CVC BAROMETER

FRANCE

20
TABLE OF CONTENTS

01 04
Scope of the Barometer Partnership &
Governance Challenges

02 05
CVC Profiles Executive Sponsorship

03 06
2024 Dynamics Valuation &
Performance Metrics

CVC BAROMETER - FRANCE 2025

01 Scope of the Barometer

Corporate Venture Capital (CVC) refers to

investments made by corporations in external startup
companies.

In this barometer, we aim to explore the dynamics of

the French corporate venture ecosystem, focusing on
two specific profiles of CVC:

Corporate-piloted VC funds: These are

investments that are directly managed by a
corporate entity.
Single-LP funds: In this model, a corporation acts
as the sole limited partner in a fund that is
managed by an external venture capital firm.
Notable examples include Dastore (the Carrefour
fund managed by Daphni) and Orano Ventures
(the fund managed by Supernova).

Through this analysis, composed of 25 interviews

conducted between November 2024 and January
2025, we seek to provide insights into the evolving
landscape of Corporate Venture Capital in France.

CVC BAROMETER - FRANCE 2025

02 CVC Profiles

CONTRIBUTING CVCS
TO THE BAROMETER

25 CVCs took part into our 2025 edition

Transportation

IT & Tech Construction

Banking / Insurance Energy Pharmaceutical

Chemicals Gaming

Real Estate
Mass Retail

CVC BAROMETER - FRANCE 2025

 02 CVC Profiles

WAVES OF CREATION
THROUGHOUT THE LAST 15 YEARS

When looking at the respondants launch year, Corporate Venture Capital (CVC) has emerged
through three distinct waves of creation.

Early pioneers before 2015 established initial models including Aliad (Air Liquide), Engie
New Ventures, MAIF Avenir and ViaID (Mobivia).
Followed by a significant surge between 2015-2020 (representing 63% of current
CVCs) including ADP Invest, Construction Venture (Bouygues), CMA CGM Ventures,
Banque des Territoires (Caisse des Dépôts), Capgemini Ventures, EDF Pulse, FDJ Gaming
Solutions, Léonard (VINCI), Macif Innovation, Nova (Saint-Gobain), Orange Ventures, RATP
Solutions Ville, Schneider Electric, Société Générale, Sopra Steria Innovation and Urban
Odyssey (ICADE).
Recent entrants since 2021, including Dastore (Carrefour through Daphni), GTT Strategic
Ventures, Orano (through Supernova), Opella (ex-Sanofi), and Stellantis Ventures,
continue to expand the ecosystem.
CVCs launch year

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

CVC BAROMETER - FRANCE 2025

 02 CVC Profiles

CVCS LARGELY RESPOND TO

STRATEGIC AMBITIONS

Balance between Strategic, Hybrid and Financial-driven CVCs

Hybrid

Strategic

Financial

Corporate Venture Capital (CVC) models are primarily driven by strategic goals. Our research
shows that 56% of companies focus on ventures that align closely with their core business,
exploring new technologies and long-term innovation opportunities.

Another 36% of CVCs take a balanced approach, mixing financial returns with strategic
objectives. These hybrid models aim to create value beyond pure monetary gains.

Only 8% of CVCs operate like traditional venture capital, prioritizing financial returns.

The data clearly indicates that most companies view venture investments as a strategic
tool for growth and innovation, rather than just a financial opportunity.

CVC BAROMETER - FRANCE 2025

 02 CVC Profiles

CVCS TEND TO HAVE

A LIMITED STRUCTURE

Assets under management (AUM) reveal a balanced distribution, with approximately half of
CVCs managing funds under €100 million and the other half exceeding this threshold. This
AUM variation directly correlates with team sizes, where roughly 50% of CVCs operate with
teams of fewer than 5 people.

Independence levels show a clear trend: two-thirds of CVCs are fully integrated within their
parent companies. The only truly independent CVCs are those with a purely financial
investment focus.

