While VCs crowd into San Francisco, Endeavor Catalyst raises $320M for founders ‘elsewhere’

Endeavor Catalyst, the venture arm of the New York-based nonprofit Endeavor, has closed its fifth fund with $320 million in capital commitments, bringing total assets under management to more than $850 million. The fund targets founders operating outside major tech hubs, which Endeavor calls "elsewhere" in its marketing materials.

Managing partner Allen Taylor and managing director Jackie Carmel lead a 16-person team. Endeavor itself serves as the official general partner, meaning half of the fund's profits return to Endeavor to support future founders. Co-founder Linda Rottenberg established Endeavor Catalyst in 2012.

Entry into Endeavor's investment pipeline is selective. Last year, the group screened more than 10,000 candidates and selected 88 for its network, which now includes more than 3,100 entrepreneurs across 50 countries. To qualify for Endeavor Catalyst funding, a founder must first join that network and access its mentoring and connections. The fund then participates in rounds of at least $5 million led by other institutional investors, typically writing checks of $1 million to $3 million that cannot exceed 10% of the round.

The team plans to make 40 to 50 investments annually over the coming years, targeting up to 150 companies total with the new fund. Taylor declined to share cash-on-cash returns from earlier funds but cited portfolio metrics across all five funds: 437 companies backed in 44 markets, 83 currently valued at $1 billion or more, 39 exits, and 11 IPOs.

Notable holdings include Polish-founded ElevenLabs, valued at $22 billion following a recent secondary sale; Italy-based Bending Spoons, which went public in July with a $26 billion market cap; Reflection AI, valued at $25 billion; and Replit, co-founded by Amjad Masad and valued at $9 billion.

The newest fund attracted 400 limited partners, including Reid Hoffman, hedge fund manager Bill Ackman, and Dutch investment group Prosus. Roughly 30% are Endeavor founders themselves, including founders of Nubank, Revolut, and Checkout.com.

About 90% of Endeavor Catalyst's investments are outside the U.S. Europe represents the fastest-growing region, with 12 new investments in the first half of 2026 compared with 14 for all of 2025, though Latin America remains the largest market. The fund expects second-time founders to grow from 14% of the fourth fund to 20% of this fund at the seed or Series A stage.