Endeavor Catalyst raises $320M fifth fund for founders outside major tech hubs
Venture firm Endeavor Catalyst has closed its fifth fund at $320 million. The fund targets founders outside Silicon Valley, and the firm's assets under management now exceed $850 million.
Endeavor Catalyst, the venture arm of the global nonprofit Endeavor, has completed fundraising for its fifth fund, securing $320 million in capital commitments. Assets under management across its funds now top $850 million. The money is meant for entrepreneurs operating outside the San Francisco Bay Area, at a time when a growing number of funds are concentrating on AI companies in Silicon Valley.
How the fund works
The fund is led by managing partner Allen Taylor and managing director Jackie Carmel, along with a team of 16. The official general partner is Endeavor itself. Co-founder Linda Rottenberg says half of the fund's profits go back to the organization to help the next generation of founders.
Founders must first be admitted to the Endeavor network, and selection is tough: last year more than 10,000 candidates were screened and 88 were chosen. The network includes over 3,100 entrepreneurs in more than 50 countries. When one of their companies raises at least $5 million in a round led by another institutional investor, Endeavor Catalyst can invest on the same terms. Checks typically range from $1 million to $3 million and cannot exceed 10% of a round. The team plans 40 to 50 investments a year, reaching up to 150 companies with this fund.
Track record
Across all five funds, Endeavor Catalyst has backed 437 companies in 44 markets. Taylor says 83 are valued at $1 billion or more, with 39 exits and 11 IPOs. Notable holdings include ElevenLabs, Bending Spoons, Reflection AI, Checkout.com, Flutterwave and Replit.
The fund's 400 limited partners include Reid Hoffman, Bill Ackman and the investment group Prosus. Roughly 30% of backers are Endeavor founders themselves, among them founders of Nubank, Revolut and Checkout.com.
About 90% of investments are outside the U.S. Europe is the fastest-growing region, with 12 new investments in the first half of 2026 versus 14 in all of last year, though Latin America remains the largest. Repeat founders are also gaining weight: about 14% of the fourth fund went to second companies of Endeavor founders, and the team expects that to reach 20% with the new fund.
