In 2014, corporate venture capital or CVC groups participated in nearly one-fifth of all VC activity. But certain VC firms are syndicating a much larger percentage of their deals with corporate venture units than others.
At the top of the list is Kleiner Perkins Caufield & Byers, a co-investor with a corporate venture arm in over 120 new or follow-on deals since Q1’10, according to CB Insights data. Kleiner is among Google Ventures’ top two most frequent syndicate partners. Their co-investments include Slack, ZenPayroll, CoreOS, and Uber. New Enterprise Associates isn’t far behind, with over 100 syndicated deals with corporate VC units over the period.
The chart below highlights the top 20-ranked venture capital firms by number of co-investments between Q1’10 and Q2’15 involving a corporate venture unit.
|1||Kleiner Perkins Caufield & Byers|
|2||New Enterprise Associates|
|4||First Round Capital|
|7||Draper Fisher Jurvetson|
|17||Bessemer Venture Partners|
|18||Lerer Hippeau Ventures|
|18||General Catalyst Partners|
Kleiner, Venrock top VC firms by share of CVC-syndicated deals
Peeling back the list above by CVC-syndicated deals as a share of a VC’s total deals, Kleiner also leads with 29% of its deals over the period involving a corporate venture unit. Venrock and DFJ rounded out the top three by share of CVC-backed deals since 2010. NEA and Andreessen Horowitz, which rank second- and third-highest based on absolute CVC-syndicated deals, saw nearly 1 of every 5 deals over the period involving a CVC co-investor.
|Investor||% of Total Deals|
|Kleiner Perkins Caufield & Byers||29%|
|Draper Fisher Jurvetson||25%|
|First Round Capital||21%|
|New Enterprise Associates||20%|
|Bessemer Venture Partners||18%|
|Lerer Hippeau Ventures||16%|
|General Catalyst Partners||15%|
Looking for more investment syndicate data and visualizations? Check out the CB Insights venture capital database free below.