In recent years, corporate venture capital (CVC) has become a crucial part of the European investment landscape. Dealroom reports that CVC investments represented about 25% of total venture capital funding in Europe as of 2024, underscoring their growing role in the ecosystem. What sets CVC funds apart is their dual focus on achieving financial returns while advancing their parent companies’ strategic goals. This alignment enables them to offer portfolio companies advantages, including access to corporate resources, networks, and expertise that traditional funds may lack.
Vestbee has compiled a list of the most active CVC funds investing in European startups, highlighting the strategic advantages that each brings to the ecosystem. Our selection includes corporate venture capital funds that are global, with headquarters in the US, as well as firms based in Europe that have invested in numerous European startups in 2024.
ABB Ventures
Parent company: ABB
HQ: Zurich, Switzerland
Key investment areas: robotics, industrial automation, and AI for manufacturing
Notable investment for 2024: Automated Architecture provides the technological infrastructure for a distributed robotic micro-factory network producing sustainable.
ABB Ventures is the venture capital arm of ABB Group, investing in early-stage industrial tech startups focused on advancing electrification, automation, robotics, AI, and energy transition. Since 2009, ABB Ventures has deployed around $400 million, supporting companies aligned with ABB’s mission for sustainable industrial innovations.
Allianz X
Parent company: Alianz
HQ: Munich, Germany
Key investment areas: insurtech, digital health, and AI
Notable investment for 2024: AlTi Global, an independent global wealth and alternatives manager.
Allianz X is the digital investment arm of Allianz Group, focused on insurtech and fintech scaleups that align with Allianz’s insurance and asset management businesses. With over €2 billion in assets under management and a portfolio of more than 25 companies, Allianz X supports companies that drive digital transformation in financial services. By leveraging its connection to Allianz, the fund fosters partnerships across the broader digital ecosystem.
AXA Venture Partners
Parent company:AXA
HQ: Paris, France
Key investment areas: fintech, insurtech, cybersecurity, and digital health
Notable investment for 2024: Veesual, a French startup using AI to create inclusive virtual try-on experiences for fashion e-commerce.
AVP is a global venture fund managing €2 billion in assets, with investments across such sectors as enterprise software, fintech, digital health, and consumer tech. With €1.5 billion in direct investments and €500 million in fund activities, AVP backs companies that drive transformative economic change across diverse industries.
BMW i Ventures
Parent company: BMW Group
HQ: Mountain View, the US, and Munich, Germany
Key investment areas: mobility tech, EV infrastructure, automation
Notable investment for 2024: DeepDrive, a provider of drive units for electric vehicles.
BMW i Ventures combines Silicon Valley speed with BMW’s industry expertise, managing over $800 million across more than 80 companies since 2011, with a focus on autonomous and electric vehicles, digital sales, advanced manufacturing, supply chain optimization, and sustainability. BMW i Ventures invests primarily in Series A and B rounds with initial checks up to $10 million, targeting innovative startups in North America, Europe, and Israel.
Bosch Ventures
Parent company: Bosch
HQ: Stuttgart, Germany
Key investment areas: AI, IoT, smart home tech
Notable investment for 2024: Cylib, a sustainable end-to-end battery recycling firm.
Bosch Ventures invests in deeptech startups that reimagine human living spaces at home, work, or on the road, with a preference for early-stage companies. Its investment areas span AI, mobility solutions, automation, energy efficiency, and healthcare. Bosch provides up to €25 million per company and leverages its extensive network to support commercial growth through co-leading and syndicating investments.
BP Ventures
Parent company: British Petroleum
HQ: London, the UK
Key investment areas: renewable energy, electric mobility, sustainability
Notable investment for 2024: Advanced Ionics, the developer of a new category of hydrogen electrolyzers useful for expanding green hydrogen production
BP Ventures invests in transformative energy technologies and visionary founders, supporting BP’s commitment to sustainability and net-zero goals. Focusing on Series A and beyond, the fund targets areas like EV charging, renewables, bioenergy, and hydrogen. Since its inception in 2007, BP Ventures has deployed over $1.2 billion in capital across 75 startups, aiming to accelerate growth in the energy transition.
Cisco Investments
Parent company: Cisco
HQ: San Jose, US
Key investment areas: software, cybersecurity, and IT sectors
Notable investment for 2024: CorPower Ocean is a turnkey supplier of wave energy systems, enabling customers to generate clean electricity from ocean waves.
Cisco Investments is the global corporate venture investment arm of Cisco. In June 2024, it launched a $1 billion AI investment fund to bolster the startup ecosystem and expand the development of secure and reliable AI solutions. As part of the new fund, Cisco is making strategic investments in Cohere, Mistral AI, and Scale AI among others. The company has already committed nearly $200 million of the $1 billion investment fund to date.
