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. Mar 2022
    New sectorFirst Software & Developer Tools cheque. Before: 19 first cheques, 17 in Healthcare & Life Sciences, 1 in Industry & Hardware.
    Source
  2. Mar 2022
    Next47 backed Metadata.io at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 40 first cheques, 25 in Software & Developer Tools, 9 in Industry & Hardware.
    Source
  3. Mar 2022
    OrbiMed backed Harvest Ministries at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 127 first cheques, 106 in Healthcare & Life Sciences, 9 in Software & Developer Tools.
  4. Mar 2022
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 25 first cheques, 18 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  5. Mar 2022
    Quona Capital backed Sokowatch at Series B
    New sectorFirst Industry & Hardware cheque. Before: 45 first cheques, 26 in Finance & Blockchain, 11 in Software & Developer Tools.
    Source
  6. Mar 2022
    RA Capital Management backed Lyra at Series C+
    New sectorFirst Finance & Blockchain cheque. Before: 132 first cheques, 114 in Healthcare & Life Sciences, 11 in Software & Developer Tools.
  7. Mar 2022
    Workday Ventures backed Sanctuary at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 27 first cheques, 20 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
  8. Feb 24, 2022
    Fabric VC backed Fabric at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 20 first cheques, 8 in Finance & Blockchain, 8 in Consumer, Lifestyle & Services.
  9. Feb 2022
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 10 in Finance & Blockchain, 4 in Software & Developer Tools.
  10. Feb 2022
    Framework Ventures backed Brahma at Seed
    New sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 7 in Software & Developer Tools, 6 in Finance & Blockchain.
  11. Feb 2022
    Hiinova Capital backed InterCloud at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 13 in Software & Developer Tools, 3 in Commerce & Marketing.
  12. Feb 2022
    New sectorFirst Commerce & Marketing cheque. Before: 22 first cheques, 12 in Consumer, Lifestyle & Services, 9 in Software & Developer Tools.
  13. Jan 31, 2022
    Blackfinch backed Odore at Seed
    New sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 11 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
    Source
  14. Jan 21, 2022
    Mechanism Capital backed Mavia at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 20 first cheques, 15 in Finance & Blockchain, 1 in Software & Developer Tools.
    Source
  15. Jan 11, 2022
    Sapphire Ventures backed project44 at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 87 first cheques, 60 in Software & Developer Tools, 11 in Finance & Blockchain.
    Source
  16. Jan 11, 2022
    Thoma Bravo backed project44 at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 22 first cheques, 15 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
    Source
  17. 2022
    .406 Ventures backed Nomad at Series C+
    New sectorFirst Finance & Blockchain cheque. Before: 41 first cheques, 20 in Software & Developer Tools, 13 in Healthcare & Life Sciences.
    New regionFirst deal in LATAM. Before: 40 first cheques, 34 in North America, 3 in UK & Ireland.
  18. 2022
    .406 Ventures backed Keebo at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 41 first cheques, 20 in Software & Developer Tools, 13 in Healthcare & Life Sciences.
    Source
  19. 2022
    Abingworth backed EVA at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 23 first cheques, 17 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  20. 2022
    Abingworth backed SFJ X at Seed
    New sectorFirst Industry & Hardware cheque. Before: 23 first cheques, 17 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  21. 2022
    Aglae Ventures backed Vetevo at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 9 in Software & Developer Tools, 5 in Commerce & Marketing.
  22. 2022
    Alkeon Capital backed Firebolt at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 25 first cheques, 11 in Software & Developer Tools, 10 in Finance & Blockchain.
    Source
  23. 2022
    Alkeon Capital backed Deliverect at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 25 first cheques, 11 in Software & Developer Tools, 10 in Finance & Blockchain.
    Source
  24. 2022
    Ally Bridge Group backed Elis at Seed
    New sectorFirst Commerce & Marketing cheque. Before: 23 first cheques, 17 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  25. 2022
    Arboretum Ventures backed Khalani at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 15 first cheques, 14 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
  26. 2022
    New sectorFirst Artificial Intelligence & Data cheque. Before: 23 first cheques, 15 in Finance & Blockchain, 6 in Software & Developer Tools.
  27. 2022
    Baird Capital backed EDO Interactive at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 32 first cheques, 16 in Healthcare & Life Sciences, 10 in Software & Developer Tools.
  28. 2022
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 32 first cheques, 16 in Healthcare & Life Sciences, 10 in Software & Developer Tools.
    New regionFirst deal in CEE. Before: 29 first cheques, 24 in North America, 2 in UK & Ireland.
  29. 2022
    Bitkraft backed Gearbox at Seed
    New sectorFirst Industry & Hardware cheque. Before: 41 first cheques, 32 in Consumer, Lifestyle & Services, 6 in Software & Developer Tools.
  30. 2022
    New sectorFirst Artificial Intelligence & Data cheque. Before: 18 first cheques, 15 in Finance & Blockchain, 3 in Software & Developer Tools.
  31. 2022
    New sectorFirst Commerce & Marketing cheque. Before: 22 first cheques, 18 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  32. 2022
    New sectorFirst Artificial Intelligence & Data cheque. Before: 22 first cheques, 18 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  33. 2022
    New sectorFirst Energy, Environment & Mobility cheque. Before: 20 first cheques, 11 in Finance & Blockchain, 6 in Software & Developer Tools.
  34. 2022
    New sectorFirst Commerce & Marketing cheque. Before: 21 first cheques, 9 in Software & Developer Tools, 8 in Healthcare & Life Sciences.
  35. 2022
    Energy Impact Partners backed Sibros at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 29 first cheques, 16 in Software & Developer Tools, 10 in Energy, Environment & Mobility.
    Source
  36. 2022
    GreatPoint Ventures backed Pretzel AI at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 16 first cheques, 8 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  37. 2022
    GS VENTURES backed Antwalk at Series A
    New sectorFirst Industry & Hardware cheque. Before: 18 first cheques, 11 in Software & Developer Tools, 7 in Consumer, Lifestyle & Services.
    Source
  38. 2022
    HubSpot backed Vection at Seed
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 14 in Software & Developer Tools, 1 in Healthcare & Life Sciences.
  39. 2022
    New sectorFirst Energy, Environment & Mobility cheque. Before: 54 first cheques, 43 in Healthcare & Life Sciences, 5 in Industry & Hardware.
  40. 2022
    Logos Capital backed BFree at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 25 first cheques, 23 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
    New regionFirst deal in MEA. Before: 25 first cheques, 21 in North America, 1 in UK & Ireland.
    Source