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Brazil’s Bebê Store Announces Acquisition of Competitor Baby.com.br; Receives Investment From Endeavor Catalyst

Bebê Store, a leading online baby goods retailer in Brazil co-founded by Endeavor Entrepreneur Leonardo Simão, recently announced the acquisition of Baby.com.br, one of its main competitors in the region. In addition, the company successfully raised a $12.3 million […]

July 24th, 2014 — by admin

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Argentina’s Globant Raises $59 Million on NYSE; Second-Ever U.S. IPO for an Endeavor Company

Argentina’s Globant, founded by Endeavor Entrepreneurs Martin Migoya, Guibert Englebienne, Néstor Nocetti and Martin Umaran, had its U.S. IPO on July 18th, raising nearly $59 million. The Buenos Aires-based software development giant has become one […]

July 21st, 2014 — by admin

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eMBA 2014 Field Report: Engineering for Growth in Chile – an Adventure with CORBAC Foods

Each summer Endeavor sends a number of incoming and second-year MBA students, recruited from top schools, to work on-site with Endeavor Entrepreneurs on projects ranging from strategic planning to market expansion. The program is supported by a generous grant from Barclays. Following is a post from Billy Mata, a member of Babson College’s MBA Class of 2015, who spent the summer working with Endeavor Entrepreneurs at Chile’s CORBAC Foods.

eMBA_webHow often do you get the chance to go to the beach one day and the next day be snowboarding at the top of the Andes?  Unless you are in Santiago, your possibility of doing so is very slim, if any. I had always wanted to go to Santiago, Chile but never seemed to have the chance, the time or the money to do so.

When I started my MBA at Babson I knew that this was the moment for me to travel while taking advantage of opportunities to expand my learning experience and have an impact in the places I went, by engaging with purpose-driven organizations.  Endeavor was a perfect fit. Through their eMBA program, I was able to connect with Christian Cortes, the Endeavor Entrepreneur behind CORBAC Foods, in order to engage for 10 weeks in an intensive consulting project focused on strategic planning and execution to support the company’s growth.

CORBAC Foods is a food production and ingredients company that develops solutions for industrial, retail and end customers using – mainly – protein from animal sources.  Some of its most important clients include Nestle and Wal-Mart. CORBAC is strongly positioned in the industrial segment where it supplies dehydrated meats as an ingredient for ready-to-eat soups, rice and pasta.  For its retail customers, CORBAC operates as a food service company and provides sauces, dressings and cooking powders.  For end customers, CORBAC developed VORO, a dog treat that is made of natural and human grade protein, which allows pet owners to treat their pets as an additional family member.

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A view of Valle Nevado in Chile, courtesy of Billy

When I first met with Christian on a Sunday afternoon to have lunch paired with a glass of (Chilean) wine I got inspired about the project and was eager to help him achieve his dream.  Christian told me how he started his company with $1,000 US dollars, how he managed to take it to where it was today, and how he wants to double the company’s revenue in three years and have it grow five-fold in the next few years. I needed to figure out how we would do that and I had no doubt that it was possible.  After all, I came to Chile to be challenged, and this was a big and exciting one.

After the first week of working with Christian and understanding the company, the industry and the team better, there were two main insights that would dictate how we would engineer the company to prepare it for its growth plans:

Many of the capabilities and skills that brought CORBAC to the point it was at today could hinder the company’s growth going forward

There is a tradeoff between customization and standardization; it’s hard to grow and scale with a customized and single client product portfolio

After we agreed on those two key points, we laid out a work plan which would create the base for growth.  Essentially, there were five aspects of the business that we needed to be crystal clear about and that we would work on:

Aspiration: Develop a clear sense of where the company is going.

Where to play: The industries, regions, customer segments and distribution channels that will be the focus going forward.

How to win: Identify the sources of competitive advantage and capabilities that will enable CORBAC to achieve its growth ambition.

Strategic priorities: The initiatives, capabilities and tasks that need to take place to achieve success.

Plan to generate results: Execute the strategy and align the organization.

