This article is a part of Poland Unpacked. Weekly intelligence for decision-makers
Forty Polish entrepreneurs and executives have invested in Endeavor Catalyst V. They include the founders of Booksy, ICEYE and Grupa Pracuj, as well as a former CEO of Lidl Poland. The fund will back some of the world's most promising technology companies.
Late last week, US media reported the closing of Endeavor Catalyst's fifth fund. The fund raised USD 320m, making it the largest in Endeavor's 15-year investment history.
But there is another interesting aspect to the story. As XYZ has learned, around 40 Poles are among the fund's investors. Our findings were confirmed by Bartosz Lipnicki, head of Endeavor Poland.
"We are proud that Poland is part of this story," said Bartosz Lipnicki.
"The fund has more than 40 Polish investors in total," Pete Benedetto, Head of EMEA at Endeavor Catalyst, told XYZ.
Importantly, investor demand exceeded the fund's original target. The final Polish contribution to Endeavor Catalyst amounted to USD 11m.
Polish investors in Endeavor Catalyst
According to our findings, Polish startup founders and entrepreneurs investing in Endeavor Catalyst's fifth fund include Rafał Modrzewski, co-founder of ICEYE; Konrad Howard, co-founder of Booksy; Marcin Żukowski, co-founder of Snowflake; Maciej Noga, co-founder of Grupa Pracuj; Wiktor Schmidt, co-founder of Netguru; Lucjan Suski, co-founder of Surfer; Paweł Sieczkiewicz, founder of Telemedi; Grzegorz Chuchra, co-founder of Tedee; Jarosław Święcicki, co-founder of Morizon; and the Bajołek family, founders of Answear.com and Medicine.
The investor list also includes senior executives from major international corporations. Among them are Maksymilian Braniecki, the longtime CEO of Lidl Poland, and Łukasz Dwulit, a former senior executive at Alibaba who now works at Klarna. Leading figures from Poland's largest consulting firms have also invested, as has Bartosz Lipnicki himself.
"Poland is our most important market for Fund IV, given the performance of ElevenLabs and ICEYE," says Pete Benedetto.
Previous Endeavor Catalyst funds have invested in companies including ICEYE, ElevenLabs, Spacelift and Booksy. Their combined valuations exceed USD 35bn.
"Rafał Modrzewski of ICEYE and Konrad Howard of Booksy are examples of entrepreneurs whose companies received investment from Endeavor Catalyst and who have now invested their own capital in the new fund. Meanwhile, Marcin Żukowski, Wiktor Schmidt and Maciej Noga are helping build Endeavor Poland as members of its board, supporting the development of our community," explains Bartosz Lipnicki.
"Endeavor Poland is about more than money. It is also about contributing time, experience and opening the right doors internationally. The maturity of an ecosystem is measured not only by how many success stories it produces, but also by how many more successes emerge from them," he adds.
Poland's role is set to grow
Although Polish investors do not account for a majority of the fund's capital, Endeavor representatives emphasize their growing importance.
"We repeatedly see that regardless of where Polish founders live or where their companies are headquartered, they are keen to contribute to the development of Poland's ecosystem and support the country's innovation-driven economy," says Pete Benedetto.
Bartosz Lipnicki notes that the number of so-called Endeavor Entrepreneurs – founders who have joined Endeavor's global network – continues to grow.
"After our first year of operations, we had four Endeavor Entrepreneurs. Today, we have more than a dozen, including the founders of ElevenLabs, ICEYE, Booksy, Docplanner, Silent Eight, Capchase, Genesys AI and Tylko," says Lipnicki.
"Our position within the global network is built primarily on the quality of these entrepreneurs and the scale of their ambitions. We help them connect with people who have already overcome the challenges they are facing, whether related to international expansion, raising capital or building teams.
"We also provide access to potential customers, markets and investors. This is not networking for its own sake, but targeted introductions tailored to each company's needs. Another tangible result is Endeavor Catalyst's investment in four companies with Polish roots," explains the managing director of Endeavor Poland.
