CVC on the Cap Table

Lunch&Learn session was full of surprises!

Conversation with Gitte Bedford from Bosch Ventures proved why CVCs truly are a species of their own, as Iwona quoted MIT Sloan article, “two VCs can be like apples of different varieties, but two CVCs? That’s a carrot and a watermelon.” 🍎🥕

🔹 Structural independence: Bosch Ventures is set up as a separate legal entity, independent in its investment decisions but still closely aligned with Bosch’s strategy, with a clear “Chinese wall” between the investor and the corporate side.

🔹 One common fear didn’t hold up in our conversation: that having a CVC on the cap table would block future talks with CVCs linked to competitors. On the contrary, these CVCs often work closely together and are happy to co-invest. That said, it’s still wise for founders to keep the table diverse and balance corporate with financial VCs.

🔹 Contrary to common fears, having a well-known CVC on your cap table early can actually be a strong credibility signal, especially when the CVC operates in your space.  

🔹 New fund alert: Bosch Ventures just raised a €250M sixth fund, spanning deep tech, hardware, and software, co-investing alongside institutional VCs from Europe, Israel, and the US.

Huge thanks to Gitte Bedford, Vice President at Bosch Ventures, for an open, witty and refreshingly pragmatic conversation, and to Iwona Cymerman, Managing Partner at FundingBox Deep Tech Fund, and Venture Partner at EWVC for an excellent moderation.Thank you to everyone who joined us for the session! 💙