Upon reflecting upon my time in Chile with Christian and the CORBAC team so far, I hope I have had a great impact in the company to propel it to the next level.  It is always refreshing to work with passionate entrepreneurs that never settle and are always looking to grow their companies and themselves as people.

Brazil’s Bebê Store Announces Acquisition of Competitor Baby.com.br; Receives Investment From Endeavor Catalyst

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Bebê Store, a leading online baby goods retailer in Brazil co-founded by Endeavor Entrepreneur Leonardo Simão, recently announced the acquisition of Baby.com.br, one of its main competitors in the region. In addition, the company successfully raised a $12.3 million round of financing earlier this year led by venture capital firms Atomico and W7, with participation from Endeavor Catalyst.

Founded in 2009, Bebê Store was a first-mover in its sector, offering parents a unique online shopping experience by guaranteeing a wide selection of high quality products and personalized customer service. The company has expanded to separate sites for lines of baby products, toys and goods for mothers, projecting  close to $42.5 million in revenue for 2014. Baby.com.br is a major player in Brazil’s e-commerce industry, having attracted over $50 million in investment capital. The acquisition will help Bebê Store strengthen its presence as the leading online retailer of child care products in Latin America, bolstered by Baby.com.br’s existing customer base and product lines.

This merger represents an important milestone in Brazil’s fast-growing e-commerce sector. The rapid rise of  the tech and online retail industries in Brazil has been one of the biggest factors in driving the country’s economic resurgence over the past decade. Research shows that nearly 50 million people in the country are active Internet consumers, demonstrating major potential for growth as the nation’s e-commerce market is expected to become the world’s fourth largest by 2016.

With this new round of financing, Bebê Store has raised nearly $30.5 million led primarily by the London-based Atomico. About two-thirds of the $12.3 million is venture capital and one-third is a bridge loan, with Brazil-based W7 Venture Capital also adding on to its earlier investment. Endeavor Catalyst, Endeavor’s passive co-investment vehicle, also supported this recent round.

Since his selection by Endeavor in 2013, Leonardo has been an active member of the network, receiving custom mentoring on expansion strategies and investor introductions through the Endeavor Investor Network.

Read coverage of the news in The New York Times’ Dealbook and learn more about the company’s financing round by clicking here

eMBA 2014 Field Report: An Entrepreneurial Approach with Turkey’s Artesis

Each summer Endeavor sends a number of incoming and second-year MBA students, recruited from top schools, to work on-site with Endeavor Entrepreneurs on projects ranging from strategic planning to market expansion. The program is supported by a generous grant from Barclays. Following is a post from Abdul Basith, an MBA student at the Thunderbird School of Management, who spent the summer working with Endeavor Entrepreneurs at Turkey’s Artesis.

eMBA_webLeather jacket, jeans and boots – not the typical attire an MBA student wears to an interview. But that’s what I was wearing when I interviewed for my summer internship with Endeavor Entrepreneur company Artesis. On a holiday in Istanbul, I didn’t want to miss out on the opportunity to interview after learning about it from Endeavor. I met with Dr. Ahmet Duyar, the entrepreneur behind Artesis whose research has been funded by NASA. I was inspired by the vision he had for his company, the future of energy efficiency and how he hoped his start-up can contribute to improving energy efficiency in manufacturing facilities the world over.

It was a good fit for both sides. Artesis develops technology and software for maintenance and energy efficiency in Oil & Gas, Water and Automotive industries, and my prior sales experience in industrial control applications complements it well. As I seek exposure to emerging markets, experience in Turkey lends valuable credibility to my career. I am halfway through my MBA at Thunderbird – ranked no. 1 consistently for its international business program, and it is common for students to intern outside of the U.S.

I am tasked with marketing the company’s latest software that replaces expensive condition monitoring techniques. Although some responsibilities were outlined for me, the role was as entrepreneurial as one would expect in a start-up, I have added to areas outside my direct scope. Recognizing the need for a more user-friendly interface and a smooth purchase process, I worked with the development team to improve the user experience design of the software and the website. Having developed a pricing model, I am now building a digital marketing platform to integrate with traditional marketing methods. The experience has been rewarding – I have been able to learn and apply new tools on a regular basis.

