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Consistent with the resource-based view research on investment syndicates indicates relative performance advantages of syndicate-backed ventures. However, in line with agency theory, the literature shows that heterogeneous syndicates between independent venture capital (IVC) and corporate venture capital (CVC) produce portfolio firms that exert only marginal growth and are less likely to exit successfully. These contrasting views motivate this study, which aims to shed light on the determinants of value creation for new venture firms in IVC–CVC co-investing. Our qualitative research builds on a cross-industry sample of 35 interviewees identifying a distinctive set of value drivers comprising shareholder relationships, corporate setup, venture life cycle, and deal terms.