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. Jul 2021
    LeapFrog Investments backed HealthifyMe at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 19 first cheques, 13 in Finance & Blockchain, 3 in Healthcare & Life Sciences.
    Source
  2. Jul 2021
    Paradigm backed Genesis Digital Assets at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 26 first cheques, 18 in Finance & Blockchain, 4 in Software & Developer Tools.
  3. Jul 2021
    Ridge Ventures backed Loop Returns at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 12 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
  4. Jul 2021
    Slack Fund backed Sproutl at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 27 first cheques, 22 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
    Source
  5. Jul 2021
    Telstra Ventures backed reThought at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 12 in Software & Developer Tools, 1 in Consumer, Lifestyle & Services.
  6. Jul 2021
    Verizon Ventures backed Wiliot at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 18 first cheques, 12 in Software & Developer Tools, 3 in Industry & Hardware.
    Source
  7. Jun 2021
    Ally Bridge Group backed Strateos at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 19 first cheques, 15 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  8. Jun 2021
    Courtside Ventures backed Paceline at Series B
    New sectorFirst Healthcare & Life Sciences cheque. Before: 17 first cheques, 12 in Consumer, Lifestyle & Services, 3 in Software & Developer Tools.
    New regionFirst deal in MEA. Before: 17 first cheques, 14 in North America, 1 in DACH.
    Source
  9. Jun 2021
    Glilot Capital Partners backed Genoox at Series B
    New sectorFirst Healthcare & Life Sciences cheque. Before: 17 first cheques, 12 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
    Source
  10. Jun 2021
    Tribe Capital backed Arryved at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 20 first cheques, 12 in Software & Developer Tools, 4 in Finance & Blockchain.
    Source
  11. May 14, 2021
    Venrock backed Waybridge at Series B
    New sectorFirst Industry & Hardware cheque. Before: 33 first cheques, 25 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  12. May 2021
    New sectorFirst Energy, Environment & Mobility cheque. Before: 18 first cheques, 17 in Healthcare & Life Sciences, 1 in Consumer, Lifestyle & Services.
    Source
  13. May 2021
    New sectorFirst Finance & Blockchain cheque. Before: 25 first cheques, 17 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  14. May 2021
    PeakSpan Capital backed Crayon at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 18 first cheques, 16 in Software & Developer Tools, 1 in Healthcare & Life Sciences.
  15. May 2021
    New sectorFirst Industry & Hardware cheque. Before: 30 first cheques, 20 in Software & Developer Tools, 5 in Consumer, Lifestyle & Services.
  16. Apr 14, 2021
    Casdin Capital backed Multiply Labs at Series B
    New sectorFirst Industry & Hardware cheque. Before: 32 first cheques, 26 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  17. Apr 7, 2021
    Arch Venture Partners backed Vizgen at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 50 first cheques, 42 in Healthcare & Life Sciences, 3 in Industry & Hardware.
    Source
  18. Apr 2021
    Glilot Capital Partners backed Cherre at Series B
    New sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 12 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
    Source
  19. Apr 2021
    Kapor Capital backed CareCar at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 17 first cheques, 10 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
  20. Apr 2021
    New sectorFirst Energy, Environment & Mobility cheque. Before: 27 first cheques, 18 in Software & Developer Tools, 5 in Consumer, Lifestyle & Services.
  21. Apr 2021
    New sectorFirst Commerce & Marketing cheque. Before: 17 first cheques, 10 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
    Source
  22. Apr 2021
    TTV Capital backed Medxoom at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 17 first cheques, 10 in Finance & Blockchain, 4 in Software & Developer Tools.
    Source
  23. Apr 2021
    Updata Partners backed Vector at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 32 first cheques, 23 in Software & Developer Tools, 6 in Consumer, Lifestyle & Services.
    Source
  24. Apr 2021
    New sectorFirst Industry & Hardware cheque. Before: 32 first cheques, 23 in Software & Developer Tools, 6 in Consumer, Lifestyle & Services.
  25. Mar 3, 2021
    VENTURES byFounders backed PipeBio at Pre-seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 18 first cheques, 12 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
  26. Mar 2021
    .406 Ventures backed Corvus at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 33 first cheques, 18 in Software & Developer Tools, 9 in Healthcare & Life Sciences.
    New regionFirst deal in CEE. Before: 32 first cheques, 28 in North America, 3 in UK & Ireland.
    Source
  27. Mar 2021
    New sectorFirst Finance & Blockchain cheque. Before: 17 first cheques, 14 in Software & Developer Tools, 2 in Artificial Intelligence & Data.
    Source
  28. Mar 2021
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 12 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
  29. Mar 2021
    Icebreaker VC backed Sellforte at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 2 in Industry & Hardware.
    Source
  30. Mar 2021
    Newion backed Dexter Energy at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 25 first cheques, 19 in Software & Developer Tools, 2 in Industry & Hardware.
  31. Mar 2021
    New sectorFirst Healthcare & Life Sciences cheque. Before: 18 first cheques, 11 in Finance & Blockchain, 6 in Software & Developer Tools.
    Source
  32. Mar 2021
    Rally Ventures backed Crio at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 22 first cheques, 18 in Software & Developer Tools, 1 in Finance & Blockchain.
  33. Mar 2021
    Sapphire Ventures backed 6sense at Series C+
    New sectorFirst Commerce & Marketing cheque. Before: 63 first cheques, 50 in Software & Developer Tools, 7 in Finance & Blockchain.
    Source
  34. Mar 2021
    Slack Fund backed Around at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 22 first cheques, 19 in Software & Developer Tools, 1 in Healthcare & Life Sciences.
  35. Mar 2021
    Storm Ventures backed Populus at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 39 first cheques, 31 in Software & Developer Tools, 3 in Industry & Hardware.
    Source
  36. Mar 2021
    Venrock backed Auditoria at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 30 first cheques, 23 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  37. Feb 25, 2021
    New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 15 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  38. Feb 24, 2021
    New sectorFirst Energy, Environment & Mobility cheque. Before: 20 first cheques, 19 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
    Source
  39. Feb 8, 2021
    VENTURES byFounders backed Spiio at Pre-seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 16 first cheques, 11 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
  40. Feb 2021
    Bm|t backed Revincus at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 16 first cheques, 10 in Healthcare & Life Sciences, 3 in Software & Developer Tools.