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

Endeavor Catalyst has closed its fifth fund with $320 million in capital commitments, pushing the firm’s total assets under management past $850 million. The New York-based venture arm focuses on startups located outside major tech hubs, a demographic that faces a higher risk of being overlooked as investors concentrate on Silicon Valley.

Managed by Allen Taylor and Jackie Carmel, the fund operates through a unique nonprofit structure where half of its profits return to its parent organization, Endeavor, to support future entrepreneurs. To qualify for investment, founders must first pass through Endeavor’s selective vetting network and secure at least $5 million in funding led by another institutional investor.

Catalyst typically writes checks between $1 million and $3 million, targeting up to 150 companies from this fifth fund. The new fund is backed by 400 limited partners, including prominent investors and previous founders. Catalyst reports that approximately 90% of its investments occur outside the United States. Its current portfolio includes high-valuation international firms such as ElevenLabs and Bending Spoons, alongside repeat founders starting new ventures.