Proving Elsewhere companies can be the acquirers and not just the acquired, Bending Spoons has bought and optimized iconic brands from the US and Europe, including AOL, Vimeo, Evernote, and WeTransfer.
Elsewhere has been building what’s next
For almost 30 years, we’ve found some of the most compelling entrepreneurs, and outcomes, outside the traditional venture map.
From the edges of the Sahara desert, Karim Beguir built Africa’s largest AI company and its most lucrative exit. InstaDeep was instrumental in identifying Covid variants before they became dangerous.
Türkiye’s first gaming unicorn, Peak sparked the country’s gaming “mafia”: Its former employees have gone on to build 40+ gaming startups, collectively attracting $860M+ in funding and creating a new generation of studios in its wake.
Globant builds digital products and technology for companies like Google, EA, and Santander. As the first Latin American technology company to IPO on the NYSE, it opened a new path for the region and its 400+ alumni spinouts.
From Detroit, Altruist bet that the future of financial advice would be digital, affordable and accessible to everyone — so they rebuilt the industry’s outdated infrastructure accordingly, creating an AI-forward custodian and wealth platform for independent advisors.
Its technology powers billions of interactions through the world’s biggest brands, without users ever suspecting it was made in Türkiye. Insider One’s AI-powered platform enables personalized digital cross-channel customer experiences at global scale.
The origin
Before Endeavor Catalyst, there was Endeavor.
For nearly 15 years, Endeavor supported entrepreneurs as venture capital without the capital.
Then founders in our community pointed to something missing: financial backing could be a powerful signal of confidence, helping unlock funding in overlooked markets.
In 2011, Reid Hoffman and other Endeavor Global Board Members helped us develop a model that would do both:
- Keep selecting outstanding entrepreneurial talent regardless of their “fundability.”
- Invest in Endeavor companies raising equity rounds from qualified institutional investors.
By doing that, we created a pioneering self-sustaining model, powered by the success of our own entrepreneurs.
The Endeavor Catalyst committee
Reid HoffmanLinkedIn · GreylockChair, Endeavor Catalyst Fund
Nick BeimVenrock
Nicolas SzekasyKaszek VenturesEndeavor Entrepreneur
Joanna ReesCP Capital
The Road to Fund V
Endeavor Catalyst launched in 2012 as a rules-based co-investment fund. It has since seen and helped shape many eras of global entrepreneurship.
Note: Valuations as of September 22, 2026.
2012
Fund I
The rise of digital & consumer technology
$32Mraised48companies
- Cornershop (Chile/Mexico)
Acquired by Uber for $3B+ - Peak (Türkiye)
Acquired by Zynga for $1B+ - Globant (Argentina)
IPO on the NYSE at $400M; valued at $1.5B - Clip (Mexico) Pictured
$500M round at $2B+ valuation
2017
Fund II
Focus on enterprise and infrastructure platforms
$83Mraised78companies
- Mural (Argentina)
Partial secondary sale at $2B+ valuation - InstaDeep (Tunisia)
Acquired by BioNTech for $650M+ - Altruist (Detroit, U.S.) Pictured
Acquired by Vanguard for $4B+ - Ebanx (Brazil)
Partial secondary sale
2019
Fund III
Companies go global at scale
$134Mraised110companies
- Bending Spoons (Italy)
IPO on the Nasdaq at $18B; valued at $22B - dLocal (Uruguay)
IPO on the Nasdaq at $6B - Insider One (Türkiye) Pictured
Partial secondary sale at $1B+ - Flutterwave (Nigeria)
Series E round at $3B+
2022
Fund IV
The rapid evolution of frontier technologies
$288Mraised171companies
- Reflection AI (Greece)
Open-source AI lab with a $25B valuation in ~2 years - ICEYE (Poland)
Sovereign intelligence from space valued at $12B+ - Runway (Chile)
Generative AI video platform valued at $5B+ - ElevenLabs (Poland) Pictured
Global leader in voice AI with a valuation of $22B
2026
Fund V
Markets in the making
$320Mraised
Reaching a fifth fund is rare in venture. 80% of VC firms don’t even get to their fourth. Doing it by betting on overlooked markets is rarer still.
That is a testament to what these markets had in them all along, and why we keep expanding the map.
Here is what the last few years investing Elsewhere tell us
The map hasn’t stopped growing, and the returns have held
Latin America was at the heart of our early investment strategy, accounting for 65% of capital deployed in 2012. As our 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.
We still have many “firsts” in our pipeline.
