{"id":425521,"date":"2025-03-13T10:33:12","date_gmt":"2025-03-13T15:33:12","guid":{"rendered":"https:\/\/endeavor.org\/?page_id=425521"},"modified":"2025-08-19T15:00:31","modified_gmt":"2025-08-19T20:00:31","slug":"2025-endeavor-outliers","status":"publish","type":"page","link":"https:\/\/endeavor.org\/2025-endeavor-outliers\/","title":{"rendered":"Meet the 2025 Endeavor Outliers"},"content":{"rendered":"\t\t
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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"Outliers\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tENDEAVOR<\/span><\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tMarch 27, 2025 \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t2025 Outliers:\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tHow Endeavor\u2019s Top Performers Have Evolved\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tEndeavor\u2019s 2025 Outliers showcase how top startups in markets outside of Silicon Valley are setting new benchmarks for success.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tMeet the 2025 Outliers<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Sometimes, it\u2019s only when one person achieves something incredible that others find achievement within reach.<\/p>

For most of sporting history, sprinting 100 meters in under 10 seconds was the realm of superheroes. Clark Kent, yes; humans, not so much. But when American athlete Jim Hines ran a race in 9.95 seconds in 1968, his astonishing feat was just the beginning. More and more runners broke the 10-second barrier until today\u2019s most successful athletes like Usain Bolt see this once-impossible ceiling as \u201cbarely an obstacle\u201d.<\/p>

Back in 2012, General Atlantic entered T\u00fcrkiye\u2019s tech scene with a $44M Series B investment in Yemeksepeti, signaling that Turkish startups could compete globally. Last year, General Atlantic returned to T\u00fcrkiye, leading a $500M Series E<\/span><\/a> round for Insider, a Turkish unicorn with global ambitions. With each new success, the bar gets higher.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"Insider\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tLeft to right: Insider Co-founders Okan Yedibela, Serhat Soyuerel, Hande Cilingir, Muharrem Derinkok, Mehmet Sinan Toktay, and Arda K\u00f6terin\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Insider and Yemeksepeti are part of the 2025 Endeavor Outliers class. Each year, Endeavor chooses a cohort of companies that, by a variety of measures, are the top performers of our community. They\u2019re redefining what success looks like in emerging markets.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\tOutliers set new baselines. Just as breaking records in sports raises the bar for future athletes, high-impact founders expand what\u2019s possible for entire ecosystems.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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While Endeavor has been actively supporting founders in emerging and underserved markets for nearly three decades, our first publicly recognized Outliers class was published in 2020.<\/p>

Those early pioneers \u2014 founders of companies like Rappi<\/span><\/a>, Colombia\u2019s first unicorn; Kavak<\/span><\/a>, Mexico\u2019s first unicorn; and Careem<\/span><\/a>, which Uber acquired for $3.1B in the largest tech exit in the Middle East \u2014 paved the way for the next generation of entrepreneurs. They broke the mental barriers that held entire markets back.<\/p>