Dr. Ahmet Duyar is a guiding force who always makes time for discussion and is open to ideas and suggestions from his employees. As a retired professor, he has a way of bringing out the best in the team. I see this as he critiques my proposals and challenges my assumptions, only to make me work harder and improve my work. Then he gives me the authority to make decisions, saying ‘You are the entrepreneur. This is your product’. It’s this “entrepreneurial” drive that makes my work really interesting.

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A view over Istanbul, courtesy of Abdul

Argentina’s Globant Raises $59 Million on NYSE; Second-Ever U.S. IPO for an Endeavor Company

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Argentina’s Globant, founded by Endeavor Entrepreneurs Martin Migoya, Guibert Englebienne, Néstor Nocetti and Martin Umaran, had its U.S. IPO on July 18th, raising nearly $59 million. The Buenos Aires-based software development giant has become one of Endeavor’s top success stories by demonstrating the high-impact potential of entrepreneurs in emerging markets. In addition, as Endeavor Catalyst’s first investment, this IPO marks a major milestone for Endeavor’s innovative co-investment initiative.

Founded in 2003, Globant was envisioned from the start as a business that could generate world-class career opportunities for IT professionals while showcasing Latin American talent. Globant has become one of the fastest growing software solutions companies in Latin America, providing clients worldwide with solutions that are design-minded, scalable and efficient. The entrepreneurs have put Argentina on the radar of the global marketplace for offshore IT services, with a portfolio of clients that include Google, LinkedIn, Sabre and Electronic Arts.

The entrepreneurs were selected into the Endeavor network in 2005 with just 120 employees, and have now grown to employ over 3,000 people across 15 countries with the help of Endeavor’s mentorship, strategic guidance and investor connections. In 2008, Globant acquired Openware, an Argentine tech venture founded by Endeavor Entrepreneur Federico Seineldin, marking the first-ever merger between two Endeavor companies. In the same year, Endeavor helped Globant close its first round of venture capital financing led primarily by U.S.-based investors.

When Endeavor Catalyst was formed in 2012, the donor fund co-invested nearly $2 million in Globant as its inaugural investment. Endeavor Board Member and LinkedIn co-founder Reid Hoffman subsequently joined Globant’s Board of Advisors, cementing the company’s reputation as a world-class technology firm. In addition, Globant’s most recent financing round in 2013 saw a 20% acquisition by multinational advertising company WPP. The returns from the Endeavor Catalyst investment will ultimately go towards supporting Endeavor’s operations as well as the fund’s work with future entrepreneurs.

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Globant’s Nestor Nocetti, Guibert Englebienne, Martin Migoya, and Martin Umaran

With annual revenue growth of over 30% in the past two years, including total revenues of $158 million last year, the IPO highlights Globant’s upward trajectory as the global demand for solutions in mobile, social, big data and cloud computing skyrockets. Globant’s success has demonstrated the importance of supporting entrepreneurs by creating an ecosystem of inspiration, mentorship and investment.

Since joining the network, the Globant team has been highly engaged with Endeavor’s work in Latin America and globally, serving as mentors, ISP panelists and donors. The founders have also attended and spoken at a number of Endeavor-hosted events, including both regional and global galas, retreats and summits. Martín and Guibert also serve as board members in Argentina, with Guibert recently named chairman of the local board. The story of the Globant founders is a testament to Endeavor’s model and the multiplier effect of entrepreneurship as the team becomes role models and investors for future generations of ventures.

“The trust that Endeavor puts in Globant was first shown in 2005 when they selected us as Endeavor Entrepreneurs. That was a key milestone in our history, since they enabled us to learn from some of the most talented and experienced professionals in the world,” said CEO Martín Migoya in a statement. “Endeavor reinforces a great partnership that will help us to take our company to the next level, creating more jobs for talent across the world, more opportunities for our ‘Globers’, and delivering the best software products for our customers.”

Globant is the second Endeavor Entrepreneur company to have an IPO in the U.S.  MercadoLibre, founded by Marcos GalperinNicolas Szekasy and Hernan Kazah, was also an Argentine venture that successfully went public in 2007 on the NASDAQ market.