The Endeavor Catalyst map keeps getting bigger
Latin America anchored Endeavor Catalyst’s early strategy, but the portfolio has become increasingly global as new breakout markets emerge.
Latin AmericaEuropeMiddle EastAsiaUS & CanadaAfrica
View as table
| Year | Latin America | Europe | Middle East | Asia | US & Canada | Africa |
|---|---|---|---|---|---|---|
| 2012 | 65 | 35 | 0 | 0 | 0 | 0 |
| 2013 | 54 | 46 | 0 | 0 | 0 | 0 |
| 2014 | 67 | 31 | 0 | 2 | 0 | 0 |
| 2015 | 61 | 31 | 6 | 2 | 0 | 0 |
| 2016 | 58 | 21 | 13 | 8 | 0 | 0 |
| 2017 | 55 | 17 | 16 | 8 | 2 | 2 |
| 2018 | 48 | 21 | 15 | 8 | 4 | 4 |
| 2019 | 42 | 18 | 20 | 11 | 4 | 5 |
| 2020 | 42 | 19 | 16 | 10 | 6 | 7 |
| 2021 | 41 | 16 | 16 | 9 | 8 | 10 |
| 2022 | 37 | 18 | 19 | 10 | 7 | 9 |
| 2023 | 36 | 17 | 19 | 11 | 8 | 9 |
| 2024 | 38 | 18 | 18 | 10 | 8 | 8 |
| 2025 | 39 | 19 | 17 | 10 | 8 | 7 |
| 2026 | 38 | 23 | 15 | 9 | 8 | 7 |
Note: Share of cumulative capital invested, year end; 2026 through September 22.
Source: Endeavor Catalyst portfolio, 2026.
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, we expect another big shift: more of the category-defining companies being built and funded today will reach larger scale and, ultimately, exit.
Endeavor Catalyst’s exits are a map of what’s next
Endeavor Catalyst’s exit activity has moved toward B2B software, showing how maturing enterprise companies are reshaping the portfolio.
CommerceB2B SoftwareFintechOther
View as table
| Year | Commerce | B2B Software | Fintech | Other | Total |
|---|---|---|---|---|---|
| 2014 | 0 | 1 | 0 | 0 | 1 |
| 2015 | 1 | 1 | 0 | 0 | 2 |
| 2016 | 1 | 1 | 0 | 0 | 2 |
| 2017 | 2 | 1 | 0 | 0 | 3 |
| 2018 | 2 | 1 | 1 | 0 | 4 |
| 2019 | 3 | 2 | 2 | 0 | 7 |
| 2020 | 4 | 2 | 3 | 0 | 9 |
| 2021 | 6 | 7 | 4 | 4 | 21 |
| 2022 | 7 | 8 | 5 | 5 | 25 |
| 2023 | 7 | 10 | 5 | 6 | 28 |
| 2024 | 7 | 10 | 5 | 6 | 28 |
| 2025 | 7 | 12 | 8 | 7 | 34 |
| 2026 | 7 | 14 | 10 | 8 | 39 |
Note: Exits recorded through September 22, 2026. Other: Smart city & climate, healthcare, marketplaces, food & beverage, education.
Source: Endeavor Catalyst Exit Portfolio, 2026.
The world’s biggest funds are investing Elsewhere
Some of the most established names in venture are already backing companies built beyond the usual hubs. From Sequoia to a16z, global funds are investing in Endeavor Catalyst portfolio companies across markets that remain underrepresented in global venture.
Their presence is a signal that the opportunity in Elsewhere is no longer a promise. The world’s leading investors are already following the founders building from these markets, and the next era of global tech will not be shaped by one geography alone.
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.
The Forbes AI 50 has an Elsewhere pattern
More than a dozen 2026 AI 50 companies and founders are building from or rooted in markets beyond the traditional US hubs. The Endeavor icon marks Catalyst-backed companies.
Companies
building Elsewhere
MistralFrance
LovableSweden
ElevenLabs
Poland
Black Forest LabsGermany
LegoraSweden
CohereCanada
Founders
from Elsewhere
FalTürkiye
ReflectionGreece/UK
RunwayChile/Greece
ReplitJordan
Clay AIEgypt/Saudi/Canada
VercelArgentina
Source: Forbes, 2026 AI 50.
The Community that Expanded the Map
From Reid Hoffman’s first idea in a board meeting to every investor, founder, and mentor who believed in the power of Elsewhere: thank you for bringing us here.
Fund V builds on years of conviction.
See where we’re headed