硅谷银行-2021年CVC报告的状态（英）-2021-22页_5mb

2021 CVC Ecosystem Summary

Core Content

This report provides a comprehensive analysis of the Corporate Venture Capital (CVC) ecosystem in 2021, based on a survey of 106 CVC firms across 10 countries and four continents. The survey aims to clarify misconceptions and offer insights into the evolving role of CVCs in the venture capital landscape.

Main Findings

CVCs are Sophisticated Investors

• CVCs are not merely traditional investors but have a sophisticated approach to venture investing.
• They are increasingly seen as a unique segment with strategic and financial objectives, distinguishing them from other nontraditional investors.
• The report challenges several common myths about CVCs, including the belief that they only invest in later-stage companies, do not lead deals, or lack carry.

CVCs Invest in Early-Stage Companies

• 74% of CVCs target pre-seed and early-stage companies.
• 50% of CVCs approve deals within two months of initial meetings, with Bellwether firms moving at a pace similar to traditional VC firms, often completing deals in under 30 days.
• 65% of Bellwether firms increased their investment pace in the last 12 months, despite the challenges posed by the pandemic.

CVCs Lead Deals and Influence Boards

• 49% of CVCs lead at least 30% of the deals they participate in.
• 70% of CVCs have the ability to take active board seats.
• Financial CVCs are more likely to lead deals and take board seats, with 94% of financial CVCs able to lead deals and twice as likely to take board seats compared to strategic CVCs.

CVC Investment Size and Ownership

• The median check size for CVCs varies by stage:
  • Pre-Seed: $1.4M
  • Early-Stage: $3.0M
  • Late-Stage: $8.8M
  • Stage Agnostic: $5.0M
• Target ownership typically ranges between 5% and 10%, with 20% aiming for double-digit ownership.
• Only 17 CVC funds had average investments exceeding $10M, compared to $9.5M and $15.8M for traditional VCs in early and late-stage investments, respectively.

CVCs Take LP Positions

• 49% of CVCs hold active Limited Partner (LP) positions in other venture funds.
• The primary reasons for taking LP positions include:
  • 51%: Deal flow and pipeline
  • 41%: Expand geographic exposure
  • 29%: Access to people, network, and insights
  • 24%: Access to specific sectors or stages
  • 12%: Co-investment and partnerships
• LP positions help CVCs gain deeper insights into the broader venture ecosystem and supplement their deal flow.

CVC Operational and Talent Benchmarks

• 55% of CVCs operate with teams of fewer than 10 people.
• 75% of CVCs primarily measure performance by financial outcomes, challenging the myth that monetary returns are secondary.
• CVCs predominantly hire external investors, with financial CVCs recruiting only 18% from the corporate parent, compared to 34% for strategic CVCs.
• The majority of CVC leaders are male, and 20% to 40% of their time is spent managing the corporate parent.

Internal Dynamics and Challenges

• 48% of CVCs cite corporate buy-in as a top challenge.
• 25% face competition from new funds and high valuations.
• 9% struggle with talent retention due to the allure of traditional VC roles.
• 6% mention reputation risk and 6% face challenges in measuring success and providing value add.

Key Insights

• CVCs are becoming more influential in the venture ecosystem, particularly in early-stage investments and M&A.
• They are increasingly taking LP positions to gain strategic and operational insights.
• Despite their growing influence, CVCs face challenges in securing autonomy and internal support.
• The report highlights the importance of strategic alignment and the evolving role of CVCs in driving innovation and value for their corporate parents.

Conclusion

This study underscores the importance of understanding the nuanced role of CVCs in the venture ecosystem. It provides valuable benchmarks and insights for both CVCs and the broader venture community, highlighting their strategic and financial contributions, as well as the challenges they face in maintaining autonomy and demonstrating value.