Investor behaviour

VCs breaking their thesis

A focused fund's first cheque outside its own track record: a new sector, a new region, or an entry far earlier than usual. The thesis is what each fund's earlier first cheques show (15 or more, 80% inside the focus). Follow-ons never count. Each deal is checked against the round's sources, and a deal whose article lists other investors and not the fund is left out.
907
VCs broke their pattern since 2020
495
of them in 2025 and 2026
14%
of focused VCs investing in 2026 (283 of 2023)
884 / 1087 / 31
new sector / region / earlier stage
VCs breaking their pattern, per month
Jan 2020Oct 2026

843 breaks are rounds known only by their year. They count in the totals and the list, not in the monthly bars.

  1. Oct 14, 2026
    New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 15 in Energy, Environment & Mobility, 3 in Industry & Hardware.
  2. Oct 2026
    Eiffel Investment Group backed Archeon Medical at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 8 in Energy, Environment & Mobility, 6 in Software & Developer Tools.
    Source
  3. Oct 2026
    OpenOcean backed Ubitium at Seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 59 first cheques, 44 in Software & Developer Tools, 7 in Commerce & Marketing.
    Source
  4. Oct 2026
    Restive backed Harbor at Seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 16 first cheques, 10 in Finance & Blockchain, 4 in Software & Developer Tools.
    Source
  5. Sep 30, 2026
    New sectorFirst Artificial Intelligence & Data cheque. Before: 18 first cheques, 14 in Software & Developer Tools, 2 in Finance & Blockchain.
    Source
  6. Sep 24, 2026
    LD Capital backed Konnex
    New sectorFirst Commerce & Marketing cheque. Before: 22 first cheques, 13 in Finance & Blockchain, 5 in Software & Developer Tools.
  7. Sep 21, 2026
    N49P backed Thri5 at Seed
    New sectorFirst Commerce & Marketing cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 3 in Industry & Hardware.
    Source
  8. Sep 17, 2026
    New sectorFirst Industry & Hardware cheque. Before: 20 first cheques, 11 in Software & Developer Tools, 5 in Finance & Blockchain.
    Source
  9. Sep 15, 2026
    Heavybit backed Antfly at Pre-seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 17 first cheques, 15 in Software & Developer Tools, 1 in Finance & Blockchain.
    Source
  10. Sep 15, 2026
    Standard Investments backed The Observer
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 16 first cheques, 7 in Industry & Hardware, 6 in Software & Developer Tools.
  11. Sep 6, 2026
    New sectorFirst Industry & Hardware cheque. Before: 20 first cheques, 10 in Software & Developer Tools, 6 in Healthcare & Life Sciences.
    Source
  12. Sep 2026
    Lunar Ventures backed Zenithon
    New sectorFirst Finance & Blockchain cheque. Before: 18 first cheques, 12 in Software & Developer Tools, 3 in Industry & Hardware.
    Source
  13. Sep 2026
    Lunar Ventures backed Zenithon AI at Seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 18 first cheques, 12 in Software & Developer Tools, 3 in Industry & Hardware.
    Source
  14. Sep 2026
    New sectorFirst Industry & Hardware cheque. Before: 23 first cheques, 18 in Software & Developer Tools, 3 in Artificial Intelligence & Data.
    Source
  15. Sep 2026
    Surveyor Capital backed Enveda at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 38 first cheques, 33 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
    Source
  16. Aug 21, 2026
    Xfund backed Onyx Odds at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 21 first cheques, 14 in Software & Developer Tools, 5 in Healthcare & Life Sciences.
  17. Aug 3, 2026
    Momenta Ventures backed OctaiPipe at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 9 in Industry & Hardware, 7 in Software & Developer Tools.
  18. Aug 2026
    New sectorFirst Energy, Environment & Mobility cheque. Before: 16 first cheques, 12 in Software & Developer Tools, 2 in Industry & Hardware.
    Source
  19. Aug 2026
    New sectorFirst Software & Developer Tools cheque. Before: 18 first cheques, 16 in Healthcare & Life Sciences, 1 in Finance & Blockchain.
    Source
  20. Aug 2026
    Ten13 backed Vexev
    New sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 8 in Software & Developer Tools, 4 in Finance & Blockchain.
    Source
  21. Aug 2026
    New sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 8 in Finance & Blockchain, 5 in Software & Developer Tools.
    Source
  22. Jul 22, 2026
    New sectorFirst Industry & Hardware cheque. Before: 23 first cheques, 15 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
  23. Jul 2, 2026
    Elephant Partners backed TJM Labs at Series B
    New sectorFirst Healthcare & Life Sciences cheque. Before: 19 first cheques, 15 in Software & Developer Tools, 1 in Finance & Blockchain.
  24. Jul 2026
    New sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 9 in Software & Developer Tools, 8 in Healthcare & Life Sciences.
  25. Jul 2026
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 8 in Energy, Environment & Mobility, 5 in Software & Developer Tools.
    Source
  26. Jul 2026
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 21 first cheques, 13 in Software & Developer Tools, 4 in Finance & Blockchain.
    Source
  27. Jul 2026
    New sectorFirst Industry & Hardware cheque. Before: 17 first cheques, 12 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
    Source
  28. Jun 29, 2026
    Domino VC backed Picogrid at Seed
    New sectorFirst Industry & Hardware cheque. Before: 19 first cheques, 13 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
    Source
  29. Jun 25, 2026
    Mango Capital backed Seltz at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 14 in Software & Developer Tools, 1 in Commerce & Marketing.
    Source
  30. Jun 18, 2026
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 38 first cheques, 28 in Healthcare & Life Sciences, 3 in Commerce & Marketing.
  31. Jun 18, 2026
    New sectorFirst Finance & Blockchain cheque. Before: 18 first cheques, 12 in Software & Developer Tools, 3 in Healthcare & Life Sciences.
    Source
  32. Jun 18, 2026
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 81 first cheques, 73 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  33. Jun 17, 2026
    Preface Ventures backed Clario at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 15 first cheques, 9 in Software & Developer Tools, 5 in Healthcare & Life Sciences.
    Source
  34. Jun 17, 2026
    Ridge Ventures backed Clario at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 38 first cheques, 28 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
    Source
  35. Jun 16, 2026
    House Fund backed Flip Labs at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 21 first cheques, 14 in Software & Developer Tools, 3 in Industry & Hardware.
  36. Jun 15, 2026
    Wipro Ventures backed Arcade at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 4 in Artificial Intelligence & Data.
  37. Jun 2026
    New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 14 in Software & Developer Tools, 3 in Healthcare & Life Sciences.
    Source
  38. Jun 2026
    New sectorFirst Energy, Environment & Mobility cheque. Before: 30 first cheques, 19 in Software & Developer Tools, 5 in Commerce & Marketing.
  39. Jun 2026
    Crosspoint Capital backed Ent.AI at Seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 16 first cheques, 12 in Software & Developer Tools, 2 in Commerce & Marketing.
    Source
  40. Jun 2026
    Cyberstarts backed NewCore at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 34 first cheques, 24 in Software & Developer Tools, 4 in Finance & Blockchain.
    Source