How Endeavor Catalyst invests
Endeavor Catalyst V is the fifth fund launched by Endeavor's investment arm and its largest to date. It brings the organization's total assets under management to more than USD 850m. Its investments already include Poland's ElevenLabs. The new fund focuses on areas including artificial intelligence, deep tech and entrepreneurs seeking to build global businesses.
"The USD 320m Fund V creates greater opportunities to finance the next generation of global companies built by Polish entrepreneurs," says Bartosz Lipnicki.
"Endeavor Catalyst co-invests alongside leading venture capital funds in companies founded by entrepreneurs selected for the Endeavor network. It is therefore not a fund open to every startup, nor is there a pool of capital reserved exclusively for Poland.
"The successes of ElevenLabs and ICEYE give us a strong starting point. Our task now is to help more ambitious entrepreneurs seize this opportunity by combining access to capital with the experience and relationships offered by our global community," Lipnicki adds.
Venture capital remains heavily concentrated in a handful of the world's largest technology hubs. Endeavor Catalyst aims to demonstrate that the next generation of global industry leaders can also emerge outside Silicon Valley and China.
The new fund will continue its existing strategy of backing fast-growing companies with the potential to become global leaders in their respective categories. Polish startups are also eligible for funding.
"Thanks in part to the extensive experience and expertise of its technology founders, Poland is one of our best-performing and most promising markets in Europe. We are currently evaluating several deep-tech companies working on AI applications, robotics and physical AI," says Pete Benedetto.
Good to know
How Endeavor has grown
Endeavor is an international organization supporting entrepreneurs building fast-growing businesses. Established 30 years ago, it focuses primarily on markets outside Silicon Valley and China. Its network includes more than 3,100 entrepreneurs from over 50 countries.
Endeavor helps founders develop their businesses by providing access to mentors, experienced executives, investors and international connections. A central element of its approach is the so-called Multiplier Effect, whereby successful entrepreneurs help the next generation of founders.
Endeavor Catalyst, meanwhile, is a venture capital fund operating within the Endeavor ecosystem. Established in 2012, it invests exclusively in companies led by entrepreneurs belonging to the Endeavor network. Rather than acting as a lead investor, it co-invests alongside other venture capital and growth equity funds.
More than 400 investments and 83 billion-dollar companies
Endeavor Catalyst has already built a substantial investment portfolio. As of September 22, 2026, it had invested in 437 companies across 44 markets. Of these, 83 had achieved valuations of at least USD 1bn – nearly one in five companies in its portfolio.
Since its inception, Endeavor Catalyst has invested more than USD 500m. It has recorded 39 exits, while 11 of its portfolio companies have gone public.
Some of its most recognizable investments include Poland's ElevenLabs, Italy's Bending Spoons, as well as Reflection AI, Rappi, Altruist, Peak Games and InstaDeep.
"Endeavor was founded on the belief that great companies can emerge anywhere if their founders have access to the right network of trust," says Linda Rottenberg, co-founder and CEO of Endeavor.
"Endeavor Catalyst makes this model self-sustaining: entrepreneurs who have successfully built major companies reinvest their capital, experience and connections in the next generation," she adds.
Europe accelerates, with ElevenLabs among the success stories
Europe has become one of Endeavor Catalyst's most important areas of expansion. Its investment portfolio now includes 90 companies across ten European markets, 20 of which have reached valuations of at least USD 1bn.
Importantly, the pace of investment in the region has accelerated significantly. Endeavor Catalyst made seven new investments in Europe throughout 2024, followed by 14 in 2025 and another 12 in the first half of 2026 alone.
European companies in Endeavor Catalyst's portfolio raised a combined USD 3.3bn in funding rounds involving the fund during 2025 and the first half of 2026. This was more than in any other region where Endeavor Catalyst operates. The figure represents the total value of the funding rounds, rather than solely the capital invested by Endeavor.
