The Power of the Team
As 2025 draws to a close, we find ourselves reflecting on a truth that has guided humanity through every great expedition: people are what truly matter. This year has been about the power of teams—crews who endure, adapt, and achieve what others believe impossible.
Our name carries the story of Shackleton’s Antarctic expedition, where 28 crew members survived against impossible odds through visionary leadership, diverse skills, and collective strength. This year, we witnessed that same spirit across our entire ecosystem.
The Evolution of Our Crew
In March 2024, Jared Campbell became the only person in history to finish the Barkley Marathons four times. But what captured the world’s attention was his pause midway through the race to help Jasmin Paris become the first woman ever to finish—a gesture that revealed who Jared is: relentless in pursuit, grounded in humanity.
When Jared joined Endurance28 as General Partner in April 2025, it marked the firm’s next phase of scale — evolving from a solo-GP model into a multi-partner platform built for long-term growth. Vartan Indjeian’s promotion to Partner reflects the importance we place on financial leadership and disciplined stewardship as core pillars of an enduring venture firm. Garrett Dempsey transitioned to Entrepreneur in Residence, now serving as Director of Biopharma Partnerships at Biomakers. These moves reflect our belief that building great firms is about recognizing people’s strengths and creating environments where they can do their best work.
Ambitious Rebels Building the Future
Our portfolio founders embody the same crew mentality. At Holoclara, Andrea Choe’s team achieved their first-in-human data, proving nature’s answers to autoimmune diseases. Cubbo closed the year with over $30 million in revenue and 700 employees, scaling profitably with no additional venture capital and positioning itself as one of the most promising startups in Latin America. Biomakers grew to 100 people across four countries, collaborating with 17 of the top 20 global pharma companies. Prixz raised over $20 million to democratize healthcare across Mexico. At GEn1E Lifesciences, Ritu Lal reminds her team daily that “patients are waiting.”
Across climate, health, and digital economy, our founders combine AI with deep human understanding—from Genvision eliminating inefficiency in carbon markets to Cascade Bio democratizing chemical manufacturing.
Looking Forward
To our LPs, founders, and the broader Endurance28 community: thank you. You are the heart of everything we do.
Together, we carry forward the spirit of Shackleton’s 28: crews who endure, adapt, and prevail—not just building companies, but building the future.
With gratitude and conviction,
The Endurance28 Team
Team Highlights
January 13th
The BEST Meet-Up @JPM
Co-hosted a networking event during JPM week with Brazil’s BEST (Biotech Ecosystem of Startups) and Abiquifi (Brazilian Association of Pharma Ingredients)
April
General Partner
Jared Campbell joins Endurance28 full time
April
SF Climate Week
July
Paul Hung
Joins Endurance28 as Venture Partner
July 9th and 16th
Endurance28 Run and Connect
Run with entrepreneurs in the Presidio
July 10th
After Hours: Founder Mixer at Endurance28
Ambitious Rebels in conversation—sharing hard lessons and building community
August
Jared Campbell completes the High Five 100
“Difficulties are just things to overcome, after all. We had seen God in His splendors, heard the text that Nature renders. We had reached the naked soul of man.” ― Ernest Shackleton
September
Multi-day Offsite with Cubbo
September
Onsite session at Prixz’s HQ in Mexico City
September 16th - 18th
Utah Energy Week
Jared attends
October 23rd
Endurance28 hosted a special San Francisco event for The Finisher: Screening and Special Guest Panel
The inspiring documentary following Jasmin Paris’s legendary journey through the Barkley Marathons.
Followed by the first-ever Q&A panel with Jasmin Paris, Jared Campbell and Finn Melanson.
October 23rd
RAISE GP Day
Jared attends
October
GCM Grosvernor SEM Conference in NYC
Jared and Consuelo attended
October
International Wilkes Climate Prize Advisory Board
Endurance28 joins
November
Kauffman Fellows Summit
Consuelo presents in London, UK
December
Positioning Endurance28 for the next phase of growth
Portfolio Highlights
Closed Series B round:
- Closed $27M Series B round
- Key strategic partnership to lead the digitalization of Pharma and Health in Mexico
Initiated first-in-human Phase 1:
Clinical trial evaluating the safety and tolerability of its novel, orally available worm-derived therapeutic in healthy adults.
Highlights:
- Raised $8M oversubscribed Seed round on SAFEs
- Strategic partnership with leading large-scale utility company
- Deployed 2000 sensors to Los Angeles wildfires
Strategic Partnerships:
Became first certified TikTok Shop 3PL in Mexico handling L’Oréal fulfillment, while launching TikTok Shop operations in Brazil with several brands. Separately signed with Natura—Latin America’s largest beauty company and the world’s 9th largest beauty company—to operate their first two warehouses for Natura in Brazil, solidifying Cubbo’s position across the region’s two biggest e-commerce markets.
Launched Genvision Validation
Launched their AI-powered validation tool that reviews entire carbon projects in 60 minutes, replicating VVB audits and replacing months-long compliance reviews with fast, affordable, high-quality analysis.
Highlights:
- Series B: $12M round led by Black Diamond Ventures, 1200vc, Moneta Ventures L’Attitude Ventures and Hunt Holdings
- Market Validation: working with biggest players in display industry.
