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. May 2022
    New sectorFirst Commerce & Marketing cheque. Before: 25 first cheques, 14 in Finance & Blockchain, 7 in Software & Developer Tools.
    Source
  2. May 2022
    GL Ventures backed ZMO.ai at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 16 first cheques, 11 in Healthcare & Life Sciences, 3 in Industry & Hardware.
  3. May 2022
    Inreach Ventures backed MyJam at Pre-seed
    New sectorFirst Commerce & Marketing cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
    Source
  4. May 2022
    Mosaic Ventures backed Smiler at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 28 first cheques, 14 in Software & Developer Tools, 10 in Finance & Blockchain.
    Source
  5. May 2022
    Visionaries Club backed GetHenry at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 23 first cheques, 14 in Software & Developer Tools, 5 in Finance & Blockchain.
    Source
  6. Apr 28, 2022
    Ulu Ventures backed Prixz at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 20 first cheques, 12 in Software & Developer Tools, 5 in Finance & Blockchain.
    New regionFirst deal in LATAM. Before: 20 first cheques, 18 in North America, 1 in UK & Ireland.
    Source
  7. Apr 7, 2022
    Atlantic Bridge backed Trustap at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 43 first cheques, 24 in Software & Developer Tools, 11 in Industry & Hardware.
    Source
  8. Apr 2022
    Arrington Capital backed Levana at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 29 first cheques, 17 in Finance & Blockchain, 7 in Software & Developer Tools.
  9. Apr 2022
    FinTech Collective backed Immo at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 21 first cheques, 14 in Finance & Blockchain, 4 in Software & Developer Tools.
    Source
  10. Apr 2022
    Visionaries Club backed Choco at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 21 first cheques, 13 in Software & Developer Tools, 5 in Finance & Blockchain.
    Source
  11. Mar 24, 2022
    Wintermute backed Archway at Seed
    New sectorFirst Industry & Hardware cheque. Before: 29 first cheques, 22 in Finance & Blockchain, 5 in Artificial Intelligence & Data.
    Source
  12. Mar 9, 2022
    Boldstart Ventures backed Upstream at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 29 first cheques, 22 in Software & Developer Tools, 4 in Finance & Blockchain.
  13. Mar 2022
    Gilde Healthcare backed LUMICKS at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 27 first cheques, 21 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  14. Mar 2022
    HubSpot backed Payhawk at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 21 first cheques, 19 in Software & Developer Tools, 1 in Healthcare & Life Sciences.
    Source
  15. Mar 2022
    New sectorFirst Software & Developer Tools cheque. Before: 19 first cheques, 17 in Healthcare & Life Sciences, 1 in Industry & Hardware.
    Source
  16. Mar 2022
    Next47 backed Metadata.io at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 40 first cheques, 25 in Software & Developer Tools, 9 in Industry & Hardware.
    Source
  17. Mar 2022
    OrbiMed backed Harvest Ministries at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 127 first cheques, 106 in Healthcare & Life Sciences, 9 in Software & Developer Tools.
  18. Mar 2022
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 25 first cheques, 18 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  19. Mar 2022
    Quona Capital backed Sokowatch at Series B
    New sectorFirst Industry & Hardware cheque. Before: 45 first cheques, 26 in Finance & Blockchain, 11 in Software & Developer Tools.
    Source
  20. Mar 2022
    RA Capital Management backed Lyra at Series C+
    New sectorFirst Finance & Blockchain cheque. Before: 132 first cheques, 114 in Healthcare & Life Sciences, 11 in Software & Developer Tools.
  21. Mar 2022
    Workday Ventures backed Sanctuary at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 27 first cheques, 20 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
  22. Feb 24, 2022
    Fabric VC backed Fabric at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 20 first cheques, 8 in Finance & Blockchain, 8 in Consumer, Lifestyle & Services.
  23. Feb 2022
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 10 in Finance & Blockchain, 4 in Software & Developer Tools.
  24. Feb 2022
    Framework Ventures backed Brahma at Seed
    New sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 7 in Software & Developer Tools, 6 in Finance & Blockchain.
  25. Feb 2022
    Hiinova Capital backed InterCloud at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 13 in Software & Developer Tools, 3 in Commerce & Marketing.
  26. Feb 2022
    New sectorFirst Commerce & Marketing cheque. Before: 22 first cheques, 12 in Consumer, Lifestyle & Services, 9 in Software & Developer Tools.
  27. Jan 31, 2022
    Blackfinch backed Odore at Seed
    New sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 11 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
    Source
  28. Jan 21, 2022
    Mechanism Capital backed Mavia at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 20 first cheques, 15 in Finance & Blockchain, 1 in Software & Developer Tools.
    Source
  29. Jan 11, 2022
    Sapphire Ventures backed project44 at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 87 first cheques, 60 in Software & Developer Tools, 11 in Finance & Blockchain.
    Source
  30. Jan 11, 2022
    Thoma Bravo backed project44 at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 22 first cheques, 15 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
    Source
  31. 2022
    .406 Ventures backed Keebo at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 41 first cheques, 20 in Software & Developer Tools, 13 in Healthcare & Life Sciences.
    Source
  32. 2022
    .406 Ventures backed Nomad at Series C+
    New sectorFirst Finance & Blockchain cheque. Before: 41 first cheques, 20 in Software & Developer Tools, 13 in Healthcare & Life Sciences.
    New regionFirst deal in LATAM. Before: 40 first cheques, 34 in North America, 3 in UK & Ireland.
  33. 2022
    Abingworth backed SFJ X at Seed
    New sectorFirst Industry & Hardware cheque. Before: 23 first cheques, 17 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  34. 2022
    Abingworth backed EVA at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 23 first cheques, 17 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  35. 2022
    Aglae Ventures backed Vetevo at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 9 in Software & Developer Tools, 5 in Commerce & Marketing.
  36. 2022
    Alkeon Capital backed Firebolt at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 25 first cheques, 11 in Software & Developer Tools, 10 in Finance & Blockchain.
    Source
  37. 2022
    Alkeon Capital backed Deliverect at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 25 first cheques, 11 in Software & Developer Tools, 10 in Finance & Blockchain.
    Source
  38. 2022
    Ally Bridge Group backed Elis at Seed
    New sectorFirst Commerce & Marketing cheque. Before: 23 first cheques, 17 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  39. 2022
    Arboretum Ventures backed Khalani at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 15 first cheques, 14 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
  40. 2022
    New sectorFirst Artificial Intelligence & Data cheque. Before: 23 first cheques, 15 in Finance & Blockchain, 6 in Software & Developer Tools.