The document discusses corporate venture capital (CVC) models and how startups can work with CVCs. It provides information on different CVC investment strategies, fund structures, deal involvement, and typical check sizes. The document also lists partnership opportunities that CVCs can provide startups, including commercial agreements, introductions, marketing support, and advisory services. It highlights one example of Workday Ventures' investment in BetterUp and their joint customers. Lastly, it offers tips for startups engaging with CVCs, such as emphasizing strategic alignment and using the CVC's network.

3. Erin
Yang
Savannah
Greene

5. ● Strategic: Invest for partnership
or strategic value-add to
corporate parent
● Financial: Invest for returns
● Hybrid: Blend of strategic and
financial goals
● Evergreen: Open ended fund;
fund receives capital as needed
(84% of Strategic VCs)
● Single LP: Sole LP is corporate
parent
● Multiple LPs: Minority of CVCs
have multiple investors
● Leading deals: 66% can lead
deals, and 36% of CVCs lead at
least 30% of their deals.
● Board seats: 59% can take board
seats, and 90%+ take board
observer seats
● Check size: Median check size is
$1M for pre-seed, $3M for early
stage, $7M for later stage
Source: SVB State of CVC 2022

6. ● Commercial
agreements (resell,
OEM, Sales
incentives)
● Customer
introductions
● Account manager
introductions
● Introduction to buyer
at corporate parent
● Participation and
sponsorship at events
(partnership events,
sales events, industry
events, analyst days,
customer
conferences)
● Co-marketing
● Introductions to
product leadership
● Potential integrations
● Development of joint
use cases
● Solution mapping
● Access to senior
leadership
● Advisory services
across core functions
(GTM, product,
finance, etc)
● Recruiting networks
● Introductions to
other VCs
● Introductions to
industry analysts

7. 450+ Joint Customers
Using Integration
Certified Worker Sync Integration listed
on Workday Marketplace
Workday Peakon -
BetterUp Connector
● Close collaboration with
Workday Peakon product
strategy to create “insight to
action” playbook.
● Enables managers and teams to
act on Peakon engagement
results to drive meaningful
improvements.
.
Workday Rising
Regularly attend zero-fee Ventures
Program at Workday’s customer
conference in both US and EMEA
● Workday Ventures invested in August 2018 in a $3M SAFE (ahead of Series C)
● Employee coaching and mental health assistant aligned to Workday HCM product

8. ● Consider how your company is aligned to
the CVC parent company’s strategy and
can help their business (for more strategic
or hybrid CVCs), use in messaging
● Know who your joint customers or
prospects are & their use cases
● Use your network for a warm intro:
○ Investors
○ Founders
○ Customers
● Cold reachout on social channels (e.g.
LinkedIn, X)
● Before you fundraise
● CVCs may value more time to determine
strategic alignment, connecting you to
product or buyer team, even PoC
● CVCs may also be more willing to do a SAFE
or convertible note between rounds

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