Operational Breakthrough:
Successfully integrated with new banking provider and resumed full customer onboarding—scaling their platform that seamlessly provides essential financial services to Mexican immigrants in the US and their families back in Mexico.
Highlights:
Raised their series seed-prime round – $8m at a $134m pre money valuation in october 2025
From Our Shelves
The Fearless Mind
Life is a performance whether you re on the field, in the courtroom, or running a household. But many of us, when asked to perform, are overcome by fear. We lose our confidence and allow our insecurities to hinder us. In The Fearless Mind, sports psychologist Craig Manning teaches you how to beat mediocrity and embrace greatness. With many years of experience as a pro tennis player, collegiate tennis coach, and doctor of philosophy, Dr. Manning will help you overcome your fears, expel anxiety, build confidence, and become a high-performing individual no matter what your field. Learn how to unlock your mind and reach your greatest dreams. There are many mental pathways to performance, but there is only one pathway to true success having a fearless mind.
The Science of Scaling
In The Science of Scaling, organizational psychologist and bestselling author Dr. Benjamin Hardy, and Blake Erickson, co-founders of Scaling.com, reveal a revolutionary framework that helps companies scale bigger and faster than they ever thought possible. In fact, companies that apply this framework routinely grow 10–100x within just three years.
How Bad Do You Want It?
Elite athletes have known this for decades and now science is learning why it’s true. In his fascinating new book How Bad Do You Want It?, coach Matt Fitzgerald examines more than a dozen pivotal races to discover the surprising ways elite athletes strengthen their mental toughness.
How to Know a Person
A practical, heartfelt guide to the art of truly knowing another person and fostering deeper connections at home, at work, and throughout our lives—from the author of The Road to Character and The Second Mountain
Picks from the Ambitious Rebels
Ares Materials - Adrian
- Revolutions: Beyond the story itself, it helped me understand how many of the changes that end up transforming countries and eras are neither linear nor inevitable. Sometimes a small decision, a single person, or a specific moment completely changes the final outcome. It made me think a lot about how something very similar happens when you’re building a company.
- The Stormlight Archive: Although it’s fantasy, it left me with very clear reflections on leadership: how integrity and the ability to inspire others can lead a team not only to meet, but to exceed goals that initially seemed out of reach. It also reinforces the idea that a leader’s personal growth is directly reflected in the strength of the team.
Genvision - Emiel
- The Dalton + Michael series from Y Combinator / Standard Capital: It’s mostly timeless founder truths you already know deep down, but somehow still need to be reminded of again and again. Very helpful when you’re in the middle of building.
- Careless People by Sarah Wynn-Williams & Empire of AI: Dreams and Nightmares in Sam Altman’s OpenAI by Karen Hao (Book): A good reminder of how good intentions at an early stage can drift into doing real harm when a company scales. Good intentions + hyperscaling, which are both often seen as the recipe for perfect success in Silicon Valley, can lead to the building of companies that you might not want to create in the first place.
Cubbo - Josu
Cubbo - Ignasi
- Steve Ballmer on Acquired: The one that has impacted me the most in terms of business—I’ve actually listened to it three times already, I think. A masterclass in mistakes and successes during his time at Microsoft. It offers many lessons on platform strategy and recurring enterprise businesses.
- Lluis Bassat on Hotel Jorge Juan: A more relaxed episode that mixes humanities, business, and creativity. Bassat is a Spanish advertiser of Jewish origin, very inspiring.
I’m finishing reading The Divine Comedy by Dante, Acantilado edition. A classic of literature, but I really feel that the story Dante tells—his journey through Hell, Purgatory, and Paradise—is very similar to the path an entrepreneur goes through. It reminds us that enjoying and valuing the journey can be even more important than the destination.
Prixz - Manuel
- The Ai-Driven Leader – Geoff Woods
Encellin - Crystal
Simon Sinek – the infinite game a fun spin on my fav which is from Good to Great
The Infinite Game resonated with me because it frames leadership as building something durable while constantly adapting, understanding that the rules and players change, and that success comes from evolving with the game, not trying to end it.
Cascade Bio - Alex
- Grow Everything – this industry podcast highlights the stories of different founders, investors and other industry players for biomanufacturing and synthetic biology, helping me better understand my peers and our ecosystem.
- Grant – Biography of General and President Ulysses S Grant. A powerful mindset to never give up and push forward taught me more about the nature of endurance… all while maintaining a humble nature and character
- Patriot – Alexei Navalny’s memoir. The background and experience of someone who sacrifices everything to stand up to Putin. Inspirational story.
- The Expanse Series – Epic SciFi series that accounted for many of the pages I read this year. A story of the impact the right team can have at the right place throughout the solar system and the galaxy and a collection of many quixotic missions that help humanity on board their ship the Rocinante.
Encellin - Grace
- One book that stood out to me was ‘Apple in China’ because it was terrifying in many respects. Once you could compartmentalize the fear over global implications, it was oddly reassuring that relentless and brutal attention to detail in execution will raise your product above expectation. There were many parallels to me in the onsite inspections and training that Apple insisted on, and our work in both production and trial activities. It confirmed that excellence really does take above and beyond commitment from a team.
Oncoliq - Marina
- Escaladores (Federico Eisner), which features interviews with the founders of Mercado Libre and the founder of Endeavor.
- Pattern Breakers: Why Some Startups Change the Future.
