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. Sep 2022
    Golden Ventures backed Avidbots at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 24 first cheques, 12 in Software & Developer Tools, 8 in Consumer, Lifestyle & Services.
    Source
  2. Sep 2022
    Surveyor Capital backed ACELYRIN at Series C+
    New sectorFirst Software & Developer Tools cheque. Before: 26 first cheques, 26 in Healthcare & Life Sciences.
    Source
  3. Sep 2022
    Wintermute backed KAP Games at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 41 first cheques, 29 in Finance & Blockchain, 7 in Artificial Intelligence & Data.
  4. Aug 31, 2022
    Gradient Ventures backed Spectral at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 44 first cheques, 31 in Software & Developer Tools, 6 in Finance & Blockchain.
    Source
  5. Aug 30, 2022
    Innovation Nest backed Sense Street at Series C+
    New sectorFirst Finance & Blockchain cheque. Before: 20 first cheques, 13 in Software & Developer Tools, 3 in Industry & Hardware.
  6. Aug 26, 2022
    New sectorFirst Finance & Blockchain cheque. Before: 18 first cheques, 14 in Energy, Environment & Mobility, 4 in Industry & Hardware.
  7. Aug 25, 2022
    Atlassian Ventures backed Allma at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 20 first cheques, 20 in Software & Developer Tools.
  8. Aug 2022
    Avidity Partners backed Prellis at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 19 first cheques, 14 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
    Source
  9. Aug 2022
    EQT Ventures backed Rebelle at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 10 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  10. Aug 2022
    Golden Ventures backed Vetted at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 23 first cheques, 12 in Software & Developer Tools, 8 in Consumer, Lifestyle & Services.
  11. Aug 2022
    New sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 14 in North America, 1 in LATAM.
    Source
  12. Jul 2022
    New sectorFirst Software & Developer Tools cheque. Before: 17 first cheques, 15 in Energy, Environment & Mobility, 1 in Industry & Hardware.
    New regionFirst deal in Southern Europe. Before: 17 first cheques, 15 in North America, 1 in UK & Ireland.
    Source
  13. Jul 2022
    BVF Partners backed Aravive at Series B
    New sectorFirst Software & Developer Tools cheque. Before: 17 first cheques, 17 in Healthcare & Life Sciences.
  14. Jul 2022
    New sectorFirst Energy, Environment & Mobility cheque. Before: 22 first cheques, 9 in Software & Developer Tools, 9 in Healthcare & Life Sciences.
    Source
  15. Jul 2022
    New Forge backed Morgen at Pre-seed
    New sectorFirst Finance & Blockchain cheque. Before: 23 first cheques, 17 in Software & Developer Tools, 4 in Industry & Hardware.
  16. Jul 2022
    PayU backed BKN301 at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 12 in Finance & Blockchain, 2 in Software & Developer Tools.
    Source
  17. Jun 28, 2022
    HashKey Capital backed peaq at Seed
    New sectorFirst Industry & Hardware cheque. Before: 18 first cheques, 12 in Finance & Blockchain, 3 in Software & Developer Tools.
    Source
  18. Jun 15, 2022
    New sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 15 in Energy, Environment & Mobility, 1 in Artificial Intelligence & Data.
    Source
  19. Jun 8, 2022
    New sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
    Source
  20. Jun 8, 2022
    New sectorFirst Artificial Intelligence & Data cheque. Before: 62 first cheques, 38 in Finance & Blockchain, 14 in Software & Developer Tools.
  21. Jun 2022
    Asabys Partners backed Amelia at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 16 first cheques, 13 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  22. Jun 2022
    Bitkraft backed TRIPP at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 70 first cheques, 50 in Consumer, Lifestyle & Services, 13 in Software & Developer Tools.
  23. Jun 2022
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 26 first cheques, 14 in Finance & Blockchain, 7 in Software & Developer Tools.
    Source
  24. Jun 2022
    Energy Impact Partners backed ESG Book at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 40 first cheques, 19 in Software & Developer Tools, 16 in Energy, Environment & Mobility.
    Source
  25. May 26, 2022
    Zeev Ventures backed Circles at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 25 first cheques, 13 in Software & Developer Tools, 7 in Finance & Blockchain.
  26. May 17, 2022
    New sectorFirst Energy, Environment & Mobility cheque. Before: 139 first cheques, 119 in Healthcare & Life Sciences, 12 in Software & Developer Tools.
  27. May 2022
    New sectorFirst Commerce & Marketing cheque. Before: 25 first cheques, 14 in Finance & Blockchain, 7 in Software & Developer Tools.
    Source
  28. 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.
  29. 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
  30. 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
  31. 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
  32. 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
  33. 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
  34. 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.
  35. 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
  36. 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
  37. 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
  38. 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.
  39. 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.
  40. 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