This paper presents the effects of mixed syndication financing on the innovation and financial performance of start-ups. To this end, we have constructed a database of 585 financings carried out in 322 firms over a period of fifteen years. Using the level of research and development (R&D) expenditures, patent filings as a measure of innovation and ROA, ROI as measure of financial performance we try to observe if innovation financing and corporate financial performance constitute a similar path for public and private venture capital.