Team sizes CVCs’ independence level

More than 10 employees

21%

Completely integrated Partially independent

Less than 5 employees Totally independent

46%

68% 28%

0% 20% 40% 60% 80% 100%

5 - 10 employees
33%

Assets under management

50% 48%

40%

30%
22%
20% 17%

10% 9%
4%
0%
<25M€ 25-50M€ 50-100M€ 100-500M€ >500M€

CVC BAROMETER - FRANCE 2025

 02 CVC Profiles

THE NORM IS TO INVEST IN SEED

AND SERIES A ROUNDS WITH A
STRATEGIC SECTOR FOCUS

CVCs firms primarily target their investments at Seed and Series A funding rounds. These
stages are crucial for startups as they work to validate their product-market fit or accelerate
growth, making collaboration with established companies particularly valuable.

The investment amounts from CVCs can vary widely, ranging from €50,000 to €30 million.
However, the average sweet spot investment tends to be around €3 million. This range
allows CVCs to support startups at different stages of development and with varying capital
needs.

Investment levels Investment amounts

50%

41%
40%
3 M€
Average
30% sweet
30% spot

20% 18%

10% 50 K€ 30 M€
7%
4%

0%
Pre-Seed Seed Serie A Serie B Serie C

CVC BAROMETER - FRANCE 2025

 03 2024 Dynamic

THE VARIATION OF DYNAMIC

MOSTLY DEPENDS ON CVCS’
INDUSTRIES

Market dynamics reveal a nuanced performance landscape in 2024. 61% of the surveyed
firms perceive a market slowdown, while the remaining 39% report no significant changes.

This divergence in market perception is largely sector-dependent. Transportation sector

CVCs unanimously report a slowdown, whereas other sectors like IT Services and technology
have not experienced comparable market pressures.

In some instances, the perceived market challenges are linked to internal corporate
dynamics. These include focused efforts on cost reduction, operational efficiency
improvements, and ongoing leadership transitions. Such internal factors significantly
influence how CVCs interpret and respond to current market conditions.

Activity slowdown observed in 2024 Evolution in the number of employees

Increase
28%

Yes No
61% 39% No change
56%

Reduction
16%

CVC BAROMETER - FRANCE 2025

 04 Partnerships & Governance Challenges

WHILE IT IS NO PRE-REQUISITE, THE

MAJORITY OF CVCS CONDUCT A
BUSINESS CASE BEFORE INVESTING

Our research shows that 50% of CVCs actively seek to establish a business case prior to
committing funds.

The level of definition for these business cases varies widely among corporates. Some CVCs
rely on intuitive assessments of potential synergies or strategic fit. Others pursue more
formalized approaches, such as signed Memorandums of Understanding (MOUs) with
specific business units. In some cases, CVCs even conduct Proof of Concepts (POCs) to
validate the potential value of the investment.

A business case is validated before an investment

Yes No
50% 50%

CVC BAROMETER - FRANCE 2025

 04 Partnerships & Governance Challenges

COLLABORATION IS HIGHLY VALUED

BUT EXECUTIVE CHALLENGES
AND DELAYS PERSIST

Collaboration satisfaction levels

41%

36%

9% 9%
5%

1 2 3 4 5

Responses indicate a strong appreciation for partnerships between corporates and portfolio
startups, reflected in a 4 out of 5 rating that underscores their potential value. Many
respondents recognize that these collaborations drive significant value.

However, frustrations persist regarding slow development and insufficient resources.

Bureaucratic hurdles within corporates often delay decision-making, while startups struggle
without adequate funding and support. Additionally, shifting corporate priorities can lead to
misalignment and loss of internal sponsorship, particularly when startups fail to meet
expectations.

CVC BAROMETER - FRANCE 2025

 04 Partnerships & Governance Challenges

THERE IS A LACK OF DEDICATED

PARTNERSHIP GOVERNANCE

Corporate Venture Capital (CVC) firms typically employ one of three governance models:

Board Member Oversight: Most common approach. Board members oversee

partnerships, but often lack focused attention due to competing investment activities.
Business Unit Sponsors: Representatives from business units manage startup
relationships, facilitating direct operational alignment.
Dedicated Partnership Managers: Rarest model. A person within the investment team is
appointed to nurture portfolio company relationships. A few CVCs are currently
considering this.