Learn more about the IPO news in the company’s press release by clicking here.

New Endeavor Insight Report Analyzes the Source of Silicon Valley’s Development

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Endeavor Insight, supported by Omidyar Network, has released a new report that analyzes the development of the world’s most well-known entrepreneurship hub. The report, entitled “How Did Silicon Valley Become Silicon Valley?“, includes new data that is being shared publicly for the first time.

The story of the Valley’s early years can provide lessons to leaders in cities and regions across the world. It illustrates the impact that successful entrepreneurs can generate in their communities if they foster spinout firms, mentor other founders, and act as early-stage investors. More information on the lessons that other cities can use, and on the region’s growth and impact, can be found in the full report.

To download a PDF version of the report click here and read coverage of its release in TechCrunch here. The report can also be viewed online using ISSUU below.

eMBA 2014 Field Report: Innovating Finance With Colombia’s Refinancia

Each summer Endeavor sends a number of incoming and second-year MBA students, recruited from top schools, to work on-site with Endeavor Entrepreneurs on projects ranging from strategic planning to market expansion. The program is supported by a generous grant from Barclays. Following is a post from Pablo Calabuig Pascual, a member of the IESE Business School MBA Class of 2014, who spent the summer working with Endeavor Entrepreneurs at Colombia’s Refinancia.

eMBA_webI heard about Endeavor some years ago, but never thought about applying to it until this year. I was looking for something to do during my six month vacation before starting at McKinsey, and unfortunately I was totally broke after a two year MBA at IESE. I saw Refinancia’s project proposal and found it very interesting, and since I had never visited Colombia I saw this as a great opportunity to get to know the country.

Refinancia is a specialty loan provider that operates in Colombia and Peru, and offers solutions to underserved niches. It basically purchases portfolios of non-performing loans to retail banks, and after thoroughly studying the client’s payment behavior, offers them special solutions so that they can be back in the market. It also has a division that deals with merchant solutions, guaranteeing customer check transactions and providing them with short-term financing. It was started in 2006 and already has more than 800 employees.

A few weeks after I applied, Kenneth (CEO) and Juliana (Head of Corporate Affairs) interviewed me via Skype, and they gave me such a good vibe that just five days later I was already landing at El Dorado airport in Bogotá. I didn’t even have the time to plan my trip and almost even to pack the right clothes, but to be honest the welcome was so smooth and warm that I didn’t even need it. When I got to Bogotá, a driver took me to the apartment they had arranged for me, where I could cook some of the food they had left in the fridge. It felt like home from the moment of my arrival.

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Pablo with the team at Refinancia

The project itself was incredibly interesting and had a very high impact in the organization: they wanted me to implement an activity-based costing system for the whole company, and thus I was constantly dealing with the CEO, VPs, and Managers. They did not have any way to track indirect costs to the final customer for any of their divisions, and their fast growth complicated things even more. The Merchant Services in particular had no idea of what customer groups were consuming their huge chunk of indirect costs, and the project ended up being a useful tool for segmentation according to actual and potential profitability of the customer.

People were incredibly attentive, not only in the way they provided me with the required information I needed (which was really a lot), but also regularly meeting with me to give me some feedback about my first results. I was particularly surprised about Kenneth’s entrepreneurial attitude and intelligence: he would challenge my ideas and asked me for information that made me reflect about the direction of the project several times.

My social life was no worse. From day one I was getting along well with all of Refinancia’s people. They took me to play golf and introduced me to some of the city’s bars and nightlife. I was also very lucky to be here during the World Cup, given the Colombian passion for football. In fact, after Spain’s poor performance in the tournament, we were back home after the third game and they had me buy Colombia’s jersey and watch all the games with it. Some of them even say I ended up being more Colombian than them! Camila Salamanca and all the of Endeavor team were also very nice and helpful to me.

As I reflect about my whole experience at Refinancia, I realize that everything has gone way beyond my expectations. Not only did I learn from the project, but I also got to meet some amazing and outstanding people in both work and social environments. The memories we created will certainly stay with me, and I am sure I will be back to Colombia sooner than expected.