Citi Ventures
Parent company: Citi Bank
HQ: San Francisco, US
Key investment areas: fintech, banking solutions
Notable investment for 2024: Tuum is an Estonian cloud-native banking platform that allows any business to offer tailored financial services to their customers.
Citi Ventures invests in fintech and related tech startups transforming financial services, with focus areas including AI, digital assets, proptech, and customer experience. Leveraging Citi's global resources, Citi Ventures offers startups commercialization opportunities, strategic partnerships, and introductions within Citi’s network. The fund has over 30 successful exits and a portfolio of more than 30 unicorns.
Coinbase Ventures
Parent company:Coinbase
HQ: San Francisco, US
Key investment areas: cryptocurrency and blockchain technologies, web 3
Notable investment for 2024: Morpho is a decentralized cryptocurrency lending protocol that provides lending and borrowing services.
Coinbase Ventures supports early-stage startups across the crypto and Web3 ecosystem, investing in areas like DeFi, NFTs, Web3 infrastructure, and developer tools. It aims to advance Coinbase’s mission of expanding economic freedom by partnering with visionary founders. Coinbase Ventures offers strategic partnerships, operational support, and access to distribution networks, taking a collaborative approach to accelerate innovation in the crypto economy.
Deutsche Bank CVC
Parent company: Deutsche Bank
HQ: Frankfurt, Germany
Key investment areas: fintech, digital banking, cybersecurity
Notable investment for 2024: Zilch is a direct-to-consumer ad-subsidized payments network that provides a flexible buy now, pay later service.
Deutsche Bank Corporate Venture Capital supports startups globally through investments, incubation, and business development. Targeting Series A to C, DB CVC focuses on financial and enterprise tech innovations that align with banking and financial services. Its programs also emphasize diversity and inclusion.
EDF Pulse Ventures
Parent company: EDF
HQ: Paris, France
Key investment areas: energy transition, cleantech, smart grids
Notable investment for 2024: NEoT offers financing solutions in the fields of zero-emission mobility and clean and off-grid energy.
EDF Pulse Ventures is the corporate venture fund of EDF Group, investing in startups advancing low-carbon innovations in sectors like renewable energy, decarbonization, and long-term energy storage. Offering between €3 and €5 million for Series A and B rounds, and focusing on Europe and North America, the fund prioritizes commercial synergies, long-term growth, and a commitment to carbon neutrality across a diverse cleantech portfolio.
Elevator Ventures
Parent company: Raiffeisen Bank International
HQ: Vienna, Austria
Key investment areas: fintech, banking solutions
Notable investment for 2024: GoUrban is an operating system for shared transportation service.
Elevator Ventures, backed by Raiffeisen Bank, invests in high-growth Series A and B fintech and beyond-banking startups across the DACH and CEE regions. With an initial ticket size of €1 to €3 million, the fund supports sectors ranging from wealth management and DeFi to agritech and industrial tech. By leveraging Raiffeisen’s extensive network, Elevator Ventures provides strategic support, market insights, and co-investor opportunities to accelerate portfolio growth.
EnBW New Ventures
Parent company:EnBW
HQ: Karlsruhe, Germany
Key investment areas: renewable energy, cleantech, energy efficiency solutions
Notable investment for 2024: Vienna-based Enspired develops AI-powered energy trading services for global short-term power markets
EnBW New Ventures is a €100 million evergreen venture fund focused on European startups advancing digital and sustainable infrastructure. Backed by the EnBW Group, a leader in renewable energy, grid infrastructure, and electric vehicle charging, ENV targets Series A+ startups as lead or co-investors, with ticket sizes from €1 to €10 million. Key investment areas include sustainability reporting, carbon management, battery solutions, EV charging, and cybersecurity.
Engie New Ventures
Parent company: Engie
HQ: Paris, France
Key investment areas: renewable energy, smart cities, and cleantech
Notable investment for 2024: Carbonx is a climate and finance startup that assists businesses in achieving their net-zero goals by reducing the risk.
ENGIE New Ventures is a corporate venture arm of ENGIE Group, managing a €250 million fund to support cleantech startups focused on energy transition, digitization, and decentralization. Investing in growth-stage companies ready to scale, ENV emphasizes strategic collaboration, providing access to ENGIE's market connections and technical expertise. The fund has locations in Paris, San Francisco, and Tel Aviv.
Google Ventures
Parent company: Google
HQ: Mountain View, the US
Key investment areas: healthtech, deep tech, SaaS
Notable investment for 2024: Genie AI, an automatic legal contract drafting platform.
