E591 | EUVC Summit: Nicholas Sauvage, TDK Ventures: The Path to CVC Success

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15d ago 13:21

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Corporate Venture Capital (CVC) can be both a powerful ally and a cautionary tale for founders and financial VCs alike. At the EUVC Summit, Nicholas Sauvage of TDK Ventures took the stage to break down the CVC landscape — past, present, and future — and give practical advice for founders considering CVCs on their cap tables.

Nicholas challenged the audience with a question: who’s had a good experience with a CVC? Hands shot up and fewer hands went up for “bad experiences.” This, he noted, shows we’re at a new stage for corporate venture.

He outlined the three eras of CVC:

CVC 1.0: The early days, marked by balance-sheet-driven investments and corporate sponsorships. These often came with odd term sheets and slower processes, but could unlock synergies.
CVC 2.0: Skipped over, just like today’s pre-seed to Series A jumps.
CVC 3.0: The modern era: financially disciplined, strategically aligned, fast-moving, and structured like financial VCs without sacrificing strategic purpose.

Importantly, Nicholas debunked the idea that financial and strategic returns are a trade-off - a "false premise," as he called it. The best CVCs aim for both: venture-type returns and deep strategic synergies.

Nicholas shared the characteristics of high-performing CVCs:

Fast decision-making (some in under 2 weeks!)
Clear investment theses
Slim, empowered ICs (not consensus-based groups of 12)
Strategic clarity and preparedness
A giver mindset — value-add first, not value-extract

He also offered advice for traditional VCs:

“Be thoughtful about when a CVC joins your cap table. Some are great at de-risking science, others support go-to-market — it's all about matching their superpower to your founder’s needs.”

TDK Ventures uses a strict three-pillar framework:

Contribution to society
Venture-type returns
Strategic synergy (giver-focused)

If an opportunity scores less than 9/10 on any one of the three, they won’t invest. Why? Because climate tech and deeptech take time and patience, and TDK is playing a long game to back meaningful technologies — like Type One energy and nuclear fusion — that can shape humanity’s future.

Before taking CVC money, ask the hard questions:

What’s their why?
What value do they add?
Are they ready to support at the right stage of your journey?

“Without exits, we don’t have a VC ecosystem,” Nicholas reminded the room — so make sure you’re partnering with CVCs who can help drive toward them.

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