2025企业风险投资现状

September 2025 Corporate venture capital (CVC) is navigatingchanging fund strategies and corporate prioritiesas technologies like AI are reshaping investmenttheses. We explore these changes in the fifthedition of our State of CVC report by looking at themost active and engaged players in CVC. Technology priorities are clear, with AI takingcenter stage. The share of CVCs investing in AIjumped from 55% last year to 69% in 2025. AIdeals now represent an all-time high of 28% of allCVC-backed deals, cementing AI’s role as a corepillar of corporate innovation strategy. CVC continues to evolve. CVCsstrive for greater independence,fund early-stage investmentsand seek new sources ofliquidity in secondary markets.The picture that emerges is thatof an industry refiningplaybooks and building thecapacity to execute acrossmarket cycles.” CVC dependence on the corporate parentremains a challenge, especially for newer funds.The most resilient CVCs are bridging this gap byspending more time educating their executivesponsors, half of whom lack familiarity with theinvestment process. This lack of understandingcould be why CVCs are looking for moreindependence in their fund structure; one-quarterof CVCs are considering moving off balancesheets. In 2025, investment activity reflects a moredeliberate pace and approach to investingcompared to the highs of previous years. Dealvolume has rebounded from the lows of 2023 butremains below peak levels, signaling a movetoward fewer, more targeted investments. CVCsare engaging companies sooner. Early-stagedeals dominate, with two-thirds of CVC-backeddeals occurring between seed and Series B. Liquidity and capital allocation strategies are alsoevolving. CVCs focused primarily on financialreturns lead in reserving follow-on capital, whileCVCs focused on strategic returns report greaterdifficulty supporting existing portfolio companies.On the liquidity front, secondaries are becoming amore common tool, with 57% of fundsconsidering or already using them. CVC continues to evolve. CVCs strive for greaterindependence, fund early-stage investments andseek new sources of liquidity in secondarymarkets. The picture that emerges is that of anindustry refining playbooks and building thecapacity to execute across market cycles. Patrick EggenGeneral PartnerCounterpart Ventures Mark GallagherHead of Investor CoverageSilicon Valley Bank Confidential 2025 CVC Survey Key Findings Market Overview Mandate and Managing Dependency Investment Approach Team Dynamics Appendix Early-stage excitementis long-standing andgrowing. AI fever hits CVCs in fullforce. CVCs thirst for liquidityvia secondaries. Balance sheets are so2023. Bureaucratic drag isweighing CVCs down. Half of CVCs cite speedand efficiency as achallenge, followed closelyby corporate prioritizationand bureaucratic decision-making. These internalfrictions slow executionand limit agility incompetitive dealenvironments. The share of seed and early-stage deals has risen from55% in 2015 to over 67%today, reflecting CVCs’sustained appetite for andcomfort in investing inyounger companies despitebroader market headwindsthat could otherwise makesome investors leery. CVCs targeting AI jumped from55% in 2024 to 69% in 2025.CVCs also backed a recordshare of AI companies—28%of all deals in 2025, up fromjust 9% in 2015. One exampleof this surge is Microsoft’ssustained push into AI throughmajor investments likeOpenAI. CVCs are increasinglyconsidering or usingsecondaries to generateliquidity.Fifty-sevenpercentof funds reportedusing them or beinginterested in using themthis year, up five percentagepoints from last year.Overall, 22% of funds haveused secondaries, a jumpfrom 15% in 2024. One in four CVCs haveconsidered moving off thecorporate balance sheet in thepast year, citing teamcompensation andindependence from thecorporate parent as topdrivers. But the transitionremains challenging—only11% have successfullycompleted the move. Jump to Page Jump to Page Jump to Page Jump to Page Jump to Page Survey Respondents Categorized by Their Strategic Focus, Maturity and Status as a Bellwether Fund 1 Strategic:38% of funds investprimarily for insight or value-addrelated to the corporate parent’sgoals. CVC funds representingthe largest and mostactive CVCs globally 156 Hybrid:44% of funds are auniquely defined balance ofstrategic and financial goals. ~6,000active companies intheir portfolios ~1,000investments in thelast 12 months,including follow-ons Financial:18% of funds consider onlyfinancial gain, a signal that CVC funds canbehave more like traditional VC funds. While individual firms are not disclosed,these 25 elite CVCs weregenerally selectedbased on three criteria: Middle:43% of funds havebeen active for a few years andhave gained some experiencein the CVC space. Mature:49% of funds are well-established and have a trackrecord of successful investmentsin the startup ecosystem. Newbie:8% of fundsare just beginning theirjourney in