In venture capital, the role of corporate investors has long been debated. Are they truly aligned with startups? Do they move too slowly? Can they deliver more than just capital? These questions have shaped how corporate venture capital (CVC) has evolved over the last decade.

In this episode of Beyond the Core, we sat down with Dan Reed, Managing Director and President of American Family Ventures, to unpack how corporate venture capital has shifted, how his team transitioned from a single-LP corporate fund to a multi-LP venture model, and what it really takes to add value beyond just writing checks.