Poland's ElevenLabs is among the companies regularly highlighted by Endeavor as evidence of the European technology sector's potential. However, the materials accompanying Fund V do not identify a separate pool of capital earmarked for investments in Poland.
Expert's perspective
ElevenLabs and Revolut among Endeavor's standout companies
The fund is already investing, with AI and deep tech in its sights
Although the official closing of Fund V was announced on October 7, the fund had already begun investing. According to figures as of September 22, it had completed 32 transactions. Companies receiving funding included Replit, Moove, Preply, Cashea, Respond.io, EnduroSat, HappyRobot and Lunar Outpost.
These investments illustrate two main strands of the fund's strategy. The first involves supporting companies expanding within their domestic markets, such as Cashea in Venezuela and Moove in Nigeria.
The second focuses on entrepreneurs from outside the world's major technology hubs who set out to build globally oriented businesses from the beginning. Examples include Preply, which originated in Ukraine, and Replit, whose founder comes from Jordan.
Endeavor Catalyst co-invests alongside major players in the global technology financing market, including Sequoia Capital, Founders Fund and General Atlantic.
Among the areas where the fund currently sees particularly strong opportunities are deep tech, foundation AI models, cloud infrastructure and AI-powered applications. Its representatives also emphasize the importance of serial entrepreneurs who use experience gained from previous ventures to build new companies.
Entrepreneurs investing in the next generation of entrepreneurs
One of Endeavor Catalyst's distinguishing features is the composition of its investor base. Entrepreneurs belonging to the Endeavor network account for as much as 30% of Fund V's investors. They include founders and creators of companies such as Nubank, Revolut, LinkedIn, Snowflake, Checkout.com, Globant and Careem.
This model is based on what Endeavor calls the Multiplier Effect. Entrepreneurs who have successfully built international companies reinvest their capital and use their experience to support the next generation of startup founders.
"This is the Multiplier Effect in action. Founders who previously benefited from Endeavor Catalyst's support are now helping provide capital, trust and confidence to the next generation of Endeavor entrepreneurs. It is a powerful model that brings the cycle full circle," says Jackie Carmel, Managing Director of Endeavor Catalyst.
Reid Hoffman, co-founder of LinkedIn, is also among the investors.
Key Takeaways
- 1. Polish entrepreneurs are playing a growing role in financing global startups. Endeavor Catalyst has closed its fifth and largest fund to date, raising USD 320m, including USD 11m from Polish investors. Among the backers are founders and co-founders of ICEYE, Booksy, Snowflake, Netguru, Grupa Pracuj and Answear.com. Executives from international corporations, including Lidl, Alibaba and Klarna, have also invested. Their involvement illustrates how Polish entrepreneurs who have built successful businesses are increasingly using their wealth to finance the next generation of technology companies.
- 2. Poland is becoming more important within Endeavor's global network, while the success of homegrown companies is opening doors for new startups. Previous Endeavor Catalyst investments include ElevenLabs, ICEYE, Booksy and Spacelift, whose combined valuations exceed USD 35bn. Fund representatives regard Poland as one of Europe's most promising technology markets and are currently evaluating companies working on artificial intelligence, robotics and other advanced technologies. Poland's growing influence within Endeavor is also supported by experienced entrepreneurs who help younger companies gain access to international contacts, expertise and potential investors.
- 3. Endeavor Catalyst is accelerating its European investments and focusing on emerging technologies. Since its inception, the fund has invested in 437 companies across 44 markets, with 83 reaching valuations of at least USD 1bn. Its European portfolio now includes 90 companies, 20 of which have achieved unicorn status. Investment activity on the continent is accelerating: Endeavor Catalyst completed seven new European deals in 2024, 14 in 2025 and another 12 in the first half of 2026. Fund V had already made 32 investments by September 22, before its official closing. Its priorities include artificial intelligence, cloud infrastructure and deep tech, while a central part of its strategy remains encouraging successful entrepreneurs to finance the next generation of technology founders.