State of CVC

Currently Reading

State of CVC

Jump to...

Key takeaways
The data(2)
Download
Reports
Authors

State of Corporate Venture Capital
2022 CVC Report

Key takeaways

For our second annual CVC report we surveyed the community to gauge the pace of CVC investment, how it compares to traditional VC and the impact of a potential recession on deals and investment.

The numbers CVCs need to know

The data

Survey results reveal cautious optimism: lower valuations may prompt some funds to double down while others dial back.

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.

CVC landing page Pace of investment 484 x 306 ( 2) — **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.

Revised Time from first meeting 1500 x 800 — **Note:** CVC Bellwether: index of 30 CVCs selected due to historical track record, current scale and investment velocity.
**Source:** CVC Survey Results (based on responses from 164 CVC funds) and SVB analysis

Accelerated deal closing

The investment cadence over the last 12 months remains strong with 58% of CVC investors closing deals within two months.

This marks an 11% increase from last year, suggesting that CVCs are moving more efficiently to capitalize on the best deal opportunities.

Taking the lead

Possibly due to recent success and a changing perception of CVCs in the market, more firms are leading deals.

36% of CVC funds are leading at least 30% of deals they participate in with nearly all CVCs looking to take board observer roles and over half are taking board seats.

Revised Percentage of CV Cs 1500 x 800 v 2 b — **Note:** CVC Bellwether: index of 30 CVCs selected due to historical track record, current scale and investment velocity.
**Source:** CVC Survey Results (based on responses from 164 CVC funds) and SVB analysis

Revised Percentage of CVC firms 1500 x 800 — **Note:** CVC Bellwether: index of 30 CVCs selected due to historical track record, current scale and investment velocity.
**Source:** CVC Survey Results (based on responses from 164 CVC funds) and SVB analysis

LPs still trending

The number of CVCs in this year's survey rose slightly compared to 2021 with 55% of all CVC firms taking an LP position.

Corporates are investing in traditional VC funds for a whole host of reasons – 27% of respondents took LP positions to gain exposure to new adjacent markets, 26% to get in on early-stage deals and 25% to get exposure to new geos.

SVB/Counterpart CVC Bellwether Index

Read the full 2022 State of CVC Report

Read the full report for more data and insights.

Download the report

Explore other SVB reports

State of the Markets

Learn more

State of Hardware-as-a-Service

Learn more

Healthcare Investments and Exits

Learn more

State of the Markets: India

Learn more

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.

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.

Emma Eschweiler

Director

As a director for SVB’s Technology Banking team, Emma is responsible for the growth and development of institutional VC and corporate relationships on behalf of SVB.

Melina Bergkamp

Melina Bergkamp is a Director for SVB’s corporate relationship management team. Melina is responsible for SVB’s relationships with the VC, Corporate Development & Innovation divisions.

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.

Ariana Ognibene

Vice President, Corporate Ventures, Life Science and Healthcare

Ariana Ognibene is a senior vice president who leads engagement and strategic relationships with corporate investors in life sciences and healthcare at SVB.

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.

The views expressed in this report are solely those of the authors and do not reflect the views of SVB Financial Group, or Silicon Valley Bank, or any of its affiliates. The material contained in this document, including without limitation the statistical information herein, is provided for informational purposes only. The material is based in part upon 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 that the information is accurate or complete. This information should not be viewed as tax, 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 credit products and loans are subject to underwriting, credit, and collateral approval. All information contained herein is for informational and reference purposes only and no guarantee is expressed or implied. Rates, terms, programs and underwriting policies subject to change without notice. This is not a commitment to lend. Terms and conditions apply.

SVB Private is a division of Silicon Valley Bank. Banking and loan products and services are offered by Silicon Valley Bank. Loans and credit cards are subject to credit and/or collateral approval. Financing is available and varies by state. Restrictions may apply. 

SVB Securities is a member of SVB Financial Group. Products and/or services offered by SVB Securities are not insured by the FDIC or any other federal government agency and are not guaranteed by Silicon Valley Bank or its affiliates. SVB Securities is a member of FINRA and SIPC.

To execute your wealth plan, we work with third party unaffiliated specialist in the areas of Tax, Insurance and Trust & Legal Services. Founders Circle Capital is a third party and not affiliated with SVB or SVB Investment Services Inc. Silicon Valley Bank does not have a direct relationship with Founders Circle Capital (FCC) and has no responsibility or affiliation. Silicon Valley Bank, as a member of SVB Financial Group, has an indirect financial interest in Founders Circle Capital (“FCC”) and, as a result, has an indirect interest in making client referrals to FCC. FCC is a registered investment adviser and is not a bank or member of the Federal Reserve System.