The prevalent board member oversight model risks leaving critical partnership opportunities
unexplored, potentially constraining innovation and mutual growth.

Governance models

Dedicated Partnership Managers

13%

Business Unit Sponsors Board Member Oversight

31% 56%

CVC BAROMETER - FRANCE 2025

 05 Executive Sponsorship

CYCLICAL CHALLENGES IN
SECURING TOP MANAGEMENT
SPONSORSHIP

Top management satisfaction levels

52%

36%

8%
4%
0%
1 2 3 4 5

CVCs are vulnerable to shifts in corporate strategies, leading to cyclical challenges in

securing top management sponsorship. Responses indicate a strong appreciation for
stakeholder satisfaction with CVC performance is generally positive, with 60% expressing
high or very high satisfaction (4/5 or 5/5), and 36% indicating moderate satisfaction (3/5).
This suggests that CVCs are meeting or exceeding expectations for most stakeholders.

However, some CVC professionals note that top management does not fully grasp the
nuances of CVC goals. This can sometimes lead to an overemphasis on certain
performance indicators, particularly financial metrics, which may not fully capture the
broader strategic impact of CVC initiatives.

As corporate priorities evolve—often in response to market dynamics or leadership

transitions—CVCs must remain adaptable and proactively demonstrate their
comprehensive impact to enhance stakeholder confidence.

CVC BAROMETER - FRANCE 2025

 05 Executive Sponsorship

INVESTMENT THESIS
ARE PRETTY STABLE

The investment thesis is generally reviewed every 1 to 3 years but rarely knows stumbling
change.

In most cases, it is directly linked to the company’s core business or aligned with the
group’s long-term strategy. This approach ensures that investments remain in line with
strategic priorities and growth objectives, while also adapting to market changes and internal
needs.

Frequency of thesis revision

Never
For new 5% 5% Semi-annually
5%
technologies

26%
Every 3 years

59%

Annually

Investment thesis definition keywords

Agnostic
Environmental
impact & biodiversity Energy transition
Digital Aligned with Fintech

Core business group strategy Data & AI

Robotization HR & employee security

CVC BAROMETER - FRANCE 2025

 05 Executive Sponsorship

FOLLOW-ON STRATEGIES
CORRELATE WITH THE CVC MODEL

For most CVCs, the follow-on investment strategy is approached on a case-by-case

basis. Generally, the likelihood of participating in follow-on rounds increases with the
strategic nature of the investment and the expected synergies with the parent company.

In contrast, a minority of CVCs base their participation primarily on financial considerations,

such as minimizing dilution and securing a favorable financial return.

This distinction highlights a clear correlation between CVC type and follow-on strategy:
strategic CVCs tend to align their follow-on investments with potential synergies, while
financial CVCs prioritize financial metrics in their decision-making process.

Follow-on strategy is linked with possible synergies

Yes No
64% 36%

CVC BAROMETER - FRANCE 2025

 05 Executive Sponsorship

CONSIDERING PORTFOLIO SALE

DEMONSTRATES A STRATEGIC
DISALIGNMENT

CVCs having already considered In most cases, CVC funds are not interested in
partial or total sale of their portfolio
selling part of their portfolio and have never
considered it.

For those who have thought about it, the reasons

typically include :
strategic misalignment with the investment in
67% of the time;
Yes No
37% 63% the pursuit of a portfolio rotation strategy, or
concerns about the performance of specific
investments.

