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. 2023
    Leaps by Bayer backed EarthOptics at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 12 in Healthcare & Life Sciences, 3 in Energy, Environment & Mobility.
    Source
  2. 2023
    Logos Capital backed Chester's at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 30 first cheques, 27 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
  3. 2023
    Makai VC backed Ampaire at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 22 first cheques, 10 in Finance & Blockchain, 9 in Healthcare & Life Sciences.
  4. 2023
    Makai VC backed Fabrica at Series C+
    New sectorFirst Software & Developer Tools cheque. Before: 22 first cheques, 10 in Finance & Blockchain, 9 in Healthcare & Life Sciences.
    New regionFirst deal in UK & Ireland. Before: 22 first cheques, 19 in North America, 2 in APAC.
  5. 2023
    Makai VC backed Electric Era at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 22 first cheques, 10 in Finance & Blockchain, 9 in Healthcare & Life Sciences.
  6. 2023
    New sectorFirst Artificial Intelligence & Data cheque. Before: 22 first cheques, 19 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
  7. 2023
    MIG Fonds backed Astra at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 7 in Healthcare & Life Sciences, 5 in Industry & Hardware.
  8. 2023
    Mouro Capital backed Virages at Series A
    New sectorFirst Industry & Hardware cheque. Before: 24 first cheques, 15 in Finance & Blockchain, 5 in Software & Developer Tools.
  9. 2023
    MPM Capital backed SeaWolf at Seed
    New sectorFirst Industry & Hardware cheque. Before: 25 first cheques, 24 in Healthcare & Life Sciences, 1 in Consumer, Lifestyle & Services.
  10. 2023
    MPM Capital backed Astronautx Limited at Series A
    New sectorFirst Industry & Hardware cheque. Before: 25 first cheques, 24 in Healthcare & Life Sciences, 1 in Consumer, Lifestyle & Services.
  11. 2023
    MPM Capital backed Arialys at Seed
    New sectorFirst Software & Developer Tools cheque. Before: 25 first cheques, 24 in Healthcare & Life Sciences, 1 in Consumer, Lifestyle & Services.
    Source
  12. 2023
    Next47 backed Pando at Series B
    New sectorFirst Healthcare & Life Sciences cheque. Before: 47 first cheques, 29 in Software & Developer Tools, 9 in Industry & Hardware.
  13. 2023
    New sectorFirst Industry & Hardware cheque. Before: 27 first cheques, 19 in Software & Developer Tools, 3 in Finance & Blockchain.
  14. 2023
    PayPal Ventures backed Virages at Series A
    New sectorFirst Industry & Hardware cheque. Before: 34 first cheques, 18 in Finance & Blockchain, 11 in Software & Developer Tools.
  15. 2023
    New sectorFirst Industry & Hardware cheque. Before: 41 first cheques, 32 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  16. 2023
    New sectorFirst Software & Developer Tools cheque. Before: 19 first cheques, 14 in Energy, Environment & Mobility, 4 in Industry & Hardware.
  17. 2023
    New sectorFirst Energy, Environment & Mobility cheque. Before: 32 first cheques, 29 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  18. 2023
    Sands Capital Ventures backed Hawk at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 23 first cheques, 10 in Software & Developer Tools, 10 in Healthcare & Life Sciences.
  19. 2023
    New sectorFirst Industry & Hardware cheque. Before: 22 first cheques, 15 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  20. 2023
    SHS Capital backed Crystal at Seed
    New sectorFirst Software & Developer Tools cheque. Before: 27 first cheques, 23 in Healthcare & Life Sciences, 4 in Industry & Hardware.
  21. 2023
    Sonae IM backed Medux at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 21 first cheques, 16 in Software & Developer Tools, 2 in Commerce & Marketing.
    Source
  22. 2023
    Sorenson Ventures backed Evo at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 46 first cheques, 33 in Software & Developer Tools, 4 in Industry & Hardware.
  23. 2023
    New sectorFirst Commerce & Marketing cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
  24. 2023
    Stage 2 Capital backed Terminal49 at Series A
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
    Source
  25. 2023
    Ulu Ventures backed Banyan Nation at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 12 in Software & Developer Tools, 5 in Finance & Blockchain.
    New regionFirst deal in APAC. Before: 21 first cheques, 18 in North America, 1 in UK & Ireland.
  26. 2023
    VI Partners backed Sibylla at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 24 first cheques, 12 in Healthcare & Life Sciences, 8 in Software & Developer Tools.
  27. Dec 22, 2022
    New sectorFirst Energy, Environment & Mobility cheque. Before: 52 first cheques, 38 in Software & Developer Tools, 4 in Commerce & Marketing.
  28. Dec 13, 2022
    New sectorFirst Industry & Hardware cheque. Before: 34 first cheques, 25 in Healthcare & Life Sciences, 5 in Energy, Environment & Mobility.
  29. Dec 2022
    Two Sigma Ventures backed Enveda at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 34 first cheques, 26 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
    Source
  30. Nov 23, 2022
    Two Sigma Ventures backed Placed at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 33 first cheques, 26 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
  31. Nov 2022
    Alchemist backed Segmed at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 12 in Software & Developer Tools, 2 in Finance & Blockchain.
    Source
  32. Nov 2022
    Atlassian Ventures backed Tabnine at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 21 first cheques, 20 in Software & Developer Tools, 1 in Consumer, Lifestyle & Services.
    Source
  33. Nov 2022
    Brighteye Ventures backed Rosaly at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 23 first cheques, 17 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
  34. Nov 2022
    Grotech Ventures backed Subsalt at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 48 first cheques, 34 in Software & Developer Tools, 5 in Commerce & Marketing.
  35. Nov 2022
    New sectorFirst Finance & Blockchain cheque. Before: 30 first cheques, 15 in Consumer, Lifestyle & Services, 12 in Software & Developer Tools.
    Source
  36. Oct 5, 2022
    SET Ventures backed Frequenz at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 15 first cheques, 12 in Energy, Environment & Mobility, 2 in Industry & Hardware.
    Source
  37. Oct 2022
    Fuse backed GoodShip at Pre-seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 23 first cheques, 14 in Software & Developer Tools, 6 in Finance & Blockchain.
    Source
  38. Oct 2022
    New sectorFirst Commerce & Marketing cheque. Before: 29 first cheques, 14 in Software & Developer Tools, 10 in Finance & Blockchain.
    Source
  39. Sep 7, 2022
    NewView Capital backed ClearMotion at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 7 in Software & Developer Tools, 5 in Finance & Blockchain.
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 13 in North America, 2 in APAC.
    Source
  40. Sep 2022
    Advent Life Sciences backed TRIDEK-ONE at Series A
    New sectorFirst Industry & Hardware cheque. Before: 32 first cheques, 25 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
    Source