State of CVC

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State of CVC

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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.

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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.

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

Emma Eschweiler is a director for Silicon Valley Bank’s Technology Group.

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.

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State of Corporate Venture Capital
2022 CVC Report

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