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. 2024
    Vivo Ventures backed TENAX at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 39 first cheques, 33 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  2. 2024
    Vivo Ventures backed Regulus at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 39 first cheques, 33 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
    Source
  3. 2024
    New sectorFirst Commerce & Marketing cheque. Before: 17 first cheques, 13 in Software & Developer Tools, 3 in Finance & Blockchain.
  4. Dec 13, 2023
    Auriga Partners backed Cryptonext at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Industry & Hardware.
    Source
  5. Dec 2023
    New sectorFirst Software & Developer Tools cheque. Before: 26 first cheques, 25 in Healthcare & Life Sciences, 1 in Finance & Blockchain.
  6. Dec 2023
    TDK Ventures backed AMB Technologies at Series B
    New sectorFirst Software & Developer Tools cheque. Before: 15 first cheques, 7 in Industry & Hardware, 5 in Energy, Environment & Mobility.
  7. Nov 16, 2023
    DNX Ventures backed Crisp at Series C+
    New sectorFirst Commerce & Marketing cheque. Before: 47 first cheques, 33 in Software & Developer Tools, 6 in Industry & Hardware.
  8. Nov 2023
    New 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.
  9. Nov 2023
    Courtin Investment backed Le Fourgon at Series A
    New sectorFirst Industry & Hardware cheque. Before: 24 first cheques, 16 in Software & Developer Tools, 4 in Commerce & Marketing.
  10. Nov 2023
    Portfolio Ventures backed SeeChange at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 7 in Software & Developer Tools, 5 in Finance & Blockchain.
    Source
  11. Nov 2023
    New sectorFirst Industry & Hardware cheque. Before: 34 first cheques, 27 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  12. Oct 11, 2023
    IA Capital Group backed Matic at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 28 first cheques, 18 in Finance & Blockchain, 8 in Software & Developer Tools.
  13. Oct 2023
    New sectorFirst Energy, Environment & Mobility cheque. Before: 58 first cheques, 39 in Software & Developer Tools, 9 in Finance & Blockchain.
  14. Sep 2023
    New sectorFirst Healthcare & Life Sciences cheque. Before: 40 first cheques, 29 in Software & Developer Tools, 6 in Artificial Intelligence & Data.
    Source
  15. Sep 2023
    Motive Partners backed Field at Seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 37 first cheques, 24 in Finance & Blockchain, 7 in Software & Developer Tools.
  16. Aug 29, 2023
    Gradient Ventures backed Jitty at Pre-seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 56 first cheques, 38 in Software & Developer Tools, 9 in Finance & Blockchain.
    Source
  17. Aug 16, 2023
    January Capital backed Marqo at Seed
    New sectorFirst Industry & Hardware cheque. Before: 18 first cheques, 12 in Software & Developer Tools, 3 in Commerce & Marketing.
    Source
  18. Aug 2023
    Cervin Ventures backed Catch&Release at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 36 first cheques, 26 in Software & Developer Tools, 3 in Finance & Blockchain.
  19. Aug 2023
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 18 first cheques, 14 in Software & Developer Tools, 2 in Commerce & Marketing.
  20. Aug 2023
    Clean Energy Ventures backed Hydrogen at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 28 first cheques, 16 in Energy, Environment & Mobility, 7 in Software & Developer Tools.
  21. Aug 2023
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Artificial Intelligence & Data.
  22. Aug 2023
    GreatPoint Ventures backed TryNow at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 28 first cheques, 14 in Software & Developer Tools, 9 in Healthcare & Life Sciences.
  23. Aug 2023
    Pontifax Capital backed Abcuro at Series B
    New sectorFirst Software & Developer Tools cheque. Before: 31 first cheques, 29 in Healthcare & Life Sciences, 1 in Industry & Hardware.
    Source
  24. Aug 2023
    Sanofi Capital backed Abcuro at Series B
    New sectorFirst Software & Developer Tools cheque. Before: 37 first cheques, 33 in Healthcare & Life Sciences, 2 in Industry & Hardware.
    Source
  25. Aug 2023
    New sectorFirst Energy, Environment & Mobility cheque. Before: 43 first cheques, 29 in Software & Developer Tools, 7 in Consumer, Lifestyle & Services.
  26. Jul 18, 2023
    New sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 12 in Software & Developer Tools, 2 in Commerce & Marketing.
    Source
  27. Jul 17, 2023
    Avidity Partners backed Organos, Inc. at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 23 first cheques, 16 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  28. Jul 17, 2023
    Solana Ventures backed Hivemapper at Series A
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 7 in Software & Developer Tools, 6 in Finance & Blockchain.
    Source
  29. Jul 2023
    A Ventures backed PerPlant at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 12 in Software & Developer Tools, 5 in Consumer, Lifestyle & Services.
  30. Jul 2023
    CommerzVentures backed Gradient Labs at Series A
    New sectorFirst Industry & Hardware cheque. Before: 37 first cheques, 25 in Finance & Blockchain, 6 in Software & Developer Tools.
    Source
  31. Jul 2023
    Fenbushi Capital backed RiscZero at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 16 first cheques, 10 in Finance & Blockchain, 3 in Consumer, Lifestyle & Services.
  32. Jul 2023
    GS VENTURES backed mattilda at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 26 first cheques, 16 in Software & Developer Tools, 8 in Consumer, Lifestyle & Services.
    Source
  33. Jul 2023
    KPN Ventures backed Airalo at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Artificial Intelligence & Data.
    Source
  34. Jun 27, 2023
    At One Ventures backed Dalan at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 20 first cheques, 14 in Energy, Environment & Mobility, 3 in Industry & Hardware.
    Source
  35. Jun 2023
    Arkin Ventures backed Percepto at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 17 first cheques, 12 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    Source
  36. Jun 2023
    New sectorFirst Software & Developer Tools cheque. Before: 26 first cheques, 23 in Healthcare & Life Sciences, 3 in Consumer, Lifestyle & Services.
    Source
  37. Jun 2023
    Motive Partners backed Nelly at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 36 first cheques, 24 in Finance & Blockchain, 7 in Software & Developer Tools.
    Source
  38. Jun 2023
    Newion backed delphai at Seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 40 first cheques, 31 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
    Source
  39. Jun 2023
    Visionaries Club backed GetHarley at Series B
    New sectorFirst Healthcare & Life Sciences cheque. Before: 27 first cheques, 16 in Software & Developer Tools, 6 in Finance & Blockchain.
    Source
  40. May 2023
    Reach Capital backed Campus at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 27 first cheques, 17 in Software & Developer Tools, 5 in Consumer, Lifestyle & Services.