Co-founders of Careem invest in Endeavor Catalyst's most recent investment fund
Endeavor Catalyst, the investment vehicle of Endeavor, a global organisation that supports high-impact entrepreneurs, has announced the closure of its third fund, Endeavor Catalyst III, with a total of $134 million.
The fund, which focuses on co-investing in equity financing rounds of startups founded and led by entrepreneurs within Endeavor's network, has attracted investments from a diverse group of Limited Partners (LPs) across Europe, the Middle East, and Africa.
Notable investors include the founders of Careem, Mudassir Sheikha, Magnus Olsson, and Abdullah Elyas. Sheikha, one of the Careem co-founders, expressed his enthusiasm for investing in Endeavor Catalyst, stating it as a "great way to 'pay-it-forward' and invest in high-quality entrepreneurs in frontier markets."
The founders of Yemeksepeti.com, which was acquired by Delivery Hero for $589 million in 2015, and Michael Lahyani, the founder of Dubai-headquartered regional real estate startup Property Finder, have also invested in the fund.
Other entrepreneurs from the Middle East and Africa who have funded Endeavor Catalyst III have chosen to remain anonymous, as their investments have not been publicly disclosed.
Zubair Naeem Paracha's Latest Posts
Zubair Naeem Paracha, a tech and startup enthusiast based in Lahore, Pakistan, has been actively covering the regional startup scene. His latest posts include "E&'s big bold bet on tech" - May 2, 2023, "Ameer Sherif appoints a new CEO for Wuzzuf and Forasna, moves on to focus on VC, public policy" - September 29, 2021, and "Marham raises $1 million seed to grow into a healthcare superapp for Pakistan" - August 3, 2021.
Paracha, the Founder at xA tech, is also building Qraar, a career discovery and development platform for millennials in MENA. He can be reached on LinkedIn, Twitter, or at [email protected].
Success Stories and Challenges
Endeavor Catalyst's portfolio companies have seen both successes and challenges. Some of Endeavor Catalyst's biggest exits have come from Turkey, including Peak Games' $1.8 billion acquisition by Zynga, Iyzico's $165 million acquisition by PayU, and Yekempeseti's $589 million sale to Delivery Hero.
However, not all investments have been successful. Endeavor Catalyst has also had investments like Fetchr and Awok that did not succeed.
Recommended Reading
For those interested in learning more about the regional startup scene, Recommended articles include "Opinion: Is 'buy now, pay later' a model for the masses?", "Opinion: The rise of startup acquisitions in the Middle East", and "Opinion: A story of a fundraise in MENA".
As Endeavor Catalyst continues to support high-impact entrepreneurs, it will be exciting to see the impact of Endeavor Catalyst III on the regional startup ecosystem.
