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
New sectorNew regionEarlier stage
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.
- Sep 18, 2025
- Sep 17, 2025SourceNew sectorFirst Commerce & Marketing cheque. Before: 55 first cheques, 47 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
- Sep 10, 2025SourceNew sectorFirst Artificial Intelligence & Data cheque. Before: 22 first cheques, 17 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
- Sep 8, 2025New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 3 in Commerce & Marketing.
- Sep 2025New sectorFirst Energy, Environment & Mobility cheque. Before: 45 first cheques, 32 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
- Sep 2025New sectorFirst Consumer, Lifestyle & Services cheque. Before: 51 first cheques, 34 in Healthcare & Life Sciences, 7 in Industry & Hardware.
- Sep 2025SourceNew sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 13 in Energy, Environment & Mobility, 1 in Software & Developer Tools.
- Sep 2025New sectorFirst Energy, Environment & Mobility cheque. Before: 93 first cheques, 84 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
- Sep 2025New sectorFirst Healthcare & Life Sciences cheque. Before: 26 first cheques, 19 in Energy, Environment & Mobility, 3 in Software & Developer Tools.
- Sep 2025SourceNew sectorFirst Industry & Hardware cheque. Before: 17 first cheques, 11 in Software & Developer Tools, 3 in Healthcare & Life Sciences.
- Aug 27, 2025New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 15 in Software & Developer Tools, 3 in Commerce & Marketing.
- Aug 11, 2025SourceNew sectorFirst Finance & Blockchain cheque. Before: 43 first cheques, 33 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
- Aug 2025New sectorFirst Artificial Intelligence & Data cheque. Before: 19 first cheques, 14 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
- Aug 2025New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 7 in Software & Developer Tools, 7 in Finance & Blockchain.
- Aug 2025New sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 4 in Artificial Intelligence & Data.
- Jul 24, 2025New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
- Jul 24, 2025SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 92 first cheques, 48 in Finance & Blockchain, 31 in Software & Developer Tools.
- Jul 16, 2025New sectorFirst Artificial Intelligence & Data cheque. Before: 46 first cheques, 32 in Software & Developer Tools, 7 in Healthcare & Life Sciences.
- Jul 14, 2025SourceNew sectorFirst Industry & Hardware cheque. Before: 18 first cheques, 16 in Software & Developer Tools, 1 in Healthcare & Life Sciences.
- Jul 2025New sectorFirst Consumer, Lifestyle & Services cheque. Before: 29 first cheques, 18 in Finance & Blockchain, 8 in Software & Developer Tools.
- Jul 2025SourceNew sectorFirst Commerce & Marketing cheque. Before: 20 first cheques, 10 in Industry & Hardware, 6 in Artificial Intelligence & Data.
- Jun 20, 2025SourceNew sectorFirst Industry & Hardware cheque. Before: 35 first cheques, 31 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
- Jun 10, 2025New sectorFirst Commerce & Marketing cheque. Before: 20 first cheques, 15 in Software & Developer Tools, 3 in Finance & Blockchain.
- Jun 5, 2025New sectorFirst Finance & Blockchain cheque. Before: 19 first cheques, 11 in Software & Developer Tools, 5 in Healthcare & Life Sciences.
- Jun 2025New sectorFirst Healthcare & Life Sciences cheque. Before: 19 first cheques, 14 in Software & Developer Tools, 2 in Finance & Blockchain.
- Jun 2025
- Jun 2025SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 12 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
- Jun 2025SourceNew sectorFirst Healthcare & Life Sciences cheque. Before: 23 first cheques, 15 in Energy, Environment & Mobility, 6 in Software & Developer Tools.
- May 20, 2025SourceNew sectorFirst Industry & Hardware cheque. Before: 22 first cheques, 11 in Software & Developer Tools, 7 in Consumer, Lifestyle & Services.
- May 6, 2025SourceNew sectorFirst Industry & Hardware cheque. Before: 23 first cheques, 15 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
- May 2025New sectorFirst Consumer, Lifestyle & Services cheque. Before: 35 first cheques, 32 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
- May 2025New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 15 in Healthcare & Life Sciences, 1 in Finance & Blockchain.
- May 2025New sectorFirst Consumer, Lifestyle & Services cheque. Before: 24 first cheques, 16 in Software & Developer Tools, 4 in Industry & Hardware.
- May 2025
- May 2025SourceNew sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 9 in Finance & Blockchain, 3 in Software & Developer Tools.
- Apr 20, 2025New sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 9 in Finance & Blockchain, 4 in Software & Developer Tools.
- Apr 16, 2025New sectorFirst Commerce & Marketing cheque. Before: 20 first cheques, 14 in Finance & Blockchain, 3 in Software & Developer Tools.
- Apr 15, 2025SourceNew sectorFirst Consumer, Lifestyle & Services cheque. Before: 23 first cheques, 12 in Finance & Blockchain, 7 in Software & Developer Tools.
- Apr 14, 2025New sectorFirst Energy, Environment & Mobility cheque. Before: 22 first cheques, 16 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
- Apr 10, 2025New sectorFirst Finance & Blockchain cheque. Before: 25 first cheques, 17 in Software & Developer Tools, 4 in Commerce & Marketing.