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.
- 2024New sectorFirst Artificial Intelligence & Data cheque. Before: 39 first cheques, 33 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
- 2024SourceNew sectorFirst Artificial Intelligence & Data cheque. Before: 39 first cheques, 33 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
- 2024New sectorFirst Commerce & Marketing cheque. Before: 17 first cheques, 13 in Software & Developer Tools, 3 in Finance & Blockchain.
- Dec 13, 2023SourceNew sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Industry & Hardware.
- Dec 2023New sectorFirst Software & Developer Tools cheque. Before: 26 first cheques, 25 in Healthcare & Life Sciences, 1 in Finance & Blockchain.
- Dec 2023New sectorFirst Software & Developer Tools cheque. Before: 15 first cheques, 7 in Industry & Hardware, 5 in Energy, Environment & Mobility.
- Nov 16, 2023New sectorFirst Commerce & Marketing cheque. Before: 47 first cheques, 33 in Software & Developer Tools, 6 in Industry & Hardware.
- Nov 2023New sectorFirst Consumer, Lifestyle & Services cheque. Before: 42 first cheques, 31 in Healthcare & Life Sciences, 5 in Software & Developer Tools.New regionFirst deal in APAC. Before: 41 first cheques, 33 in North America, 3 in UK & Ireland.
- Nov 2023New sectorFirst Industry & Hardware cheque. Before: 24 first cheques, 16 in Software & Developer Tools, 4 in Commerce & Marketing.
- Nov 2023SourceNew sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 7 in Software & Developer Tools, 5 in Finance & Blockchain.
- Nov 2023New sectorFirst Industry & Hardware cheque. Before: 34 first cheques, 27 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
- Oct 11, 2023New sectorFirst Artificial Intelligence & Data cheque. Before: 28 first cheques, 18 in Finance & Blockchain, 8 in Software & Developer Tools.
- Oct 2023New sectorFirst Energy, Environment & Mobility cheque. Before: 58 first cheques, 39 in Software & Developer Tools, 9 in Finance & Blockchain.
- Sep 2023SourceNew sectorFirst Healthcare & Life Sciences cheque. Before: 40 first cheques, 29 in Software & Developer Tools, 6 in Artificial Intelligence & Data.
- Sep 2023New sectorFirst Artificial Intelligence & Data cheque. Before: 37 first cheques, 24 in Finance & Blockchain, 7 in Software & Developer Tools.
- Aug 29, 2023SourceNew sectorFirst Consumer, Lifestyle & Services cheque. Before: 56 first cheques, 38 in Software & Developer Tools, 9 in Finance & Blockchain.
- Aug 16, 2023SourceNew sectorFirst Industry & Hardware cheque. Before: 18 first cheques, 12 in Software & Developer Tools, 3 in Commerce & Marketing.
- Aug 2023New sectorFirst Commerce & Marketing cheque. Before: 36 first cheques, 26 in Software & Developer Tools, 3 in Finance & Blockchain.
- Aug 2023New sectorFirst Consumer, Lifestyle & Services cheque. Before: 18 first cheques, 14 in Software & Developer Tools, 2 in Commerce & Marketing.
- Aug 2023New sectorFirst Finance & Blockchain cheque. Before: 28 first cheques, 16 in Energy, Environment & Mobility, 7 in Software & Developer Tools.
- Aug 2023New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Artificial Intelligence & Data.
- Aug 2023New sectorFirst Commerce & Marketing cheque. Before: 28 first cheques, 14 in Software & Developer Tools, 9 in Healthcare & Life Sciences.
- Aug 2023SourceNew sectorFirst Software & Developer Tools cheque. Before: 31 first cheques, 29 in Healthcare & Life Sciences, 1 in Industry & Hardware.
- Aug 2023SourceNew sectorFirst Software & Developer Tools cheque. Before: 37 first cheques, 33 in Healthcare & Life Sciences, 2 in Industry & Hardware.
- Aug 2023New sectorFirst Energy, Environment & Mobility cheque. Before: 43 first cheques, 29 in Software & Developer Tools, 7 in Consumer, Lifestyle & Services.
- Jul 18, 2023SourceNew sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 12 in Software & Developer Tools, 2 in Commerce & Marketing.
- Jul 17, 2023New sectorFirst Consumer, Lifestyle & Services cheque. Before: 23 first cheques, 16 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
- Jul 17, 2023SourceNew sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 7 in Software & Developer Tools, 6 in Finance & Blockchain.
- Jul 2023New sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 12 in Software & Developer Tools, 5 in Consumer, Lifestyle & Services.
- Jul 2023SourceNew sectorFirst Industry & Hardware cheque. Before: 37 first cheques, 25 in Finance & Blockchain, 6 in Software & Developer Tools.
- Jul 2023New sectorFirst Artificial Intelligence & Data cheque. Before: 16 first cheques, 10 in Finance & Blockchain, 3 in Consumer, Lifestyle & Services.
- Jul 2023SourceNew sectorFirst Finance & Blockchain cheque. Before: 26 first cheques, 16 in Software & Developer Tools, 8 in Consumer, Lifestyle & Services.
- Jul 2023SourceNew sectorFirst Commerce & Marketing cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Artificial Intelligence & Data.
- Jun 27, 2023SourceNew sectorFirst Healthcare & Life Sciences cheque. Before: 20 first cheques, 14 in Energy, Environment & Mobility, 3 in Industry & Hardware.
- Jun 2023SourceNew sectorFirst Industry & Hardware cheque. Before: 17 first cheques, 12 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
- Jun 2023SourceNew sectorFirst Software & Developer Tools cheque. Before: 26 first cheques, 23 in Healthcare & Life Sciences, 3 in Consumer, Lifestyle & Services.
- Jun 2023SourceNew sectorFirst Consumer, Lifestyle & Services cheque. Before: 36 first cheques, 24 in Finance & Blockchain, 7 in Software & Developer Tools.
- Jun 2023
- Jun 2023SourceNew sectorFirst Healthcare & Life Sciences cheque. Before: 27 first cheques, 16 in Software & Developer Tools, 6 in Finance & Blockchain.
- May 2023New sectorFirst Energy, Environment & Mobility cheque. Before: 27 first cheques, 17 in Software & Developer Tools, 5 in Consumer, Lifestyle & Services.