On November 10, 2018, Endeavor Miami entrepreneurs, mentors, and partners gathered at the Endeavor Miami Gala to celebrate five years of supporting high-impact entrepreneurs in the South Florida ecosystem and recognizing their impact thus far.
The first Endeavor office to launch in the U.S., Endeavor Miami’s celebration also marks the fifth anniversary of a major inflection point in Endeavor’s mission: expanding beyond emerging markets outside of the U.S. and refocusing more broadly on long-term economic growth driven by high-impact entrepreneurship.
In 2012, when Endeavor first began exploring the possibility of expanding to Miami, entrepreneurship was thriving in pockets of the U.S., but support for high-growth founders remained highly concentrated toward investment hotbeds, such as New York and Silicon Valley. Miami in particular, had some of the highest startup activity in the country — yet, the city ranked low in scale-ups. Companies were forming rapidly, but failing to thrive.
Pulled in by local South Florida business leaders and the Knight Foundation, who pledged their support, Endeavor Miami officially launched in 2013. In just five years, Endeavor Miami has selected 42 high-impact entrepreneurs leading 23 companies across a wide variety of sectors, from fintech to food and beverage.
Already, the office has welcomed an Endeavor Entrepreneur, Anabel Perez of Novopayment, to the board. Endeavor Miami has also emerged as a true leader in the local entrepreneurship ecosystem, partnering with the City of Miami to spur economic growth.
The successful expansion to Miami has been followed by new affiliates in Detroit, Louisville, Atlanta, and, most recently Puerto Rico, with the launch new offices in Northwest Arkansas and Western New York on the horizon in 2019.
Here’s a snapshot of Endeavor’s impact in the U.S. today:
- 88 Endeavor Entrepreneurs supported, 20% of whom are women
- $400 million in revenues generated by 53 high-growth companies
- 4,000+ jobs created
- 5 Endeavor Catalyst investments
We’re excited by these milestones that represent the tangible impact Endeavor Entrepreneurs are making in U.S. cities, and by the myriad of success stories behind the metrics.
We’re encouraged to see companies like innovative furniture designer Floyd raise a $5 million Series A and offering shipping around the world, while doubling down on their commitment to remain headquartered and manufacture their products in Detroit.
Floyd is one of the first five U.S. companies to receive investment from Endeavor Catalyst, Endeavor’s impact investment fund designed to fuel the growth of high-impact companies, fostering economic growth in the places that need it the most. By providing capital that Endeavor Entrepreneurs can count on, while co-investing with leading funds, Endeavor Catalyst is helping facilitate investment rounds in companies based in cities typically overlooked.
Endeavor Catalyst has already achieved one exit in the U.S. with FIGS, a medical apparel company led by Endeavor Miami entrepreneurs Heather Hasson and Trina Spear. The first Endeavor Catalyst investment made in the U.S., FIGS was acquired in 2017 with a 5.1x return on the original series A round.
We’re also excited to see a new generation of tech companies putting down roots in growing regions, and looking to the support neighboring cities can provide — LISNR, a groundbreaking ultrasonic data transmission company, set up headquarters in Cincinnati and accesses Endeavor’s global resources as an Endeavor Louisville company. And for the first time, Endeavor is supporting a company from two different affiliate offices — Cognira, a supply chain analytics company, is based in both Atlanta and Tunisia.
Through our expansion in the U.S. we’ve continued to learn more about high-impact entrepreneurs’ needs both in U.S. cities and globally. Throughout 2019, we’ll be devoting more resources to understanding our road map in the U.S. through new research from Endeavor Insight, spotlights on local Endeavor networks, and stories from high-impact entrepreneurs.