The State of Corporate Venture Capital

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Key takeaways

The 2026 State of Corporate Venture Capital (CVC) report, co-authored with Counterpart Ventures, draws on survey data from nearly 200 of the world's largest and most active CVC funds. Together, respondents made more than 1,400 investments over the past 12 months and deploy $10B+ annually, offering a unique look at how CVCs are navigating AI-driven investment trends, larger financing rounds and evolving relationships with their corporate parents.

$515B

Corporate-backed capital invested in 2026 to date

Investment in corporate-backed rounds is on track to reach a record year, driven by AI mega-rounds, even as deal activity falls to a 9-year low.

21%

Of global venture deals include at least one corporate investor

Rounds involving a corporate investor now account for nearly three-quarters of venture dollars.

98%

More deals are completed by CVCs with venture-savvy executive sponsors

These funds also generate 2x more exits, highlighting the value of executive leaders who understand venture capital norms.

The data

Record capital deployment, slowing deal activity and the rapid rise of AI are creating new opportunities and challenges for corporate venture capital. The 2026 report examines the data behind these trends and what they mean for the future of corporate-backed investing.

Funding is concentrating in fewer, larger rounds, driven in part by landmark AI financings and a market increasingly defined by scale over volume.

As competition for leading AI companies intensifies, access and strategic value are becoming more important differentiators for CVCs.

Notes: PitchBook Data, Inc. data as of 8/31/2026. 2026 capital and deal count are annualized projections, excluding OpenAI and Anthropic financings. Source: 2026 CVC survey, PitchBook Data, Inc. and First Citizens Innovation Banking analysis.

The median CVC check size has remained unchanged at $3M since 2023, even as the typical corporate-backed round has grown to $13M in 2026.

As median corporate-backed rounds have grown substantially, CVC check sizes have remained relatively stable, resulting in CVCs contributing a smaller share of increasingly larger rounds.

Chart depicting market median deal size against survey median check size

Notes: Market medians reflect corporate-backed rounds; survey statistics reflect responding funds. Source: 2026 CVC survey, PitchBook Data, Inc. and First Citizens Innovation Banking analysis.

Greater independence from the corporate parent is the top change CVCs say would improve fund performance, ranking ahead of broader investment scope and carry for the full team.

Despite that demand, autonomy remains elusive: 55% of funds report no change in independence, while more have become dependent (25%) than independent (21%).

Chart depicting what CVCs say would improve the fund

Source: 2026 CVC survey and First Citizens Innovation Banking analysis.

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More about the authors

Mark Gallagher

Head of the Investor Coverage and Business Development

Patrick Eggen

Sophie McNaught

Managing Director, Venture Capital Relationship Management

Mikey Kalis

Abbie Wolf

Marketing & Platform Analyst, Counterpart Ventures 

Urbashee Paul

Researcher

Eli Oftedal

Principal Researcher, Market Insights

Jake Ledbetter, CFA

Senior Researcher, Market Insights

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The State of Corporate Venture Capital 2026