US-based high impact entrepreneurship organisation Endeavor Global has closed its third global fund, Endeavor Catalyst Fund III, at $134 million, according to an announcement by managing partner Allen Taylor.
The fund, which was launched last year with a $120 million target, will continue to invest in companies in emerging and underserved markets globally, including Asia.
The company said the fund is backed by some of the world’s leading entrepreneurs including Reid Hoffman (of LinkedIn), Michael Dell (Dell Technologies), and Pierre Omidyar (eBay), as well as renowned investors such as General Atlantic’s Bill Ford and Pershing Square’s Bill Ackman.
Also contributing to the fund are over 60 founders of Endeavor’s portfolio companies.
“With Fund III, we are proud to have at least one LP from every single country where Endeavor operates,” Taylor said.
Endeavor Catalyst, headquartered in Silicon Valley and New York, is currently present in over 35 countries. In Asia, it still has a relatively small footprint with presence in Indonesia, Malaysia, Vietnam, and the Philippines. Going forward, it plans to launch in Singapore.
Founded in 2012, Endeavor Catalyst is the innovative co-investment fund of Endeavor, an organisation that helps entrepreneurs scale up their operations. Endeavor operates a hybrid fund model that combines characteristics of venture capital investments and impact funds.
It runs a 50-50 profit-sharing model where investors get back 50 per cent of the profits, while the remaining 50 per cent is returned to Endeavor to scale its non-profit operations covering aspects like mentorship and entrepreneurial workshops. It does not charge a management fee.
The latest fund follows a $30 million debut fund in 2013 and an $80 million vehicle in 2017. Both funds have been fully deployed across 25 markets and in over 110 companies. Having deployed parts of its third fund, Endeavor says it has now invested into more than 150 Endeavor Entrepreneur-led companies across 30 different markets to date.
Endeavor exclusively invests in companies’ Series A, B, and C rounds of funding, with ticket sizes ranging from $500,000 to $2 million.
As per estimates shared with us earlier in the year, Southeast Asia currently comprises a small portion of Endeavor’s investments with just 8-9 per cent being allocated to the region across its first two funds.
Among the Southeast Asian companies it has backed are grocery platform HappyFresh, cashback app Snapcart, peer-to-peer lending marketplace Investree, tax solutions startup Online Pajak, and e-commerce unicorn Bukalapak.
From its third fund, Endeavor has invested in Carsome, a Malaysia-based marketplace for trading used cars.