GV, formerly Google Ventures, is Alphabet's venture arm, dedicated to supporting founders at the earliest stages. With over $10 billion in assets under management, GV has backed more than 400 companies, emphasizing innovation across design, equity, talent, and engineering. Its team provides startups with unique access to Google’s technology and talent resources.
Henkel dx Ventures
Parent company: Henkel
HQ: Düsseldorf, Germany
Key investment areas: digital commerce, sustainable tech, and GPC innocation
Notable investment for 2024: Insempra is a biotechnology-powered company enabling businesses to transform their ingredient lists with superior bio-based products.
Henkel dx Ventures is the corporate venture capital arm of Henkel’s consumer goods business. It invests in early-stage startups, from late seed to Series B rounds, providing funding between €500,000 and €5 million. The fund’s mission is connecting value-driven startups with Henkel’s established ecosystem to help them scale.
Parent company: IBM
HQ: New York, US
Key investment areas: enterprise software, AI, cybersecurity, quantum computing, and sustainability
Notable investment for 2024: Mistral AI is a startup that provides developers and businesses access to open and portable generative AI solutions.
IBM Ventures is dedicated to investing in early-stage enterprise software startups that align with IBM's strategic interests. Focused on innovative technologies across various sectors, the fund emphasizes a "capital plus" approach, providing not just financial support but also leveraging IBM's extensive resources and customer base to foster growth. Its recent investments — Rohirrim, Mistral AI — reflect a commitment to enhancing enterprise AI capabilities and addressing challenges in cybersecurity and data management.
ING Ventures
Parent company: ING Group
HQ: Amsterdam, the Netherlands
Key investment areas: fintech, digital banking, and blockchain.
Notable investment for 2024: H2 Green Steel, a company that operates a steel production plant to accelerate the decarbonization of the steel industry using green energy.
ING Ventures provides capital solutions for companies with capital needs beyond traditional bank financing. With over €1.5 billion invested across Benelux and internationally, it offers a product-neutral approach and access to ING’s network and financial expertise. The fund also includes a Sustainable Investments branch for companies advancing the circular economy, energy transition, and water management.
Intel Capital
Parent company: Intel
HQ: Santa Clara, the US
Key investment areas: AI, semiconductor tech, cloud computing, robotics and more
Notable investment for 2024: Figure, a manufacturer of humanoid robots designed to address global labor shortages, especially in industries with repetitive or physically demanding tasks.
Intel Capital is a strategic investor in digital infrastructure and AI, supporting innovations across cloud, silicon, devices, and frontier technology. With over $20 billion invested and a leading role in 75% of deals, it accelerates early-stage companies globally, focusing on scalable, smart technologies for industrial and real-world applications.
KPN Ventures
Parent company: KPN
HQ: Rotterdam, the Netherlands
Key investment areas: telecom, IoT, and AI
Notable investment for 2024: CloudTalk, a Slovakian startup that develops business calling software
KPN Ventures focuses on early growth-stage investments in Series A, B, and C rounds, primarily targeting tech innovations relevant to telecommunications, IoT, and KPN’s B2C and B2B markets. Offering more than capital, KPN Ventures opens doors for startups to KPN’s extensive customer base and industry network while providing strategic resources like cloud infrastructure, data centers, and expert support across telecom, cybersecurity, and data analytics.
M Ventures
Parent company: Merck
HQ: Amsterdam, the Netherlands
Key investment areas: life sciences, digital health, and materials science
Notable investment for 2024: Enara Bio is pioneering the discovery of Dark Antigens, a novel class of shared cancer antigens that can unlock the transformational benefit of immunotherapy for more solid tumor patients.
M Ventures backs life sciences startups, focusing on early-stage technologies that align with Merck’s core areas, such as oncology and digital health solutions. M Ventures actively engages with its portfolio, often providing operational support and leveraging Merck's resources to drive commercial success.
Novartis Venture Fund
Parent company: Novartis
HQ: Basel, Switzerland
Key investment areas: biotech, diagnostics, gene therapy.
Notable investment for 2024: German FundaMental Pharma is a neuroscience company with a portfolio at the preclinical stage.
The Novartis Venture Fund specializes in life science investments, supporting innovative biotechnology and biopharmaceutical companies at various stages — particularly seed and Series A. Managing $750 million, the NVF’s team has led over 70 successful exits, including several drugs developed by its portfolio companies that have received FDA approval.
Orange Ventures
Parent company: Orange
HQ: Paris, France
Key investment areas: fintech, cybersecurity, AI for digital services
Notable investment for 2024: Supervizor, a French plug-and-play quality assurance platform for finance teams.
