Abstract
In this paper, we examine about 3,000 startup companies and analyze how the multiple types of corporate venture capital (CVC) programs affect the growth of investee companies. We found that direct investment by the company itself or CVC has a positive impact on the realization of IPO. On the other hand, we were unable to find any evidence to suggest that investments from dedicated funds (ninin-kumiai funds) increase the probability of an IPO or shorten the time to IPO.
