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) expenditure, patent filings (Brevet) 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. Finally, the positive results on innovation and the ROA indicator for mixed syndication seem to confirm the value added hypothesis. Thus, in the context of mixed syndication, this approach can help us to understand whether the heterogeneous resources and competences provided by public and private VCs can help the firm to achieve innovation and financial performance. In addition to cognitive resources, the financial resources provided by public and private VCs appear to have a strategic dimension in promoting and facilitating the creation of an innovation within the funded firm in order to achieve eventual financial performance.