Orange Ventures focuses on high-growth tech startups in the US and Europe, particularly in sectors like networks, cybersecurity, fintech, and e-health. It prioritizes growth-stage investments (Series B and beyond) and offers portfolio companies strategic support through Orange’s market access, expert resources, and potential as a direct customer. Orange Ventures is particularly interested in startups that align with Orange’s digital and enterprise expertise.
Sabadell Venture Capital
Parent company:Banc Sabadell
HQ: Barcelona, Spain
IKey investment areas: travel tech, fintech, and digital services
Notable investment for 2024: Exoticca, a Spanish travel tech platform specializing in multi-day tour packages that aims to enhance the booking experience for travelers.
Sabadell Venture Capital, the VC arm of Spanish bank Banco Sabadell, invests in digital and tech startups at seed and Series A stages, emphasizing quick, entrepreneur-focused support. With deep expertise in startup growth and a reputation for agility, they aim to be a partner who truly understands and listens to founders. Since its launch in 2018, it has done 102 deals.
Samsung Catalyst Fund
Parent company: Samsung
HQ: San Jose, California, US
Key investment areas: deeptech, AI, IoT, mobile technologies, and healthtech
Notable investment for 2024: Axelera AI is an artificial intelligence chip manufacturer that creates AI hardware and software platforms for edge computing.
Samsung Catalyst Fund focuses on early to growth-stage investments in technology-driven companies that can complement Samsung's product ecosystem. The fund aims to drive innovation in areas such as deep tech, AI and IoT by supporting startups that are developing transformative technologies for example in the quantum computing sector. Its investments are made to integrate new innovative solutions into Samsung's offerings.
Siemens Energy Ventures
Parent company: Siemens
HQ: Berlin, Germany
Key investment areas: Industry 4.0, automation, IoT
Notable investment for 2024: GeoPura provides hydrogen-fuelled clean energy to enable its customers to decarbonize their consumption of temporary, backup, off-grid, and grid augmentation energy.
Siemens Energy Ventures, founded in 2020, focuses on building and investing in startups that address climate and energy challenges, to transform global energy systems for sustainability. Its approach includes venture building and strategic capital investments, providing startups access to Siemens' R&D, manufacturing expertise, and market reach.
Shell Ventures
Parent company: Shell
HQ: The Hague, Netherlands
Key investment areas: renewable energy, hydrogen, cleantech
Notable investment for 2024: Sunswap, a London-based company that designs, develops, and manufactures batteries and solar-powered transport refrigeration units.
Shell Ventures makes strategic minority investments in companies and funds that drive the energy transition, focusing on renewable energy, new fuels, connected mobility, and digital solutions. With an emphasis on lowering emissions and electrifying energy systems, Shell Ventures acts as both investor and partner, helping companies scale innovations that align with Shell’s sustainability goals.
Swisscom Ventures
Parent company: Swisscom
HQ: Ittigen, Switzerland
Key investment areas: telecommunications technology, digital transformation, and cybersecurity
Notable investment for 2024: XFarm Technologies develops a digital farm management platform providing tools that support farmers in the management of their businesses.
Swisscom Ventures, the VC arm of Swisscom, invests across the startup lifecycle, with over $650M in assets under management. Focused on high-potential technology companies, they provide strategic support, including access to Swisscom's infrastructure, experts, and market channels. Based in Switzerland and Silicon Valley, Swisscom Ventures invests between $1 million and $20 million per company, adding around 8-10 new investments annually.
UNIQA Ventures
Parent company: UNIQA Insurance Group
HQ: Vienna, Austria
Key investment areas: insurtech, mobility, digital health, and fintech
Notable investment for 2024: Ifeel, a Spanish all-in-one emotional well-being platform for organizations and individuals.
UNIQA Ventures, the venture capital arm of UNIQA Insurance Group, focuses on Series A investments in fintech, insurtech, and digital health, with initial investments between €1 million and €5 million. Founded in 2016, it offers portfolio companies industry expertise, access to UNIQA's insurance network, and strong connections within the European VC ecosystem.
Wayra
Parent company: Telefónica Spain
HQ: Madrid, Spain
Key investment areas: telecom, AI, cloud services, and cybersecurity
Notable investment for 2024: Ciudadela is a property management company that offers a digital platform for administering and managing properties.
Wayra is a Telefónica CVC fund that supports the creation of digital startups in areas like IoT, AI, cloud, and cybersecurity, leveraging Telefónica’s assets and network. Investing up to 20% equity, it backs innovative B2B and B2C ideas with a global focus in regions including Spain, the UK, Germany, and Brazil.
