There has been an increase in regulations on cross-border investments globally, partially in response to concerns about the knowledge spillovers and transfers through those investments. This work-in-progress, through the case of US Venture Capital (VC) investments, identifies knowledge spillover in the cross-border VC investments, studies the channels of spillover and their effects on innovation. So far, through staggered DID with complementary identification strategies, I find that US cross-border VC investments increase US citations to foreign patents by 27%. The channel exercise shows that spillovers are not even across the US. While VC investors foster knowledge spillover through their pre-existing networks across space, they do not have significant spillovers to other geographically proximate entities. Next steps are to study spillover through the inventor network channel and to study the effects on innovation.