Endeavor Catalyst raises US$320M to back the next wave of ‘Elsewhere’ startups

Endeavor Catalyst has successfully raised US$320 million for its fifth fund, increasing its overall assets under management to over US$850 million. This move comes at a time when startup markets outside Silicon Valley are starting to recover following a challenging period. Southeast Asia and the wider region faced difficulties with late-stage funding, slowing public listings, and more selective investors.

However, Endeavor Catalyst believes that companies can still find the necessary capital, governance, and international networks to scale during tougher economic cycles.

Since launching in 2026, the Singapore-based fund has backed 437 companies in 44 markets, including 83 companies valued at more than US$1 billion and 39 exits. Notable Asian investments include Bukalapak, Advance Intelligence Group, and Carsome, alongside global companies like Replit, Moove, and Preply. Within Asia, the fund has invested US$46.8 million across 44 companies in six markets, with deal activity picking up after several quiet years.

The investment strategy of Endeavor Catalyst focuses on companies led by Endeavor Entrepreneurs, who make up about 30% of the fund's limited partners by headcount and account for 20% of the capital raised. The fund's approach differs from traditional VC funds, relying heavily on its founder network and providing co-investment opportunities alongside other venture capital and growth equity firms.

Nadir Zafar, Managing Director of Endeavor's Global Hub in Singapore, highlights the abundance of ambitious founders in Asia, citing successful examples like Carro, Carousell, and ShopBack. These entrepreneurs have become mentors, investors, and connectors for the next generation of founders in the region.

The current funding climate in Asia has been challenging, with many startups cutting costs, delaying expansion, or exploring consolidation. Investors have become more discerning, focusing on durable demand, sustainable unit economics, regional execution, and paths to liquidity. Endeavor Catalyst expects a faster pace of scaling, mergers, listings, and exits in the coming years, particularly in areas such as fintech infrastructure, AI applications, logistics, software for small businesses, climate, and mobility.