However, in most cases, these options have never

been implemented. One of the main reasons the
step has not been taken is that managers were not
willing to accept potential write-downs or losses on
their investments.
Reasons for considering a sale

Strategic disalignment between the CVC and the group

Financial considerations (portfolio rotation strategy, performance of specific investment)

CVC BAROMETER - FRANCE 2025

 06 Valuation & Performance Metrics

IN GENERAL, CVCS EXHIBIT

LIMITED LIQUIDITY OBJECTIVES

The CVC has liquidity objectives Investment detention average time

Yes No
48% 52%

1 2 3 4 5 6 7 8 9 10
Years

Most CVCs do not set specific liquidity goals, typically maintaining an average holding period
of 5 to 7 years for their investments. However, current market dynamics are leading some
CVCs to extend these holding periods.

In terms of exit strategies, CVCs employ a diversified approach that includes options such as
initial public offerings (IPOs), industrial exits, secondary opportunities, and acquisitions
by growth funds. This variety in exit strategies enables CVCs to adapt to different market
conditions and maximize the value of their investments, even as they navigate longer
detention periods.

CVC BAROMETER - FRANCE 2025

 06 Valuation & Performance Metrics

KEY PERFORMANCE METRICS

PRIMARILY FOCUS ON FINANCIAL
OUTCOMES

Most frequently used KPIs

ROI 20%
Business generated 17%
Business synergies 17%
# of Collaborations 10%
# of Investments or Acquisitions 8%
ESG & Carbon footprint 6%
Brand recognition 4%
# of Test or POCs 4%
Expertise generated 4%
Participatation valuation 4%
Cashburn 2%
# of Events 2%
Parity 2%
0% 5% 10% 15% 20%

The KPIs for evaluating Corporate Venture Capital (CVC) performance encompass a range of
financial, strategic, and operational metrics.

The primary focus remains on financial performance and business impact, with Return on
Investment (ROI) and business generated serving as key indicators.

Collaboration and business synergies are also highly prioritized, reflecting the importance of
strategic partnerships and the high percentage of CVCs that identify as strategic.
Additionally, the inclusion of carbon footprint as a KPI indicates an emerging commitment to
sustainability.

However, despite the intention to track these diverse impacts, CVCs often lack clarity in
how they measure and report on these metrics.

CVC BAROMETER - FRANCE 2025

 06 Valuation & Performance Metrics

COMPARABLES: THE PREFERRED

METHOD TO CHALLENGE VALUE
CREATION

Valuation methodology used Use of external consultant

support

Comparables 33%

Yes No
56% 44%

Multiples 20%

Last round Valuation validation by

20%
valuation statutory auditors

DCF 17%
Yes No
83% 17%

Others 10%

The most used valuation methodologies include comparables, multiples, last round valuation
and Discounted Cash Flow. Other methods, such as VNC or VC valuation methods, are
marginally used.

Many funds rely on external consultants, particularly for due diligence or when evaluating new
technologies, to ensure an accurate and reliable valuation process. Additionally, in most
cases, portfolio valuations are audited and validated by the statutory auditors of the CVC.

CVC BAROMETER - FRANCE 2025

 WHAT NOW?

Conduct your own internal assessment with our guidelines

Reflect and reinforce the 5 pillars of an effective CVC

within your organization

Follow our executive action plan to elevate your CVC’s impact

CVC BAROMETER - FRANCE 2025

 CONDUCT YOUR OWN
INTERNAL ASSESSMENT

Critically reassess CVC alignment with parent company's long-

term innovation goals. Strategic misalignment is the silent killer
of corporate venture capital effectiveness.

Rigorously update your investment thesis. Market dynamics are

mutating faster than ever - outdated perspectives will render
your CVC irrelevant.

Optimize partnership management effectiveness. Unlock

exponential value creation by building dedicated partnership
governance beyond traditional board interactions.

Conduct a thorough portfolio review by year-end. Clear,

actionable exit strategies are your lifeline in an increasingly
unpredictable investment landscape.

Significantly enhance deal flow and due diligence processes.

Transform your approach to uncover strategic opportunities
hidden beneath market noise.

Implement a robust learning program for your CVC team.

Continuous upskilling is no longer optional - it's your competitive
survival mechanism.

