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    State of Corporate Venture Capital
    2023 CVC Report

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    Key takeaways

     
    For our third annual report, we surveyed nearly 20% of active global CVCs to gauge how they are responding to the changing investment landscape. 2023 survey participants represent:

    209

    CVC funds - up from 164 last year

    27

    Countries across 4 continents and 11 industries

    ~$7B capital deployed

    Of capital deployed per year and 38% of global CVC deals

    The numbers CVCs need to know

     

    Notes: 1) Based on global VC investment, September 2023 to October 2022 vs. September 2022 to October 2021.
    Source: CVC survey results (based on responses from 209 CVC funds), Pitchbook and SVB analysis.

    The data

     
    The State of CVC 2023 gives an inside view of the CVC ecosystem as told by CVCs around the world. This year’s insights compare 2023 activity to the data amassed over the report’s prior two years.
    Investments

    CVCs are taking their foot off the gas

     

    Venture investment in the current macro climate is characterized by lower valuations and fewer investments and exits across the board. CVC activity is no exception with most respondents reporting a slower investment pace in 2023.

    Notes: 1) CVC Bellwether: Index of 25 CVCs selected due to historical track record, current scale and investment velocity. 2) Based on survey respondents across the 2021, 2022 and 2023 surveys, funds that have responded all three years.
    Source: CVC survey results (based on responses from 209 CVC funds) and SVB analysis.
    Source: CVC survey results (based on responses from 209 CVC funds), SVB’s State of the Markets Report and SVB analysis.
    Tech trends

    CVCs jump on the latest tech

     

    The top reason cited for the CVC’s existence is to act as a sensor for the parent company. It’s no surprise the technologies making headlines are top sectors CVCs watch.

    Tech trends

    Managing the corporate parent

     

    Strategic CVCs witnessed the highest increases in time spent managing their corporate parent, pulling their focus away from investing and adding strategic value.

    Notes: 1) CVC Bellwether: Index of 25 CVCs selected due to historical track record, current scale and investment velocity. 2) Based on survey respondents across the 2022 and 2023 surveys.
    Source: CVC survey results (based on responses from 209 CVC funds) and SVB analysis.
    Notes: 1) Surveyed funds ranked their current level of executive support on a 10-point scale. Funds that ranked themselves 1-5 have weaker support than funds that ranked 6-10.
    Source: CVC survey results (based on responses from 209 CVC funds) and SVB analysis.
    Executive support

    More support equals more investments

     

    On average, funds with stronger support are making more investments and are increasing or maintaining their current level of autonomy.

    CVC Bellwhether Index

     

    Notes: 1) CVC Bellwether: Index of 25 CVCs selected due to historical track record, current scale and investment velocity.
    Source: CVC survey results (based on responses from 209 CVC funds) and SVB analysis.

    Read the full State of CVC 2023 report

    Gain insight into the CVC ecosystem and learn how funds navigate a challenging investment environment and support their corporate parent.
    Download the report

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    Written and researched by SVB experts

     

    Our deep relationships with top entrepreneurs and investors inform our insights and give us a vantage point unlike any other bank.

    Down Arrow
    Mark Gallagher Headshot
    Mark Gallagher
    |
    Co-Head of Investor Coverage
    Mark Gallagher is co-head of the investor coverage practice. He and his team provide tailored services, industry insights and strategic guidance to top investors in the innovation economy.
    Charlie Walker Headshot
    Charlie Walker
    |
    Managing Director, VCRM
    Charlie is an MD on SVB’s Investor Coverage team. A UK native based in Boston, he’s responsible for managing many VC and CVC relationships in the US and Europe.
    Liz Cahill Headshot
    Liz Cahill
    |
    Senior Researcher, Market Insights
    Liz is a senior researcher for SVB's Market Insights, which provides data-driven research and analyses on the innovation economy and venture ecosystem.
    Eli Oftedal Headshot
    Eli Oftedal
    |
    Senior Researcher, Market Insights
    Eli is a senior researcher for SVB’s Market Insights, which provides data-driven research and analyses on the innovation economy and venture ecosystem.
    The views expressed in this report are solely those of the authors and do not necessarily reflect the views of Silicon Valley Bank, a division of First-Citizens Bank.

    This material, including without limitation to the statistical information herein, is provided for informational purposes only. The material is based in part on information from third-party sources that we believe to be reliable but which has not been independently verified by us, and, as such, we do not represent the information is accurate or complete. The information should not be viewed as tax, accounting, investment, legal or other advice, nor is it to be relied on in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision. Nothing relating to the material should be construed as a solicitation, offer or recommendation to acquire or dispose of any investment, or to engage in any other transaction.

    All non-SVB named companies listed throughout this document, as represented with the various statistical, thoughts, analysis and insights shared in this document, are independent third parties and are not affiliated with Silicon Valley Bank or First Citizens Bank & Trust Company. All third-party trademarks, logos, and brand names are the property of their respective owners and are herein used for informational purposes only. Any predictions are based on subjective assessments and assumptions. Accordingly, any predictions, projections or analysis should not be viewed as factual and should not be relied upon as an accurate prediction of future results.

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