#76:Blending Perspectives: The Intersection of VC and CVC from the Deeptech scene at GoWest
Insights from Deep Tech Investor Day 2025 at GoWest, Gothenburg
The intersection of Venture Capital (VC) and Corporate Venture Capital (CVC) is an evolving space where financial ambitions meet strategic imperatives. At GoWest’s Deep Tech Investor Day 2025, I had the privilege of moderating a panel featuring:
Ann-Sofie Ekberg – CEO, Volvo Cars Tech Fund
Crispin Leick – Managing Partner, EnBW New Ventures
Rick (Jingchun) H. – Partner, Speedinvest
Together, we explored the synergies, tensions, and evolving dynamics between VCs and CVCs.
Different Investment Perspectives: Strategic vs. Financial
One of the fundamental distinctions between VC and CVC lies in investment intent. While VCs operate on a purely financial thesis, seeking the highest return for their LPs, CVCs blend financial goals with strategic objectives that align with their corporate parent.
Volvo Cars Tech Fund, for example, prioritizes collaborative potential over short-term gains. Ann-Sofie explained how their strategic fit drives investment decisions, ensuring alignment with Volvo’s long-term innovation roadmap.
EnBW New Ventures, operating under an evergreen structure, takes a longer investment horizon, leveraging corporate backing to maintain flexibility. Crispin highlighted how this setup allows them to scale investments without the pressure of typical VC exit timelines.
From the VC lens, Rick pointed out that CVCs can be valuable partners, but alignment on objectives is crucial. A CVC’s strategic interest should not introduce uncertainty into future funding rounds or exit paths.
Synergies: When VC and CVC Work Together
When done right, the marriage of VC and CVC offers immense value to startups. Deep tech, in particular, benefits from industry validation that CVCs bring.
Rick noted that CVCs provide critical sector expertise, helping startups navigate industry complexities.
Crispin emphasized the role of CVCs in building market access—something traditional VCs struggle to offer at scale.
Ann-Sofie shared a success story where Volvo Tech Fund and VC co-investors collaborated to propel a startup into large-scale automotive deployment.
The ideal scenario? VCs and CVCs complementing each other’s strengths—with VCs driving financial discipline and scaling expertise, while CVCs unlock commercialization pathways.
Challenges: Navigating Power Dynamics and Governance
Of course, co-investing isn’t always frictionless. Tensions can arise, especially in governance.
Ann-Sofie pointed out that boardroom power dynamics can become tricky when VCs and CVCs have different exit strategies or control ambitions.
Crispin underscored the need for clear boundaries and governance structures, ensuring CVCs don’t inadvertently slow decision-making due to corporate bureaucracy.
Rick highlighted the risk of conflicts when CVCs hold strategic motives that don’t align with the startup’s trajectory, potentially discouraging VCs from joining the cap table.
A common theme in resolving these challenges? Transparency and alignment early on. Clear term sheets, well-defined governance structures, and a mutual understanding of long-term objectives can preempt many conflicts.
The Road Ahead: A Collaborative Future?
Despite occasional friction, the consensus among the panel was clear: The future of venture investing is increasingly collaborative. The best deals happen when VCs and CVCs leverage their respective strengths, ensuring startups receive both financial support and strategic firepower.
As I wrapped up the panel, one takeaway stood out: VC and CVC are not competitors—they are partners in building the future. The challenge, as always, is ensuring that partnership is structured for long-term success.
Let’s keep the conversation going.
Until next time, Jeppe
I hope you enjoyed this newsletter. If you have any suggestions or contributions that you would like to share with me, please do not hesitate to reach out. I would be delighted to hear from you.
/Jeppe