Endeavor CEO Linda Rottenberg Featured On Fox Business’ After The Bell

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Fox Business’ After The Bell recently interviewed Endeavor CEO and co-founder Linda Rottenberg, highlighting the work of the organization and its impact in emerging markets. In the interview, Rottenberg discusses Endeavor’s mission to help entrepreneurs break through barriers to success by creating networks of support in the markets that need it the most.

Watch the full interview by clicking here or below.

Overcoming the barriers to entrepreneurship

Endeavor Entrepreneur Companies Featured in The Economist Ranking of Top Internet Companies

The_Economist_LogoThe Economist recently charted the top three internet and technology companies in 50 countries based on data from the World Startup Report. The ranking demonstrates the number of emerging markets with growing tech scenes that are succeeding outside of the U.S. Six Endeavor Entrepreneur companies were featured in the chart as well as ventures founded by Endeavor Board Members, illustrating the global impact of the organization’s network. 

The ranking includes South Africa’s Yola (founded by Vinny Lingham), Argentina’s MercadoLibre (founded by Nicolas Szekasy, Hernán Kazah and Marcos Galperin), Turkey’s Yemeksepeti (founded by Melih ÖdemişNevzat Aydın, and Cem Nufusi), Colombia’s Bunny Inc. (founded by Alex Torrenegra and Tania Zapata) and PayU LatAm (founded by Martin Schrimpff and José Fernando Vélez)  and Chile’s Clandescuento (founded by Felipe Henríquez, Oskar Hjertonsson and Daniel Undurraga).

View the complete graphic by clicking here.

Endeavor Expands Presence in Europe with the Launch of Endeavor Spain

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Madrid, Spain – July 14, 2014 – Earlier this year, Endeavor announced that it has expanded its European presence with the launch of Endeavor Spain, marking the organization’s second affiliate in Europe.  Supported by some of Spain’s most influential entrepreneurs and business leaders, Endeavor’s launch has the potential to transform the Spanish economy and create much-needed jobs in a nation unsettled by rising unemployment. Endeavor first expanded in the region in 2012 with the formation of Endeavor Greece.

Between 2008 and 2013, Spain’s GDP saw minimal or negative growth year-over-year according to data from the The World Bank. Youth unemployment rates reached nearly 56% in 2013, making it the second most challenging economy for new graduates in the European Union, after Greece. With an increasing number of young people entering the workforce with few traditional job prospects, entrepreneurship has been on the rise  an estimated half of Spain’s entrepreneurs are currently between the ages of 18 and 34. Spurred in part by necessity, the rate of new startups in the region has increased over 8% and registrations of self-employed individuals increased by over 20,000 in the beginning of 2013. At the same time, however, only 5% of these startup companies reported employing 10 or more people, demonstrating the lack of proper resources and support for entrepreneurial growth. This is where Endeavor sees the potential for its model to transform the economy and foster an ecosystem of entrepreneurs whose businesses are able to move beyond the startup stage to become high-impact, pioneering ventures.

Given access to the right mix of mentors, business networks, capital and strategic advice, Endeavor Entrepreneurs have the potential to attract top talent and investments to the regions that need it the most.  With a favorable environment for entrepreneurial growth, Spain has the necessary infrastructure to build a support network for businesses that can not only boost the economy, but also create a key market for jobs. In addition, an ecosystem of successful entrepreneurs will serve as vital role models and investors for future generations, creating a solid foundation for economic recovery and empowerment for years to come.

“We are excited to help unlock the potential of Spain’s growing pool of entrepreneurs,” said Endeavor co-founder and CEO Linda Rottenberg. “We know from our work in Greece and other challenged markets that entrepreneurship thrives in down economies, and Spain right now is primed for a major boom.”

Founded in 1997, Endeavor selects and supports high-impact entrepreneurs who have the potential to scale from promising SMEs into companies that create hundreds, if not thousands, of jobs and generate significant revenues. Once selected, Endeavor Entrepreneurs are given world-class strategic mentoring advice, access to key networks and other tools and talent programs that can catapult them to success.

In the past 16 years Endeavor has selected 917 entrepreneurs from over 20 countries around the world in Latin America, Africa, Europe, the Middle East, and Southeast Asia. In 2012, these entrepreneurs generated US $6.0BN in revenue and had created 250,000 jobs.

