Greek participation has reached a record high in Endeavor Catalyst’s new Fund V, with investors from Greece committing $70 million. The fifth and largest Endeavor Catalyst fund totals $320 million, taking assets under management to more than $850 million.
Demand exceeded the initial target of $300 million, with Greece ranking first among the more than 40 markets participating in the fund and accounting for about 22% of its total capital.
The 17 Greek investors participating in the new fund include all four systemic banks: Alpha Bank, Eurobank, National Bank of Greece and Piraeus Bank. Greek participation has risen steadily in recent years, from $5 million in Fund III in 2019 to $24 million in Fund IV in 2022, and now to $70 million — almost three times the previous amount. In total, investments by Greek investors in Endeavor Catalyst funds now total almost $100 million.
Participation in Fund V also opens up new investment horizons for Greek investors, giving them access to growing companies and innovation ecosystems in different parts of the world. From Ukraine and Jordan to Nigeria and Spain, the fund’s investments span a wider range of markets, including businesses with Greek founders.
“This participation shows that there is now a genuine appetite to connect with the world,” said Panagiotis Karampinis, chief executive of Endeavor Greece and regional director for Endeavor’s European offices.
How Endeavor Catalyst works
Endeavor is a non-profit organisation active in more than 50 countries that identifies and supports entrepreneurs with high growth potential (Endeavor Entrepreneurs). Endeavor Catalyst, the organisation’s investment arm, funds only companies that are part of its network, taking part in funding rounds led by institutional investors.
Its investments typically range from $1 million to $3 million, with the fund investing on the same terms as investment firms such as Sequoia Capital, Founders Fund and General Atlantic.
According to Panagiotis Karampinis, Endeavor Catalyst completes an average of one investment deal a week, while Fund V is planned to make 40 to 50 investments a year. Its focus is primarily on companies growing outside the traditional technology hubs of Silicon Valley and China, in markets Endeavor calls “Elsewhere”.
Since its founding in 2012 with an initial fund of $32 million, Endeavor Catalyst has grown tenfold, significantly expanding its investment activity. Through its five funds, it has invested in a total of 437 companies across 44 markets, 83 of which are valued at at least $1 billion, including Bending Spoons and ElevenLabs. It has also recorded 39 exits, while 11 portfolio companies have gone public.
As for its presence in Greece, since 2012 Endeavor Catalyst has invested a total of $25 million in 15 companies with founders of Greek descent, which are part of Endeavor Greece’s portfolio.
Fund V has already allocated more than $55 million to 30 companies, including Replit, Preply, Cashea and HappyRobot, with a further $25 million to $30 million in investments planned by the end of 2026. The fund’s overall target is to invest in about 150 companies.
Greek AI startups with billion-dollar valuations
Greek founders also have a strong presence in Endeavor Catalyst’s portfolio, particularly in artificial intelligence. Three companies founded with the involvement of Greek entrepreneurs and brought into the network through Endeavor Greece have already attracted investment from the fund.
They include Reflection AI, co-founded by Ioannis Antonoglou, which develops advanced open-weight artificial intelligence models. It recently unveiled Beam, a model with capabilities in coding, complex reasoning and the autonomous execution of tasks through AI agents.
Also in this category is Runway, co-founded by Anastasis Germanidis, which works on AI-powered video creation. It is also developing so-called world models, which can simulate interactive environments in real time, with applications ranging from entertainment to robotics.
The third company is Arena, co-founded by Anastasios Angelopoulos, which has developed a platform for evaluating and ranking AI models using comparisons and preferences from real users. It is now also expanding into the evaluation of AI agents as they carry out complex tasks.
Investor interest in these companies is also reflected in the funding they have raised. In 2025 alone, Reflection AI and Runway secured a combined $2.3 billion, while in early October Arena completed a $200 million Series B funding round, with participation from Endeavor Catalyst Fund V, at a valuation of $3.1 billion.
Reflection AI is now valued at $25 billion, about two years after its founding, while Runway’s valuation exceeds $5 billion. Arena’s valuation has almost doubled in about 10 months.
“For generations, Greek households pushed their children towards mathematics, physics and chemistry. Now that technology has become more advanced and research-intensive, Greeks are surging ahead at a pace we have not seen elsewhere,” Panagiotis Karampinis noted.
As he explained, most of these companies are expected to continue growing abroad, where a significant share of activity in artificial intelligence is concentrated. For Endeavor Greece, however, the aim is not necessarily for founders to return to Greece, but to maintain and strengthen their ties with the domestic innovation ecosystem.
The connection also works in the other direction: Catalyst portfolio companies from other markets, such as ICEYE, Open Cosmos and EnduroSat, have established a presence in Greece. Endeavor Greece supports the establishment and expansion of their operations, helping them access talent, customers and facilities. ElevenLabs has also entered into a partnership with the Greek government.
Plans for the Greek Innovation Campus in Athens
Endeavor Greece’s plans for the coming years also include creating a Greek Innovation Campus in Athens, as part of the Greece 2030 strategy unveiled by the organisation.
The plan rests on five main pillars: strengthening the community of Greek founders with international operations; enhancing Greece’s and Athens’ role in the European innovation ecosystem; the AI and Culture initiative; education; and the creation of the Greek Innovation Campus.
The new Campus is being designed as a permanent meeting and collaboration space for startup founders, investors, researchers and international businesses, with the aim of connecting Greece’s innovation ecosystem with the global business and technology community. Its location and the partners involved in its development are expected to be announced in the coming period.