186 newly active CVC arms invested throughout 2017. In total, 546 CVCs placed bets, with GV taking the top spot followed by Intel Capital.
The corporate venture capital ecosystem is expanding far beyond the likes of GV and Intel Capital.
According to our 2017 CB Insights Corporate Venture Capital Report, the number of new corporate venture capital firms making first-time investments reached record levels in 2017. 186 new corporate VC units globally made their first investment in 2017, including stock exchange Nasdaq Ventures, and life insurance provider Northwestern Mutual, among others.
What is Corporate Venture Capital?
Corporate venture capital, or CVC, is a form of venture capital where corporate funds are directly invested in external private companies. CVC funds are managed and invested by specialized divisions of a larger company, such as GV for Google and M12 for Microsoft.
Compared to 2016, the number of new corporate VC units making their first investment increased 66%, up from 112.
Below, we highlighted the number of CVCs making investments on a quarterly basis as well as the most active CVCs globally in 2017. We also include our most active CVCs list from prior years.
Quarterly active CVC trends
In total, 1,067 corporate VCs actively invested in 2017. On a quarterly basis, Q2’17 saw the highest number of active corporate VCs ever, at 274. This number represents 35% year-over-year growth, up from 203 active corporate investors in Q2’16.
Corporate VCs continue to invest across a range of industries including fintech, digital health, AI, blockchain, food and beverage, and much more.
MOST ACTIVE CVCS IN 2017
GV took the spot this year, followed closely by Intel. New entrants to the list included Fosun RZ Capital, a Chinese investment conglomerate, as well as K Cube Ventures, the early-stage venture arm of Korea-based Daum Kakao.
|7||K Cube Ventures|
|7||Fosun RZ Capital|
For a broader look at the top CVC investors, here are the top 46:
|Google Ventures||Robert Bosch Venture Capital|
|Intel Capital||BMW i Ventures|
|Salesforce Ventures||Telstra Ventures|
|Qualcomm Ventures||Unilever Ventures|
|GE Ventures||NVIDIA GPU Ventures|
|Legend Capital||Merck Ventures|
|Microsoft Ventures||Novartis Venture Funds|
|K Cube Ventures||Rakuten Ventures|
|Fosun RZ Capital||YJ Capital|
|Samsung Ventures||Sony Innovation Fund|
|Dell Technologies Capital||MAIF Avenir|
|SBI Investment||Airbus Ventures|
|Comcast Ventures||InMotion Ventures|
|SMBC Venture Capital||Bertelsmann Digital Media Investments|
|Johnson & Johnson Innovation||Bertelsmann Asia Investments|
|Swisscom Ventures||Nissay Capital|
|Cisco Investments||SR One|
|Alexandria Venture Investments||Takeda Ventures|
|Slack Fund||Samsung Catalyst Fund|
|Bloomberg Beta||AXA Strategic Ventures|
|Mitsubishi UFJ Capital||GREE Ventures|
|CreditEase Fintech Investment Fund||Daiwa Corporate Investment|
|Verizon Ventures||CASH Capital Investment Management|
recap: corporate venture in 2016
Intel Capital and Google Ventures tied for the most active corporate venture capital investors in 2016. Salesforce Ventures and Comcast Ventures rounded out the third and fourth spots, while Qualcomm Ventures, Cisco Investments, GE Ventures, and Bloomberg Beta filled out the top 8.
The top 62 most active CVC investors in 2016 includes a number of names across a variety of industries. Google, Intel, and Salesforce are among those representing the tech industry while firms like Pfizer, Novartis, and SR One are from the healthcare field.
|Intel Capital||Legend Capital||Saudi Aramco Energy Ventures|
|Google Ventures||Roche Venture Fund||Novo Ventures|
|Salesforce Ventures||Nokia Growth Partners||Hewlett-Packard Ventures|
|Comcast Ventures||SMBC Venture Capital||Corigin Ventures|
|Qualcomm Ventures||Citi Ventures||Ascension Ventures|
|Cisco Investments||Novartis Venture Funds||American Family Ventures|
|GE Ventures||MAIF Avenir||SingTel Innov8|
|Bloomberg Beta||WuXi Venture Fund||Rakuten Ventures|
|Samsung Ventures||Lilly Asia Ventures||Time Warner Investments|
|Microsoft Ventures||NTT DoCoMo Ventures||Recruit Strategic Partners|
|CyberAgent Ventures||American Express Ventures||Liberty Global Ventures|
|Johnson & Johnson Innovation||Bertelsmann Digital Media Investments||MassMutual Ventures|
|Pfizer Venture Investments||Robert Bosch Venture Capital||Merck Ventures|
|SBI Investment||Fosun Kinzon Capital||Mitsubishi UFJ Capital|
|Slack Fund||Orange Digital Ventures|
|Siemens Venture Capital||Boehringer Ingelheim Venture Fund|
|AXA Strategic Ventures||capitalG|
|Ping An Ventures||Santander InnoVentures|
|Swisscom Ventures||BlueCross BlueShield Venture Partners|
|Telstra Ventures||Alexa Fund|
|Brand Capital||YJ Capital|
|Verizon Ventures||AbbVie Biotech Ventures|
|SR One||Nissay Capital|
In 2015, Intel Capital was the most active CVC investor with investments in companies like iZettle and Docusign, among others. Google Ventures and Qualcomm Ventures rounded out the 2nd and 3rd spots.
