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. Apr 2020
    Tenaya Capital backed Kargo at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Industry & Hardware.
    Source
  2. Apr 2020
    TLV Partners backed Granulate at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 12 in Software & Developer Tools, 2 in Industry & Hardware.
    Source
  3. Mar 23, 2020
    DNX Ventures backed Diligent Robotics at Series B
    New sectorFirst Healthcare & Life Sciences cheque. Before: 17 first cheques, 12 in Software & Developer Tools, 3 in Industry & Hardware.
  4. Feb 4, 2020
    Lead Edge Capital backed Hinge Health at Series C+
    New sectorFirst Healthcare & Life Sciences cheque. Before: 38 first cheques, 26 in Software & Developer Tools, 7 in Commerce & Marketing.
  5. Feb 2020
    New sectorFirst Artificial Intelligence & Data cheque. Before: 24 first cheques, 17 in Software & Developer Tools, 3 in Industry & Hardware.
    Source
  6. Feb 2020
    Raine backed Voy at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 30 first cheques, 17 in Consumer, Lifestyle & Services, 9 in Software & Developer Tools.
  7. Feb 2020
    Shasta Ventures backed Accion at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 26 first cheques, 16 in Software & Developer Tools, 5 in Consumer, Lifestyle & Services.
  8. Jan 7, 2020
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 18 first cheques, 15 in Software & Developer Tools, 2 in Finance & Blockchain.
    Source
  9. 2020
    5AM Ventures backed Envoy at Series C+
    New sectorFirst Software & Developer Tools cheque. Before: 17 first cheques, 14 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  10. 2020
    HBM Healthcare Investments backed Seer at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 32 first cheques, 31 in Healthcare & Life Sciences, 1 in Consumer, Lifestyle & Services.
  11. 2020
    New sectorFirst Commerce & Marketing cheque. Before: 19 first cheques, 13 in Healthcare & Life Sciences, 3 in Industry & Hardware.
  12. 2020
    MaC Venture Capital backed FidoCure at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 9 in Consumer, Lifestyle & Services, 5 in Software & Developer Tools.
  13. 2020
    New sectorFirst Energy, Environment & Mobility cheque. Before: 16 first cheques, 9 in Consumer, Lifestyle & Services, 5 in Software & Developer Tools.
    Source
  14. 2020
    New sectorFirst Software & Developer Tools cheque. Before: 17 first cheques, 15 in Healthcare & Life Sciences, 1 in Finance & Blockchain.
  15. 2020
    Quona Capital backed RentOK at Pre-seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 10 in Finance & Blockchain, 3 in Software & Developer Tools.
  16. 2020
    New sectorFirst Healthcare & Life Sciences cheque. Before: 40 first cheques, 22 in Software & Developer Tools, 10 in Consumer, Lifestyle & Services.