As a result, the 2025 Outliers cohort is raising the bar for what\u2019s possible in emerging markets. This class has a median revenue three times higher than the 2020 cohort. There are four times more companies making over $100M in revenue, nearly six times the number of companies valued at more than $1B, and six times as many publicly listed companies.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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2025\u2019s Outliers at a Glance<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tcompanies\u2028
valued at $1B*\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tpublicly listed
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\n\t\t\t\t\t\t\t\t\t*Includes companies that have reached $1B in private valuations, as well as those with a publicly listed market cap or exit valuation.<\/em> \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tcompanies\u2028
valued at $1B*\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\n\t\t\t\t0<\/span>\n\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tpublicly listed
companies\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"cagr\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\n\t\t\t\t0<\/span>\n\n\t\t\t\t\t\t\t\t\t%<\/span>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tmedian CAGR
\n(Last 3 Years) \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t*Includes companies that have reached $1B in private valuations, as well as those with a publicly listed market cap or exit valuation.<\/em> \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"capitalraised\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\n\t\t\t\t0<\/span>\n\n\t\t\t\t\t\t\t\t\tB<\/span>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tin Capital Raised\n(Last 3 Years) \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"jobscreated\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\n\t\t\t\t0<\/span>\n\n\t\t\t\t\t\t\t\t\tM+<\/span>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tjobs created \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"countries\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\n\t\t\t\t0<\/span>\n\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tCountries\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"revenue\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t$<\/span>\n\t\t\t\t\n\t\t\t\t0<\/span>\n\n\t\t\t\t\t\t\t\t\tM<\/span>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tmedian revenue
(2024)\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"exits\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\n\t\t\t\t0<\/span>\n\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tExits\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"companiesvalued\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\n\t\t\t\t0<\/span>\n\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tcompanies\u2028
valued at $1B*\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"public\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\n\t\t\t\t0<\/span>\n\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tpublicly listed
companies\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"cagr\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\n\t\t\t\t0<\/span>\n\n\t\t\t\t\t\t\t\t\t%<\/span>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tmedian CAGR
\n(Last 3 Years) \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t*Includes companies that have reached $1B in private valuations, as well as those with a publicly listed market cap or exit valuation.<\/em> \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tThis year\u2019s cohort of 235+ Outlier companies has seen median revenues soar to nearly $100M, growing at an impressive 66% median CAGR over the past three years. \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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All these incredible companies were chosen across three criteria:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\"Scaling\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t
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\r\n\t\t\t\t\t\t\t\t\t\t\t\t\tSCALING UP
($25-50M in revenue)\t\t\t\t\t\t\t\t\t\t\t\t<\/h4>\r\n\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\t\t\tOur fastest-growing companies with a median revenue of $70M and median three-year CAGR of 90%.\t\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/div>\r\n\t\t<\/div>\r\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\"Scaled\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t
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\r\n\t\t\t\t\t\t\t\t\t\t\t\t\tSCALED UP & GROWING
($100M+ in revenue)\t\t\t\t\t\t\t\t\t\t\t\t<\/h4>\r\n\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\t\t\tOur largest companies with a median revenue of $155M, continuing to grow with median three-year CAGR of 46%\t\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/div>\r\n\t\t<\/div>\r\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\"Multipliers\"\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t
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\r\n\t\t\t\t\t\t\t\t\t\t\t\t\tMULTIPLIERS
($500M+ exit) \t\t\t\t\t\t\t\t\t\t\t\t<\/h4>\r\n\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
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Companies who have gone public or been acquired for $500M+ and are now paying it forward to the next generation of entrepreneurs.<\/p>\t\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/div>\r\n\t\t<\/div>\r\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The criteria for qualifying evolve, as Nasim Novin, who leads our Outliers program, explains. \u201cEvery year, we see our Outliers raise the bar \u2014 not just for their own companies, but for entire markets,\u201d she says.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\tEndeavor Entrepreneurs at the 2024 Endeavor Outliers Retreat in Scotts Valley, California. Drew Bird for Endeavor<\/span>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tEndeavor Entrepreneurs at the 2024 Endeavor Outliers Retreat in Scotts Valley, California. Drew Bird for Endeavor<\/span>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tCoen Jonker, Founder & CEO of Tyme Group, listens to a speaker at the 2024 Endeavor Outliers Retreat. Drew Bird for Endeavor<\/span>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\u201cThe progress from 2020 to 2025 isn\u2019t just about bigger numbers, it\u2019s about shifting mindsets and proving that scale and success in markets outside of Silicon Valley are not exceptions, but the new standard.\u201d \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The top-performing countries represented in this cohort are Brazil, Indonesia, Spain, and Mexico. While Silicon Valley or large emerging markets like China and India tend to get the most global attention, Endeavor looks elsewhere \u2014 and every year, we see new players from these \u201celsewhere\u201d markets driving change. In 2025, we have two new countries represented for the first time; edtech company Headway<\/span><\/a> became the first Ukrainian Outlier while Indie Campers<\/span><\/a> set a new bar for Portugal.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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After launching Endeavor offices in both countries in 2023 and 2024, we\u2019ve begun selecting and supporting the founders behind these outlier companies, on their pathways to becoming role models for their ecosystems.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Fintech makes up 26% of the Outliers class, significantly higher than the 19% share in our overall portfolio, highlighting its outsized presence and strong performance. Financial technology innovation shows no sign of slowing down. Almost half of investments from Endeavor Catalyst<\/span><\/a>, our rules-based investment fund, go to fintech companies. Two of those, Brazil\u2019s QITech and Nigeria-based Moniepoint, are our newest unicorns, transforming financial systems in their home countries.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\tPedro Conrade, Co-founder & CEO of Neon (Brazil)\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Neon, a Brazilian neobank, is another star Outlier, which became a unicorn in February 2022 and has nearly tripled in size since. Founder Pedro Conrade has also become a familiar stalwart in Endeavor\u2019s Brazilian network and beyond. He leads mentorship sessions on scaling and managing C-suite executives, as well as on growth strategy and market expansion, advising Brazilian fintech Trinus on their recent $7M Series B extension<\/span><\/a> and South African fintech companies Ozow and TymeBank. He frequently serves on Endeavor\u2019s International Selection Panels<\/span><\/a>, evaluating and providing feedback to high-impact entrepreneurs and shaping the next generation of Endeavor Entrepreneurs.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The five-year boom<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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We\u2019ve been tracking our top 10% of companies for five years now, which offers the chance to see how these businesses have scaled and redefined what’s possible in their markets. And just as Jim Hines showed back in 1968, one company\u2019s achievement breaks the barrier for the companies that follow it.<\/p>

