Introducing Endeavor Catalyst Fund V
Endeavor Catalyst has closed Fund V, its largest fund yet: $320M to back founders from global markets shaping the future.
Why Elsewhere
AI is pulling attention back to the usual hubs. Capital moves with it like gravity, reinforcing the map we already know. But the future cannot belong only to the same few places. It’s time to look Elsewhere.
Elsewhere means the markets outside traditional global hubs like Silicon Valley, where entrepreneurial talent is far more abundant than the attention it receives.
“Since 1997, Endeavor has championed the collective power of entrepreneurship ‘Elsewhere.’ Each country we’ve entered has been overlooked and underestimated. But, taken together, these markets outside of Silicon Valley and China have earned their seat at the table.” – Linda Rottenberg, Co-Founder & CEO, Endeavor
Believing in Elsewhere early took guts. Now it just takes a look at the numbers.
Since 2012, Endeavor Catalyst has been investing in that conviction. It was built to invest in the founders Endeavor believes in, backing them as they grow from local markets into global companies.
- 83 companies valued at $1B+ – a one-in-five unicorn rate, rare in venture
- 39 exits
- 11 companies publicly listed
The map hasn’t stopped growing, and the returns have held
Latin America was at the heart of Endeavor Catalyst’s early investment strategy, accounting for 65% of capital deployed in 2012. As the portfolio expanded globally, the conviction in the region remained strong even as its share evolved to 38% today. The new investments made in Europe in 2026 so far more than doubled compared to 2024, led by Spain and Türkiye, while the Middle East produced three breakout markets in succession: the UAE, Egypt, and Saudi Arabia.
Endeavor Catalyst still has many “firsts” in its pipeline.
Today’s emerging industries are tomorrow’s exits
Through 2022, most liquidity came from commerce and consumer internet businesses reaching maturity. Since 2023, exits have moved decisively toward enterprise software, now the most active exit category.
As AI ecosystems mature across more markets, Endeavor Catalyst expects another big shift: more of the category-defining companies being built and funded today will reach larger scale and, ultimately, exit.
AI’s next generation is already being built Elsewhere
Forbes’ 2026 AI 50 featured more than a dozen companies and founders built or based outside the traditional US hubs.
This list is early proof, and a blueprint for who comes after.
And Fund V scales it up
With Fund V, Endeavor Catalyst now has $850M+ in assets under management, backed by 900+ world-class LPs across 40+ markets. Fund V puts $320M to work as co-investment capital, helping direct $3.2B+ toward the next generation of tech companies shaping the world from Elsewhere.
Bulgaria’s place in the story
We’re proud to see Bulgaria as part of this global story. Four companies in the Endeavor Catalyst portfolio were built by founders from here, including both of Bulgaria’s tech unicorns:
- Payhawk – spend management software for finance teams
- Alcatraz AI – facial authentication for access control
- Tiger Technology – hybrid cloud data management
- EnduroSat – satellites and space data services
As George Daskalakis of Kaizen Gaming, one of Catalyst’s backers, puts it: “Building from Greece taught me that where you start does not have to define how far you can go.”
What comes next
In his open letter, Managing Partner Allen Taylor reflects on what comes next for Endeavor Catalyst, and why it matters that the next technologies shaping our lives are built from more places, by more kinds of founders.
“Unprecedented times call for a broader view of what’s possible.” – Allen Taylor, Managing Partner, Endeavor Catalyst
The future isn’t being built in just one place.
Read the full announcement and Allen’s letter: fundv.endeavor.org