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

Globant

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.

Globant

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.

Endeavor Expands Presence in Europe with the Launch of Endeavor Spain

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ENDVR_LOGO_FINAL_SPAIN_2C_NOTAG_ALLSIZES

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.

July 2014 Newsletter

To view Endeavor’s JulyGala Icon newsletter, a recap of all the top news stories from the previous month, please CLICK HERE.

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2014 Endeavor Gala on November 7th to Honor Arif Naqvi

Arif Naqvi - high resol#12AEndeavor announced this month that its 2014 Gala on Friday, November 7th in New York City will honor Arif Naqvi, Founder and Group Chief Executive of The Abraaj Group.

A visionary entrepreneur, Mr. Naqvi founded The Abraaj Group in 2002. The firm has since emerged as a leading investor in growth markets with US$ 7.5 billion in assets under management. Employing over 300 people, the Group has 25 country offices spread across six regional hubs in Dubai, Istanbul, Mexico City, Mumbai, Nairobi and Singapore.

In 2011, Mr. Naqvi was named as one of the 50 most influential people in the global private equity industry by Private Equity International. He has been the recipient of numerous awards, including the Oslo Business for Peace Award, the highest form of recognition given to individual business leaders for fostering peace and stability through creating shared value between business and society. At the Gala, Mr. Naqvi will be presented with Endeavor’s 2014 High-Impact Entrepreneur of the Year Award, which honors global entrepreneurial role models and leaders of the high-impact entrepreneurship movement.

Mr. Naqvi and The Abraaj Group have developed an important partnership with Endeavor over the past four years, supporting dozens of entrepreneurs and playing a critical role in Endeavor’s affiliate expansion throughout the Middle East, North Africa and Southeast Asia.

To become an Endeavor Gala sponsor, purchase tickets or tables, or make a donation, contact Leah Sivieri at gala@endeavor.org or at +1 (646) 745-3314.

Save The Date: 2014 Endeavor Gala Honoring Arif Naqvi

Join over 500 entrepreneurs, business leaders and Endeavor network members in the heart of Manhattan for a celebration of the high-impact entrepreneurship movement and Endeavor’s expansion to 20 emerging and growth markets worldwide. The Gala will honor Arif Naqvi, Founder and Group Chief Executive Officer of The Abraaj Group, with the High-Impact Entrepreneur of the Year Award. All proceeds directly support Endeavor’s work and efforts to expand to 25 countries by 2015.

To become a sponsor, purchase tickets or tables, or make a donation, contact Leah Sivieri at gala@endeavor.org or at +1 (646) 745-3314.

2014 Endeavor Gala Save the Date

 

June 2014 Newsletter

June2014To view Endeavor’s June newsletter, a recap of all the top news stories from the previous month, please CLICK HERE.

Reminder: To receive our monthly newsletters by email, please enter your email address in the sign-up box at the bottom of our homepage.

Endeavor Saudi Arabia Celebrates the Impact of Endeavor, Convenes 200+ Influencers

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Endeavor Entrepreneurs from Saudi Arabia honored at the event

In May, Endeavor Saudia Arabia brought together more than 200 entrepreneurs, business leaders and policymakers in a gala event that celebrated the official launch of the affiliate, which was announced in 2012. The event took place in Riyadh, the nation’s capital, with key public officials including Dr. Tawfiq Al-Rabiah, Minister of Commerce and Industry, and Dr. Mohammad Al-Jasser, Minister of Economy and Planning, in attendance. Kicking off with an introduction to the magic of Endeavor, local board chairman Rami Al-Turki discussed the impact of scale-up entrepreneurship on the region’s development.

“Endeavor helps entrepreneurs to unleash their potential in several ways, including introductions to local and international business mentors and volunteers from Fortune 500 consulting firms,” Rami explained during the ceremony. 

Managing Director Rakan Al-Eidi highlighted key data and facts about Endeavor’s growth and stressed the importance of supporting local role models and promoting entrepreneurship for future generations, particularly in the Middle East’s growing markets. All eight of Endeavor Saudi Arabia’s current entrepreneurs were honored at the event and discussed Endeavor’s role in helping them grow and transform their businesses. Endeavor mentor Dave McClure, founder of 500 Startups, also took the stage to underline the importance of investing in entrepreneurship in emerging economies.

Announced in 2012, Endeavor Saudi Arabia became the fifth Endeavor affiliate in the MENA region, which now includes Turkey, Jordan, Lebanon, Egypt and the UAE. Read additional coverage of the event in Arab News by clicking here

May 2014 Newsletter

MayNewsletterTo view Endeavor’s May newsletter, a recap of all the top news stories from the previous month, please CLICK HERE.