Other CVCs represented in the top 10 in 2015 include Comcast Ventures as well as Bloomberg Beta and Cisco Investments.
|10||Novartis Venture Funds|
CVCs like Amazon’s Alexa Fund as well as Rakuten Ventures are among the firms represented below. Additionally, Asia-based CVCs like Ping An Ventures and Legend Capital were among the most active CVC investors in 2015.
|Intel Capital||Pfizer Venture Investments|
|Google Ventures||Alexa Fund|
|Qualcomm Ventures||DG Incubation|
|Salesforce Ventures||Siemens Venture Capital|
|GE Ventures||GREE Ventures|
|Samsung Ventures||Ping An Ventures|
|Comcast Ventures||Citi Ventures|
|Bloomberg Beta||SMBC Venture Capital|
|Cisco Investments||YJ Capital|
|Novartis Venture Funds||Mitsui & Co. Global Investment|
|SR One||Merck Global Health Innovation Fund|
|Legend Capital||American Express Ventures|
|Bertelsmann Digital Media Investments||Eircom Digital Boost Initiative|
|Recruit Strategic Partners||Lilly Ventures|
|Nokia Growth Partners||Robert Bosch Venture Capital|
|Renren Lianhe Holdings||TIM Ventures|
|CyberAgent Ventures||Roche Venture Fund|
|Johnson & Johnson Innovation||Camber Creek|
|Novo Ventures||Dentsu Digital Holdings|
|AXA Strategic Ventures||Fosun Kinzon Capital|
|Google Capital||Tengelmann Ventures|
|Hearst Ventures||BioMed Ventures|
|Verizon Ventures||Rakuten Ventures|
Finally, we highlighted the most active CVCs in 2014 with a focus on US-based investments.
In 2014, Google Ventures was the most active CVC investor in US-based companies.
Intel Capital and Salesforce Ventures rounded out the 2nd and 3rd spots while healthcare funds like Novartis Venture Funds and SR One were among those in the top 10.
|6||Novartis Venture Funds|
|9||Siemens Venture Capital|
|12||Second Century Ventures|
|12||Mitsui & Co. Global Investment|
|18||Johnson & Johnson Development Corp.|
|20||Bertelsmann Digital Media Investments|
Below are the top 100+ most active CVC investors in US-based companies in 2014.
A range of industries are represented in the 104 CVC investors below including financial services CVCs like Citi Ventures as well as automobile manufacturer CVCs like GM Ventures, among many others.
|Google Ventures||Pfizer Venture Investments||Fletcher Spaght Ventures||Biogen Idec New Ventures|
|Intel Capital||Citi Ventures||Wells Fargo Startup Accelerator||Western Digital Capital|
|Salesforce Ventures||Dell Ventures||Chevron Technology Ventures||UPS Strategic Enterprise Fund|
|Qualcomm Ventures||Hearst Ventures||Steamboat Ventures||Morgan Stanley Expansion Capital|
|Comcast Ventures||Novo Ventures||Ascension Ventures||AbbVie Biotech Ventures|
|Novartis Venture Funds||UMC Capital||BP Ventures||Zaffre Investments|
|Samsung Ventures||Shea Ventures||Motorola Solutions Venture Capital||Takeda Ventures|
|Cisco Investments||American Express Ventures||Sanofi-Genzyme Ventures||MedImmune Ventures|
|Siemens Venture Capital||AOL Ventures||MS Ventures||ABB Technology Ventures|
|SR One||Telstra Ventures||SingTel Innov8||Castrol innoVentures|
|Bloomberg Beta||Recruit Strategic Partners||BASF Venture Capital||GM Ventures|
|Fidelity Biosciences||Total Energy Ventures International||TELUS Ventures||Boulder Brands Investment Group|
|Second Century Ventures||Reed Elsevier Ventures||Baxter Ventures||Merck Research Ventures Fund|
|GE Ventures||BlueCross BlueShield Venture Partners||American Family Ventures||First Data Ventures|
|Mitsui & Co. Global Investment||Roche Venture Fund||BMW i Ventures||Karlani Capital|
|Microsoft Ventures||Liberty Global Ventures||Brace Pharma||Nissay Capital|
|In-Q-Tel||Amgen Ventures||Evonik Ventures||CyberAgent Ventures|
|Verizon Ventures||Presidio Ventures||WPP Digital||Astellas Venture Management|
|Johnson & Johnson||NTT DoCoMo Ventures||Swisscom Ventures||Rakuten Ventures|
|Bertelsmann Digital Media Investments||kbs+ Ventures||T-Venture||GE Healthcare Financial Services|
|Merck Global Health Innovation Fund||BBVA Ventures||Kaplan Ventures||Aster Capital|
|Kaiser Permanente Ventures||KDDI Open Innovation Fund||Liquidity Ventures||DSM Venturing|
|Constellation Technology Ventures||WuXi Corporate Venture Fund||R/GA Ventures||Xandex Investments|
|Time Warner Investments||Legend Capital||Renren Lianhe Holdings||SABIC Ventures|
|Lilly Ventures||DG Incubation||Telefonica Ventures||dunnhumby Ventures|
|CAA Ventures||Transamerica Ventures Fund||Robert Bosch Venture Capital||Kiwi Venture Partners|
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