GCV readers were drawn to stories on AI and defence as well as articles outlining how the CVC sector is changing.
These were the articles that resonated most with our readers in 2025. Together they paint a picture of how the corporate investment sector has transitioned over the past year — from prominent units closing or spinning out, to AI and defence rapidly shifting what investors are interested in backing.
Changing of the guard
Corporate venture is trying to be patient capital, sitting inside an impatient corporation. That contradiction can make corporate venturing a turbulent business. Sometimes, as in the case of Munich Re Ventures, a unit can do everything right and still be closed down due to a change in corporate strategy. Munich Re Ventures, the former CVC of German reinsurer Munich Re, has at least been clear, deliberate and orderly about the wind-down — we would expect nothing less from a team that has been the byword of professionalism in this sector. Many other units have closed with no announcements and much more suddenly.
Other teams, such as JetBlue Ventures, have separated from their parent corporations to avoid a potential closure due to financial pressures. As JetBlue has battled to rebuilt its core profitability, an investment arm would
Munich Re winds down $1.2bn VC arm after decade of investing
Munich Re Ventures, a pioneering corporate venture capital unit with a track record of nearly 100 investments over its 10-year history, is being shut down by its parent company, reinsurer Munich Re, in an attempt to bring innovation closer to the core of the business.
Next 15 shuts down Mach49 following misconduct allegations
UK consultancy group Next 15 shut down its US venture investment subsidiary Mach49, following reports it had found “potential serious misconduct”.
It terminated the employment of three members of Mach49’s senior management and referred the matter to law enforcement agencies.
JetBlue Ventures sold off as US airline tackles mounting losses
JetBlue sold its investment arm to Sky Leasing, an aviation investment manager, as it focuses on returning the airline back to profitability. The JetBlue Ventures team will continue to be led by Amy Burr and will retain a strategic relationship with JetBlue.
If the old guard of CVC is changing, what is taking its place? Mark Brooks’ popular opinion piece articulated well how CVC needs to evolve. It needs to stop imitating VC or being about passive “learnings”. Instead, CVC should reframe itself as a way for companies to shape the markets around them.
The end of corporate venture capital (as we know it)
Corporate venture capital is widely seen as essential to corporate innovation. But most programs fail to deliver. They mimic VC or offer passive optics, promising to “see around corners” without ever forcing action. Many become innovation theatre, expensive experiments with a five-year shelf life.
To be more effective, modern CVC needs to be reframed, not as scout or a skunkworks project but a weapon of market-shaping intent.
Defence comes into sharp focus
As geopolitical tensions escalated in 2025 and Europe woke up to the urgent need to bolster its defence industry, there was insatiable investor appetite for defence startups. Several of our most popular stories touched on different aspects of military technologies.
14 defence startups that show how AI is redefining modern warfare
As European militaries continue to scramble to keep up with the latest innovations in defence tech, VCs, venture builders and accelerator programmes are helping a new generation of startups to scale.
Here is how 14 defence tech startups use or assist the development of the technology.
A swarm of Indian defence tech startups emerges in push for self-reliance
Indian defence tech startups are seeing greater investor interest, thanks to various government initiatives. Here’s what it means for the sector – and 11 Indian defence tech startups to watch.
Six unmanned water vehicle startups to watch
When most people think drones, they think air. But another, quieter, revolution is taking place on, and under, the water. Some 70% of the planet is covered in it and what happens on water dictates global trade, climate and geopolitics. More startups are emerging to provide unmanned vehicles to access the subsea realm.
The AI boom redefined corporate investing
AI was clearly a dominant theme in 2025 with US companies dominating the headlines with large funding rounds. The US was spooked, however, by the emergence of China’s DeepSeek as a cost-efficient alternative to the likes of OpenAI and Anthropic. Our piece outlining some of the challengers and alternatives around the world was a widely read by investors wanting to make sure they were covering all the angles.
The AI boom has turned Nvidia into the world’s most valuable company. That, in turn, has turned Nvidia into one of the most prolific corporate investors in the world. In September Nvidia had a particularly impressive streak, backing 22 startups that month, the highest number by a single corporation since the 2021 boom. But, spoiler alert, the AI chipmaker didn’t stop there and has clocked up a total of 80 startup funding rounds this year.
The non-US AI startups competing with Silicon Valley heavyweights
DeepSeek’s cut-price generative AI offering makes it a direct rival to OpenAI and its US peers, but it’s far from alone. Here are some alternative startups from outside the US that have received corporate backing.
Nvidia backs 22 companies in September investment spree
September was chipmaker Nvidia’s most prolific month in terms of startup investment, backing 22 companies – the most for any corporate since the venture downturn in 2022. These investments have run the gamut from healthcare, photonics and industrial AI, to quantum computing, robotics, large language models and autonomous driving, underlining the breadth of its ambition.
Emerging themes: sport and medical robots
Other investment themes that have resonated with readers are a look at up-and-coming sports tech startups and medical devices technologies. Devices have been one of the few bright spots in what has otherwise been a subdued few years for the healthcare industry.
11 startups that could be the future of sport
The latest crop of sports sector startups is using AI and computer vision to change how sport is watched and experienced, and how athletes perform and market themselves, in addition to funding the growth of new sports. Here’s a selection featuring some of the new sportstech startups to keep an eye on
11 medical device startups that could change the future of healthcare
Medical devices have been one of the fastest growing areas of the startup ecosystem in the past year, buoyed by recent advances in artificial intelligence and robotics technology as well as university research. Here are 11 of the most exciting startups in the sector, from an ultrasound device that helps Alzheimer’s patients restore brain function to an AI sperm selection system for fertility treatment.
Maija Palmer
Maija Palmer is editor of Global Venturing and puts together the weekly email newsletter (sign up here for free).
