In this episode, Andreas Munk Holm and Jeppe Høier sit down with Nicole LeBlanc, Partner at Woven Capital, the $800M growth-stage CVC fund backed by Toyota. They unpack what it takes to drive real strategic and financial outcomes in corporate venture — and what founders and GPs often get wrong when working with CVCs.
Nicole shares how Woven structures its global operations, works hand-in-hand with Toyota’s business units, and leverages a portfolio success team to shepherd startups through complex corporate dynamics. She also breaks down Woven’s investment logic, from hydrogen to lunar rovers — and why corporate alignment shouldn’t come at the cost of independence.
Here’s what’s covered:
00:40 – The structure of Woven Capital & its relationship with Toyota
03:00 – How Toyota Ventures (early-stage) and Woven (growth-stage) complement each other
09:45 – Building internal bridges: the Portfolio Success team model
13:15 – Toyota’s internal incentives (and the carrot vs. stick approach)
15:10 – The CVC cultural challenge: Japan, US, and Europe
21:40 – How to spot a “red flag” CVC as a founder
31:30 – Toyota Open Labs: a new playbook for startup-corporate collaboration
34:00 – Woven’s LP strategy: investing in funds for access, insight & geography
39:00 – Learnings from fund investing: what CVC LPs need from GPs
42:00 – Final advice for startups and corporates alike
📺 Watch the episode here or stream it on Spotify or Apple Podcasts—now with chapters for easy navigation 🎧
✍️ Show Notes
Bridging Corporate & Startup Worlds
Nicole describes Woven as a “single LP” fund with Toyota, designed with strategic intent. Unlike many CVCs, it operates with a dedicated investment team and a portfolio success team that facilitates startup integration with Toyota’s global business units — from Europe to Japan.
From Culture Fit to Structural Fit
Corporate venture is often described as an “organ transplant.” Nicole explains how Woven uses summits, case studies, and structured collaboration pathways to culturally embed startups inside Toyota, without compromising their independence.
A New Model for Value Creation
Nicole outlines her Forbes article’s thesis: the future of CVC lies in three pillars — subject matter expertise, scalability, and long-term vision. Rather than chasing short-term gains or BD headlines, CVCs must focus on being true strategic allies with deep operational support.
The Hidden Cost of a Misaligned CVC
Founders are warned: not all CVCs are created equal. Nicole explains how to diligence a corporate investor, the signs of future conflicts, and how to structure relationships (from board seats to information rights) to preserve neutrality and build trust.
Europe’s Climate Tech Edge
Nicole champions Europe’s overlooked strength in sustainability and mobility innovation. With higher environmental literacy and policy momentum, Europe is fertile ground — but often underfunded. Woven aims to fix that by writing growth checks in the €15–25M range and bringing European innovation to Toyota’s global platforms.
🛠 Toyota Open Labs: A Call to European Founders
Nicole urges European founders to explore Toyota Open Labs — a new initiative where Toyota business units publicly share their challenges, budgets, and champions to encourage startup engagement. It’s a testbed for scalable, frictionless collaboration between Europe’s brightest startups and one of the world’s largest automakers.
🤝 For Emerging Managers: How to Work with CVC LPs
Woven Capital is also an LP in nine funds globally, including 2150. Nicole outlines how they engage with GPs, what CVC LPs need beyond financial returns, and why pre-seed and seed managers should step up with insights, access, and clear value for potential acquirers.
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