Reminder: To receive our monthly newsletters by email, please enter your email address in the sign-up box at the bottom of our homepage.

 

Endeavor Launches Seventh Latin American Affiliate in Peru

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Lima, Peru – April 29, 2014 – Endeavor announced that it Endeavor Peru (web small)will expand its presence in Latin America with the launch of Endeavor Peru, the organization’s seventh office in the region. The launch is supported by some of the country’s most influential and successful entrepreneurs and business leaders, who see the potential for Endeavor’s model to boost the local economy, create jobs, and transform the region.

With a population of over 30 million, Peru has become a driver of economic and social change within Latin America, overcoming past decades of instability and fiscal uncertainty. According to data from the World Economic Forum, Peru has nearly tripled its GDP in the last decade with 6% average annual growth, boosted by government-led reforms and a rise in market-friendly policies. With new national initiatives focused on diversifying local industries, Peru is primed to enter a new era of growth as consumer spending and foreign investment continue to rise.

For Peru to continue its trajectory, providing support for local entrepreneurs and their high-impact ventures has never been more critical. The country’s burgeoning ecosystem makes it an attractive target for the Endeavor model, which will provide the country’s top entrepreneurs with access to resources that will help them realize their scale-up potential. With Peru’s workforce expected to grow by more than 2.5 million workers by 2020, Endeavor Entrepreneurs will create thousands of jobs, stimulate the local economy and become role models for future generations.

“We are excited to build our presence in Latin America and continue the momentum in the region, where the outlook for entrepreneurship has never been brighter,” said Endeavor co-founder and CEO Linda Rottenberg. “In Peru especially, which is becoming one of the region’s big economic players, Endeavor’s model can have a tremendous impact.”

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 high-impact entrepreneurs from 20 countries around the world in Latin America, Africa, the Middle East, Turkey, and Southeast Asia. In 2012, these entrepreneurs generated US $6.0BN in revenue and had created 250,000 jobs. Endeavor affiliates already operate in six other Latin American countries: Argentina, Brazil, Chile, Colombia, Mexico and Uruguay.

All Endeavor affiliates are spearheaded by a local board of leading business people, each of whom believes that high-impact entrepreneurship can spark economies. The Endeavor Peru founding board includes: Oswaldo Sandoval, Chairman of the Board of Sandoval Group.; Carlos Rodríguez-Pastor, Chairman of Intercorp; Ernest Bachrach, Managing Partner of Advent International; Diego de la Torre, President of La Viga S.A.; Alex Fort Brescia, CEO of Brescia Group; Mario Alvarado Pflucker, CEO of Graña y Montero; Juan Carlos Verme, Chairman of Inversiones Centenario S.A.A.; Jorge Medina Méndez, Managing Partner of EY Peru; Luis Felipe Castellanos, CEO of Interbank; and Eduardo Hochschild, Executive Chairman of Hochschild Mining.

“Endeavor’s launch demonstrates the vibrant entrepreneurial ecosystem that has been developing in Peru,” said Board Chairman Oswaldo Sandoval. “Entrepreneurship will be critical to the country’s growth as we look to spark innovation and spotlight Peru on the global stage.”

The board has nominated Ana Sofia Valdivia as Managing Director to oversee the successful launch of Endeavor Peru. Ms. Valdivia served previously as a manager at McKinsey with a focus on consumer goods segmentation, go-to-market strategies and transformational programs. She will lead the day-to-day operations of the Endeavor office in Lima and will be involved in screening entrepreneur candidates for consideration.

Endeavor Launches Seventh Latin American Affiliate in Peru; Releases “The 13-32 Report” on Local Scaleups

Endeavor Peru (web small)
Endeavor announced that it will expand its presence in Latin America with the launch of Endeavor Peru, the organization’s seventh country affiliate in the region. The launch is supported by some of the country’s most influential and successful entrepreneurs and business leaders, who see the potential for Endeavor’s model to boost the local economy, create jobs, and transform the region. Read the full announcement by clicking here.

In addition, Endeavor Insight’s “The 13-32 Report“, released with support from Omidyar Network, spotlights the contributions of scaleup companies towards job creation and economic growth in Peru. This is the third in a series of reports from Endeavor Insight that focuses on scaleup ecosystems worldwide and their significance in transforming emerging markets. Read more about the report by clicking here.

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