This pilot study aimed to identify the factors influencing corporations' willingness to establish Corporate Venture Capital (CVC) funds in regions outside core venture capital (VC) centers. Through content analysis, factors affecting the creation and continuation of CVC funds were identified and their interconnectedness was examined. These insights were applied to analyse the initial attempts of a major Latvian corporation to engage in CVC activities. The evaluation of the fund established by the corporation revealed financial losses and a lack of strategic integration of portfolio companies' business ideas into the corporation's operations. However, the corporation's pioneering efforts in CVC activities in an undeveloped and unsupportive environment were acknowledged as beneficial to the broader ecosystem. Several internal factors were identified as potentially detrimental to the fund's success, including limited interaction between the corporation's staff and the fund's portfolio companies and the corporation's partial state ownership. The study highlighted the undeveloped state of the Latvian CVC market and the still-maturing VC market. Nonetheless, public funding for VC funds was a key catalyst for the corporation’s fund's development. The study suggests that enhancing government policies and incentives is crucial for encouraging CVC activities in regions with undeveloped CVC markets. Further research is needed to identify other potential market players and their obstacles for CVC activities.