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. 2022
    Next47 backed neo2 at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 35 first cheques, 22 in Software & Developer Tools, 9 in Industry & Hardware.
  2. 2022
    Next47 backed EVA at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 35 first cheques, 22 in Software & Developer Tools, 9 in Industry & Hardware.
  3. 2022
    Nyca Partners backed Ovation at Series C+
    New sectorFirst Healthcare & Life Sciences cheque. Before: 28 first cheques, 17 in Finance & Blockchain, 6 in Software & Developer Tools.
  4. 2022
    One Peak Partners backed Solwena at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 20 first cheques, 14 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
  5. 2022
    PeakSpan Capital backed Tapcheck at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 19 first cheques, 16 in Software & Developer Tools, 1 in Healthcare & Life Sciences.
    Source
  6. 2022
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 85 first cheques, 75 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  7. 2022
    Pontifax Capital backed Raziele Inc at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 24 first cheques, 23 in Healthcare & Life Sciences, 1 in Commerce & Marketing.
  8. 2022
    PSG backed Penny at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 21 first cheques, 12 in Software & Developer Tools, 5 in Commerce & Marketing.
  9. 2022
    Samsara Ventures backed ACELYRIN at Series C+
    New sectorFirst Software & Developer Tools cheque. Before: 31 first cheques, 29 in Healthcare & Life Sciences, 1 in Industry & Hardware.
    Source
  10. 2022
    Section 32 backed ONI at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 10 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
    Source
  11. 2022
    Ship2B Ventures backed DANA at Series C+
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 6 in Software & Developer Tools, 6 in Healthcare & Life Sciences.
  12. 2022
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 19 first cheques, 13 in Software & Developer Tools, 3 in Industry & Hardware.
  13. 2022
    New sectorFirst Energy, Environment & Mobility cheque. Before: 45 first cheques, 35 in Software & Developer Tools, 3 in Commerce & Marketing.
  14. 2022
    Wintermute backed HAL.xyz at Seed
    New sectorFirst Software & Developer Tools cheque. Before: 15 first cheques, 11 in Finance & Blockchain, 3 in Artificial Intelligence & Data.
  15. Dec 15, 2021
    2AM Ventures backed Krave Mart at Pre-seed
    New sectorFirst Commerce & Marketing cheque. Before: 23 first cheques, 15 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
    Earlier stageFirst entry as early as Pre-seed. Before: 19 entries with a sourced stage, 8 at Series A, 6 at Series B.
    Source
  16. Dec 2, 2021
    Luminar Ventures backed Carla at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 15 first cheques, 7 in Software & Developer Tools, 5 in Finance & Blockchain.
    Source
  17. Dec 2021
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Industry & Hardware.
  18. Dec 2021
    JMI Equity backed ButterflyMX at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 41 first cheques, 29 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
    Source
  19. Dec 2021
    OpenOcean backed Surglogs at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 40 first cheques, 33 in Software & Developer Tools, 3 in Commerce & Marketing.
    Source
  20. Dec 2021
    ParaFi Capital backed Figurement at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 20 first cheques, 14 in Finance & Blockchain, 3 in Software & Developer Tools.
  21. Nov 23, 2021
    Telstra Ventures backed Luma Health at Series C+
    New sectorFirst Healthcare & Life Sciences cheque. Before: 18 first cheques, 14 in Software & Developer Tools, 1 in Finance & Blockchain.
  22. Nov 19, 2021
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 33 first cheques, 22 in Finance & Blockchain, 6 in Software & Developer Tools.
    Source
  23. Nov 16, 2021
    New sectorFirst Finance & Blockchain cheque. Before: 18 first cheques, 10 in Software & Developer Tools, 6 in Consumer, Lifestyle & Services.
    Source
  24. Nov 5, 2021
    New sectorFirst Industry & Hardware cheque. Before: 25 first cheques, 15 in Finance & Blockchain, 8 in Software & Developer Tools.
  25. Nov 2021
    New sectorFirst Industry & Hardware cheque. Before: 34 first cheques, 23 in Finance & Blockchain, 8 in Software & Developer Tools.
  26. Nov 2021
    New sectorFirst Artificial Intelligence & Data cheque. Before: 34 first cheques, 23 in Finance & Blockchain, 8 in Software & Developer Tools.
  27. Nov 2021
    New sectorFirst Finance & Blockchain cheque. Before: 19 first cheques, 13 in Consumer, Lifestyle & Services, 3 in Software & Developer Tools.
  28. Nov 2021
    Harmony Partners backed Gradle at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 17 in Software & Developer Tools, 1 in Healthcare & Life Sciences.
    Source
  29. Nov 2021
    HashKey Capital backed Neon Labs at Seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 11 in Finance & Blockchain, 2 in Software & Developer Tools.
  30. Nov 2021
    Makers Fund backed AudioMob at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 36 first cheques, 28 in Consumer, Lifestyle & Services, 7 in Software & Developer Tools.
    Source
  31. Nov 2021
    New sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 11 in Finance & Blockchain, 1 in Software & Developer Tools.
  32. Oct 19, 2021
    New sectorFirst Energy, Environment & Mobility cheque. Before: 22 first cheques, 12 in Software & Developer Tools, 6 in Finance & Blockchain.
    Source
  33. Oct 15, 2021
    Athyrium backed TEAM Services Group at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 14 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
  34. Oct 2021
    New sectorFirst Artificial Intelligence & Data cheque. Before: 38 first cheques, 19 in Software & Developer Tools, 12 in Healthcare & Life Sciences.
    New regionFirst deal in Benelux & France. Before: 37 first cheques, 32 in North America, 3 in UK & Ireland.
  35. Oct 2021
    Accel-KKR backed Drip Shop Live at Series C+
    New sectorFirst Commerce & Marketing cheque. Before: 51 first cheques, 34 in Software & Developer Tools, 7 in Healthcare & Life Sciences.
  36. Oct 2021
    henQ backed Mulberry at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 23 first cheques, 14 in Software & Developer Tools, 5 in Commerce & Marketing.
  37. Oct 2021
    Tola Capital backed Bild at Seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 17 first cheques, 12 in Software & Developer Tools, 3 in Industry & Hardware.
  38. Oct 2021
    Verizon Ventures backed Voom at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 20 first cheques, 12 in Software & Developer Tools, 4 in Industry & Hardware.
    Source
  39. Sep 28, 2021
    New sectorFirst Software & Developer Tools cheque. Before: 26 first cheques, 24 in Healthcare & Life Sciences, 1 in Consumer, Lifestyle & Services.
  40. Sep 2, 2021
    Cowboy Ventures backed Vic.ai at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 20 first cheques, 13 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
    Source