institutional VCs and targets rounds of at least $5 million at Series A through Series C. Furthermore, it exclusively invests in entrepreneurs already chosen by Endeavor Global’s influential global selection process. Since its founding, Endeavor Global has identified exceptional entrepreneurs, provided them mentorship and market connections, and later supported these entrepreneurs through Catalyst’s funding—without setting investment terms or taking board seats.
Linda Rottenberg co-founded Endeavor Global in 1997, recognizing early the untapped potential in overlooked founders in emerging and frontier markets. This vision, initially focused on Latin America, eventually formed the backbone of a global entrepreneurial network that has supported hundreds of successful companies far ahead of broader investor interest.
That vision has delivered positive outcomes so far. Endeavor Catalyst has raised over $540 million across four funds and invested in more than 360 ventures across 34 countries. This portfolio includes 63 unicorn companies, such as Turkish digital analytics platform Insider, Nigerian fintech leader Flutterwave, Colombian delivery giant Rappi, UAE’s Tabby, and Indonesian marketplace Carro. It has also made strategic investments in less prominent ecosystems across Europe and the U.S., including Polish AI startup ElevenLabs, Spanish online job platform Jobandtalent, and U.S.-based Altruist.
As the venture capital environment shifts dramatically from boom to slowdown globally, Endeavor Catalyst has remained notably active. In the last quarter of 2024 alone, the firm concluded thirteen new deals across seven markets—the third busiest quarter since its inception.
Endeavor Catalyst’s record bolsters its credibility. More than 30 portfolio companies have reached successful exits through IPO or acquisition, highlighting the viability of meaningful returns in nontraditional VC markets. Companies such as Uruguay’s dLocal, Chile’s Cornershop, and Tunisia’s Instadeep illustrate this success.
The significance of Endeavor Catalyst goes beyond individual fund returns. By proving the potential of overlooked tech ecosystems around emerging economies, the firm has become a pillar in validating global venture capital opportunities beyond established centers like Silicon Valley, Europe, or China.
Endeavor Catalyst enjoys backing from notable entrepreneurs and investors, including Bill Ford, Bill Ackman, Michael Dell, Pierre Omidyar, and Reid Hoffman. Remarkably, 30% of the limited partners (LPs) across its initial four funds are themselves entrepreneurs from within the Endeavor network—figures such as MercadoLibre founder Marcos Galperin, Nubank founder David Vélez, and Snowflake’s Marcin Zukowski. The fund frequently co-invests alongside prominent firms such as General Atlantic, Tiger Global, QED Investors, Kaszek Ventures, Prosus Ventures, Peak XV, and STV, further underscoring its influential position in global venture circles.
