Corporate venture capital (CVC) funding represents a significant part of the venture capital market (Chesbrough, 2002). CVC investments give the investing firm a window onto new technological developments, and CVCs benefit the most from these investments when they are strategic in nature, rather than purely financial (e.g., Dushnitsky & Lenox, 2006) and when the CVC has a high level of involvement with the start-up companies it invests in (Wadhu & Kotha, 2006). Interestingly, we know relatively little about the effect of these investments on the financial performance of the start-ups receiving them. For example, if the CVC firm benefits the most from having strategic motives associated with the start-ups it invests in, what does this mean to the start-up firm?