That\u2019s why 2025 Outliers are consistently performing higher and achieving more than the 2020 Outliers. Earlier companies paved the way for their successors, so let\u2019s take a look at the pathways they\u2019ve forged.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\tEndeavor Entrepreneurs at the 2024 Endeavor Outliers Retreat in Scotts Valley, California. Drew Bird for Endeavor<\/span>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tEndeavor Entrepreneurs at the 2024 Endeavor Outliers Retreat in Scotts Valley, California. Drew Bird for Endeavor<\/span>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tTop-performing companies\u2019 median revenue has nearly tripled\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Over the past five years, top-performing companies haven\u2019t just grown \u2014 they\u2019ve soared. Their median annual revenue has nearly tripled, jumping from $36M to $100M, while still maintaining strong momentum, with a median CAGR of 66% in 2025 (down from 87% in 2020, but very impressive at this scale). This growth is reflected in the number of companies crossing the $100M revenue mark \u2014 87 in 2025, a fourfold jump from just 22 in 2020.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\tLeft to right: Rina Onur \u015eirino\u011flu, Co-founder & CEO of Spyke Games (T\u00fcrkiye) and Omair Ansari, Co-founder & CEO of Abhi (Pakistan)\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Across the board, there\u2019s been incredible performance metrics. Turkish mobile games startup Spyke Games is one of the fastest growing companies among the cohort, having multiplied their revenue by 50x over the past two years \u2014 par for the course for a company that had a record-breaking seed round of $55M<\/span><\/a>.<\/p>

In Pakistan, fintech Abhi has grown their revenue 10x since 2022 while delivery platform Toters, based in Lebanon, faced down war and uncertainty while still doubling it\u2019s revenue every year for the past four years.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Over the past few years, we\u2019ve seen a strategic shift towards profitability among outlier companies. The graph illustrating median EBITDA vs. three-year CAGR provides a clear picture of our outlier companies’ evolving growth trajectory. While the median three-year CAGR has declined from ~175% to ~100%, this isn\u2019t a slowdown \u2014 it\u2019s evidence of a maturing portfolio. Even at this rate, these companies are still doubling revenue annually.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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At the same time, EBITDA recovery has been remarkable, improving from -$7M in 2022 to nearly +$2M in 2024. This trend highlights a broader evolution: as these companies scale, they are proving that high growth and financial discipline can go hand in hand.<\/p>