All companies listed throughout this document, outside of Silicon Valley Bank, and the related entities, non-bank affiliates and subsidiaries listed on this 'Disclaimer' page are an independent third parties and are not affiliated with SVB Financial Group. 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 SVB Financial Group.

SVB Asset Management, a registered investment advisor, is a non-bank affiliate of Silicon Valley Bank and a member of SVB Financial Group. SVB Securities is a non-bank affiliate of Silicon Valley Bank and a member of SVB Financial Group. Member FINRA and SIPC. SVB Wealth Advisory is a registered investment advisor, non-bank affiliate of Silicon Valley Bank and a member of SVB Financial Group. 

Wealth planning and investment and stock option strategies are provided through SVB Investment Services Inc., a registered investment  advisor, and non-bank affiliate of Silicon Valley Bank. 

Foreign exchange transactions can be highly risky, and losses may occur in short periods of time if there is an adverse movement of exchange rates. Exchange rates can be highly volatile and are impacted by numerous economic, political and social factors as well as supply and demand and governmental intervention, control and adjustments. Investments in financial instruments carry significant risk, including the possible loss of the principal amount invested. Before entering any foreign exchange transaction, you should obtain advice from your own tax, financial, legal and other advisors and only make investment decisions on the basis of your own objectives, experience and resources.

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.

Investment Products:

Are Not insured by the FDIC or any other federal government agency

Are Not deposits of or guaranteed by a Bank

May Lose Value

Silicon Valley Bank is an authorized foreign bank branch under the Bank Act (Canada).

SPD, SHANGHAI PUDONG DEVELOPMENT BANK, and 浦发银行有限公司 are trademarks, separately and in combination, of Shanghai Pudong Development Bank, Ltd. in China, and are used under license. SPD Silicon Valley Bank is a Sino-U.S. joint-venture bank of Silicon Valley Bank, the California bank subsidiary and commercial banking operation of SVB Financial Group, and Shanghai Pudong Development Bank.

Silicon Valley Bank is not licensed to undertake banking business in Denmark or to undertake any other regulated activity in Denmark.

Silicon Valley Bank is registered in England and Wales at Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, UK under No. FC029579. Silicon Valley Bank is authorized and regulated by the California Department of Financial Protection and Innovation and the United States Federal Reserve Bank; authorized by the Prudential Regulation Authority with number 577295; and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.

Silicon Valley Bank Germany Branch is a branch of Silicon Valley Bank. Silicon Valley Bank, a public corporation with limited liability (Aktiengesellschaft) under the laws of the U.S. federal state of California, with registered office in Santa Clara, California, U.S.A. is registered with the California Secretary of State under No. C1175907, Chief Executive Officer (Vorstand): Gregory W Becker, Chairman of the Board of Directors (Aufsichtsratsvorsitzender): Roger F Dunbar. Silicon Valley Bank Germany Branch with registered office in Frankfurt am Main is registered with the local court of Frankfurt am Main under No. HRB 112038, Branch Directors (Geschäftsleiter): Phillip Lovett, Dayanara Heisig.

Silicon Valley Bank and SVB Financial Group UK Limited are not licensed in Ireland to undertake banking business in Ireland or to undertake any other regulated activity in Ireland. SVB Financial Group UK Ltd is registered in England and Wales at Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, UK under No. 5572575.

SVB Israel Advisors Ltd. is a subsidiary of SVB Financial Group. Neither SVB Israel Advisors nor SVB Financial Group is licensed to conduct banking business or provide other financial services in Israel and neither engages in unlicensed banking activities. Banking services are provided by Silicon Valley Bank, a member of FDIC. Silicon Valley Bank is not supervised by the Supervisor of Banks in the Bank of Israel but by the US Federal Reserve Bank and the California Department of Financial Protection and Innovation (DFPI).

If you no longer wish to receive marketing communications from SVB Financial Group or Silicon Valley Bank, you may unsubscribe. Read about our Privacy Policy. If you have any questions or concerns about our privacy policies, please contact us by email privacyoffice@svb.com.

State of Corporate Venture Capital
2022 CVC Report

Download the State of CVC

Thank you