All of Endeavor’s global affiliates are spearheaded by a local board of business leaders, each of whom believes strongly in the ability of high-impact entrepreneurship to transform economies. The Endeavor Spain founding board includes: Jaime Carvajal Urquijo, Special Partner & former Managing Director of Advent International; Jose Maria Alvarez Pallete, CEO & COO of Telefonica S.A.; Angel Cano Fernandez, President of BBVA; Sabina Fluxà, Executive Vice President & CEO of Grupo Iberostar; Javier Monzon, Chairman & CEO of Indra; Javier Perez Dolset, Chairman & CEO of Zed; and Francisco José Riberas Mera, Chairman & CEO of Corporacion Gestamp.  Alvaro Lopez-Jorrin, Corporate Law Partner of Garrigues, will serve as secretary of the board.

The Board of Endeavor Spain truly looks forward to being able to make a significant and lasting impact in the creation of a consolidated entrepreneurial ecosystem in Spain,” said Board Chairman Jaime Carvajal.

The board has selected Adrian Garcia-Aranyos as Managing Director to oversee the successful launch of Endeavor Spain. Mr. Garcia-Aranyos served previously as Vice President of Media Relations for Latin America at J.P. Morgan Chase and as the Americas Marketing Director and Latin America co-head for The Economist Group. As MD of Endeavor Spain, he will lead the day-to-day operations of the office in Madrid and will be involved in screening local entrepreneurs for selection into the network.

Greece’s Kerstin Trikalitis, Co-Founder of Out There Media, Joins Jury at the 2014 Cannes Lions Festival

cannes lionsEndeavor Entrepreneur Kerstin Trikalitis, co-founder of Greece’s Out There Media, was recently named to the jury in the “Mobile” category at the 2014 Cannes Lions Festival, a premiere international awards event for professionals in the creative communications industry. Often considered the largest worldwide gathering of designers, digital innovators and marketers, the festival recognizes the best in creativity and innovation in global media. Kerstin’s honor demonstrates a growing interest in the potential of high-impact entrepreneurs in emerging markets like Greece.

As part of the Mobile Lions jury, Kerstin worked with 14 global judges representing top names in branding and media to review over 1,000 entries in the category. The submissions encompassed creative works  activated by a mobile device, app or mobile web and were judged based on creativity, execution, relevance and results. Now into its 61st year, the Cannes Festival convened over 12,000 delegates from more than 90 countries to network and celebrate the best in brand communications. The week-long agenda consisted of 60+ world-class seminars which put 500+ speakers on the global stage, as well as more intimate and targeted learning through forums and workshops. This year, over 37,000 entries from 97 countries competed for awards.

Mobile Lions Jury-Cannes 2014

The Mobile Lions Jury in Cannes

Being honored as a jury member demonstrates Kerstin and her team’s success as emerging market entrepreneurs. When she founded OTM with fellow Endeavor Entrepreneur Daphne Loukas in 2007, the pair anticipated the boom in mobile advertising in regions that depend on non-traditional devices for digital connectivity. With offices across Europe, Asia and North America, OTM works with brands and advertisers, SMEs and e-commerce companies to enable them to maximize awareness and loyalty among their consumers through innovate mobile and digital campaigns. The company has formed partnership agreements with over 40 mobile carriers across Europe and Asia, reaching approximately 500 million subscribers via its multi-channel advertising marketplace called Mobucks. Since their selection into the network in 2013, the OTM team has worked with Endeavor to gain insights on fundraising and have participated in a number of Endeavor Investor Network events.

“It has been an amazing experience to be part of the Mobile Jury for Cannes Lions this year as one of the 15 jurors from across the globe! We have seen the most ground-breaking work that the world has to offer in ‘Mobile’ up to this day,” said Kerstin. “I am very honored to have been part of the experience and am convinced that Mobile will become an ever more integral part of any brand communications strategy in the years to come. Lastly, I encourage all of us Endeavor Entrepreneurs that work in advertising technologies to submit our best practices for Cannes Lions 2015!”

 

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