Enrico Robles del Rio, Senior Director of Data Analytics and Platform at Endeavor Global, sees a clear shift in how high-growth companies are navigating today\u2019s market.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\u201cThe data tells a compelling story: our outlier companies are delivering what the market now demands \u2014 sustainable growth.\u201d\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\u201cCompared to 2021, there are 89% more profitable outliers in 2024, signaling a deliberate pivot toward financial discipline.” Even more striking, the number of companies reaching $100M+ in revenue while maintaining a 30% 3-year CAGR has more than doubled in the profitable category. \u201cThis isn\u2019t just adapting to market conditions \u2014 it\u2019s mastering them,\u201d he adds.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\tSixfold growth in companies valued at $1B+\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Since 2020, the number of companies valued at over $1B has increased nearly sixfold, rising from 13 to 80 in 2025. This rapid expansion has been fueled by the increasing flow of international capital into markets beyond the US, India, and China. Late-stage investors have played a crucial role, helping scaleups in emerging markets accelerate growth, achieve unicorn status, and, in turn, attract even more investment into their ecosystems.<\/p>

Those founders are now paying it forward\u2013reinvesting their success to empower the next generation. At the 2023 Endeavor Gala, South African digital bank Tyme Group\u2019s co-founders, Tjaart van der Walt and Coen Jonker, met David V\u00e9lez, founder of Latin America\u2019s largest fintech, Nubank. What began as a conversation turned into mentorship, which ultimately led to investment \u2014 Nubank led Tyme Group\u2019s $250M Series D round<\/span><\/a>, officially cementing Tyme\u2019s unicorn status. This is the power of top-performing companies: they\u2019re not just scaling, they\u2019re changing the entrepreneurial landscape globally.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\tReed Hastings, Co-founder & Executive Chairman of Netflix, speaking at the 2024 Endeavor Outliers Retreat. Drew Bird for Endeavor<\/span>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tEndeavor Entrepreneurs take a walk amongst the Redwoods. Drew Bird for Endeavor<\/span>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Along the way, these companies are redrawing the map of global VC. Property Finder, now a unicorn backed by General Atlantic in the UAE, proved the region could deliver billion-dollar outcomes. Others like Hala (TPG in Saudi Arabia) and Carry1st (Andreessen Horowitz in Africa) aren\u2019t unicorns yet \u2014 but they\u2019ve become the first launchpads for top-tier investors in their markets, and are racing toward that milestone.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t2025 Outliers are on average three years older\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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As the saying goes, every overnight success takes about ten years \u2014 and the 2025 Outliers cohort is proof. This year, the average age of Outliers companies has risen to nine years, up from six in 2020, underscoring the maturation of high-growth ventures in Endeavor\u2019s markets. Take Brazilian fintech giant Pismo: founded in 2016, it spent years operating under the radar before its $1B acquisition by Visa in 2024.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\tLeft to right: Daniela Binatti, Co-founder & CTO of Pismo (Brazil), Barry Napier, Co-founder & CEO of Cubic Telecom (Ireland), and Alex Chatzieleftheriou, Co-Founder & CEO of Blueground (Greece)\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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And Pismo is far from the only one \u2014 several companies in this year\u2019s cohort have been building for even longer. Take Cubic Telecom: founded by Irish entrepreneur Barry Napier<\/span><\/a> in 2008, it only made global headlines when it sold a majority stake to SoftBank in 2023 \u2014 one of the largest tech transactions in Ireland\u2019s history, accounting for 80% of all dollars invested into the country\u2019s tech startups that year. Similarly, Blueground, founded in Greece in 2013, became a unicorn last year after years of steady growth. While it had long been a household name in its local ecosystem, its latest fundraising round cemented its global recognition as a leader in flexible housing.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Fifty Outliers are consistent high performers<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Some familiar faces appear in both the 2020 and 2025 classes. A core group of 50 companies has earned Outlier status for six consecutive years, making up over 20% of this year\u2019s cohort.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Among them are standout names like Mexican online lender Kueski, Dubai-based cloud kitchen platform Kitopi, Italy\u2019s Bending Spoons, and Saudi Arabia\u2019s top beauty e-commerce platform, Nice One.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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