Fully integrate ESG monitoring into your investment process.

Sustainability is not a choice, but a fundamental investment
philosophy.

Develop a comprehensive performance measurement

framework. Balance financial returns with strategic impact to
demonstrate true CVC value creation.

CVC BAROMETER - FRANCE 2025

 THE 5 PILLARS OF AN
EFFECTIVE CVC

Robust governance
structures

CVCs often struggle to elevate partnerships

without dedicated governance or sponsorship.
Early engagement of BU sponsors boosts
accountability and aligns activities with corporate
Internal communication
and knowledge sharing strategy.

Beyond tracking investments, CVCs also

have a role in scanning the external innovation Audits and portfolio
landscape, detecting emerging trends and assessments
translating these insights into actionable
Regular audits and assessments align
intelligence for business units.
performance metrics with CVC goals, address
discrepancies, prioritize investments, and
optimize resources to maximize value and
opportunities.
VC-like management
approach

Despite their image and resources, many Agility amid leadership

CVCs manage portfolios passively due to changes
unclear exit strategies. Clear investment and
CVCs face cyclical leadership and
liquidity strategies unlock greater value.
sponsorship changes; agility and clear
communication about objectives and tangible
results help adapt strategies and sustain
momentum.

CVC BAROMETER - FRANCE 2025

ELEVATE YOUR CVC IMPACT WITH
AN EXECUTIVE ACTION PLAN
Establish robust governance structures

Designate BU sponsors and define ownership for each partnership

Develop a standardized framework for reporting and
communication between the CVC and BUs
Form a governance committee to ensure corporate alignment

Conduct audits and portfolio assessments

Create a dashboard with clear KPIs to monitor investments and

prioritize high-potential initiatives
Schedule annual portfolio deep-dives to reallocate resources
based on performance and market trends

Maintain agility amid leadership changes

Build a strong and positive image around the CVC and its
alignment with the company’s objectives
Create a standardized document to communicate CVC
updates, strategy and outcomes to stakeholders at all levels

Adopt a VC-like approach

Define clear exit strategies including: timeframes, ROI & liquidity

objectives
Establish a structured decision-making process to assess and
act on portfolio companies’ growth opportunities

Foster internal communication and knowledge sharing

Implement a centralized knowledge-sharing platform to

document insights, trends, weak signals and learnings
Organize quarterly workshops with BU stakeholders to align
partnerships and objectives

CVC BAROMETER - FRANCE 2025

Acknowledgments

We would like to express our gratitude to all the representatives of the 25

companies that participated in this study. Your insights and contributions
have been essential in shaping this research and we truly appreciate your
time and effort.

CVC BAROMETER - FRANCE 2025

At Aster Fab, we partner with corporate innovators in emission-intensive
sectors like energy, mobility, construction, and industry—working alongside
leaders such as leaders such as EDF, TotalEnergies, Suez, VINCI, Bouygues,
and more—to drive transformative change across Europe. We help you
redefine your role in the future, create new business models, integrate clean
tech, lead bold transformation programs, secure strategic investments, and
empower your teams to embrace evolution.

Born from Aster Capital, a pioneering European climate tech fund with 25+
years of expertise, we’ve spent decades shaping industrial transformation.
With deep industrial ties, we drive rapid, outcome-focused change that
delivers lasting impact.

The industrial world is at a crossroads. As Europe faces mounting pressure

to innovate and reduce emissions, it is the time to lead and the
opportunity to become true pioneers.

Want to know more about our support or be part of our next CVC
Barometer edition? Contact us at ‘[email protected]’.

CVC BAROMETER - FRANCE 2025

 Hélène Maxwell
Manager
[email protected]

Marie Capdeville
Senior Consultant
[email protected]

Iris Follenfant
Consultant
[email protected]

CVC BAROMETER - FRANCE 2025

 Hélène Maxwell
Manager
[email protected]

Marie Capdeville
Senior Consultant
[email protected]

Iris Follenfant
Consultant
[email protected]

20
25