Corporate venture capital funding is at an all-time high and banks are leading the charge.
Investments by financial services firms into start-ups hit a record 329 deals worth a total $8 billion in 2019, according to a report by CB Insights published Tuesday. Nearly half of that deal activity this year came from banks.The third quarter saw the highest deal activity on record by financial services venture capital.
Banks are "rapidly accelerating" deal activity, with annual deal activity increasing by 8 times between 2014 and 2018, according to the report. Financial services corporate venture deals surged 500% from 2014 through the third quarter of 2019. Nearly half of the total financial services deals are in California.
Goldman has backed the most so-called unicorns with five companies valued at more than $1 billion. Its bets include Plaid, Circle and Marqeta.
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