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. Feb 2021
    New sectorFirst Software & Developer Tools cheque. Before: 15 first cheques, 10 in Healthcare & Life Sciences, 2 in Finance & Blockchain.
  2. Feb 2021
    IA Capital Group backed Marble at Seed
    New sectorFirst Industry & Hardware cheque. Before: 17 first cheques, 12 in Finance & Blockchain, 5 in Software & Developer Tools.
  3. Feb 2021
    Mercia Ventures backed Mindtrace at Seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 22 first cheques, 14 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
    Source
  4. Feb 2021
    Nauta Capital backed Gophr at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 33 first cheques, 25 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
    Source
  5. Feb 2021
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 17 first cheques, 11 in Finance & Blockchain, 6 in Software & Developer Tools.
    Source
  6. Feb 2021
    RA Capital Management backed DayOne at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 92 first cheques, 78 in Healthcare & Life Sciences, 10 in Software & Developer Tools.
  7. Feb 2021
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 36 first cheques, 29 in Software & Developer Tools, 3 in Industry & Hardware.
  8. Jan 26, 2021
    New sectorFirst Finance & Blockchain cheque. Before: 21 first cheques, 14 in Software & Developer Tools, 3 in Industry & Hardware.
    Source
  9. Jan 15, 2021
    New sectorFirst Commerce & Marketing cheque. Before: 55 first cheques, 50 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
  10. 2021
    Adams Street Partners backed Homeward at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 15 first cheques, 9 in Software & Developer Tools, 3 in Finance & Blockchain.
    Source
  11. 2021
    Atlas Venture backed RECTIFY Master at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 25 first cheques, 15 in Healthcare & Life Sciences, 6 in Consumer, Lifestyle & Services.
  12. 2021
    Bain Capital backed Interius at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 27 first cheques, 16 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
    Source
  13. 2021
    New sectorFirst Energy, Environment & Mobility cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 3 in Commerce & Marketing.
  14. 2021
    Boldstart Ventures backed YipitData at Series C+
    New sectorFirst Commerce & Marketing cheque. Before: 15 first cheques, 13 in Software & Developer Tools, 1 in Finance & Blockchain.
  15. 2021
    Casdin Capital backed soNomad at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 20 first cheques, 19 in Healthcare & Life Sciences, 1 in Energy, Environment & Mobility.
  16. 2021
    Casdin Capital backed Sonoma at Series B
    New sectorFirst Software & Developer Tools cheque. Before: 20 first cheques, 19 in Healthcare & Life Sciences, 1 in Energy, Environment & Mobility.
  17. 2021
    Casdin Capital backed Komodor at Series C+
    New sectorFirst Software & Developer Tools cheque. Before: 20 first cheques, 19 in Healthcare & Life Sciences, 1 in Energy, Environment & Mobility.
    New regionFirst deal in MEA. Before: 20 first cheques, 17 in North America, 1 in UK & Ireland.
  18. 2021
    Casdin Capital backed Deepcell at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 19 in Healthcare & Life Sciences, 1 in Energy, Environment & Mobility.
    Source
  19. 2021
    Casdin Capital backed Sonomo at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 20 first cheques, 19 in Healthcare & Life Sciences, 1 in Energy, Environment & Mobility.
  20. 2021
    New sectorFirst Energy, Environment & Mobility cheque. Before: 15 first cheques, 12 in Finance & Blockchain, 2 in Software & Developer Tools.
    Source
  21. 2021
    New sectorFirst Commerce & Marketing cheque. Before: 25 first cheques, 20 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
    Source
  22. 2021
    Costanoa Ventures backed Vinaver at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 23 first cheques, 16 in Software & Developer Tools, 3 in Finance & Blockchain.
    New regionFirst deal in CEE. Before: 22 first cheques, 20 in North America, 1 in UK & Ireland.
  23. 2021
    Digital+ Partners backed SevenSenders at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 18 first cheques, 13 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
    Source
  24. 2021
    Five Elms Capital backed AuroraXMP at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 32 first cheques, 26 in Software & Developer Tools, 2 in Finance & Blockchain.
  25. 2021
    Forbion backed Oxular Limited at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 40 first cheques, 35 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  26. 2021
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 17 first cheques, 12 in Software & Developer Tools, 2 in Finance & Blockchain.
    Source
  27. 2021
    New sectorFirst Finance & Blockchain cheque. Before: 49 first cheques, 45 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
  28. 2021
    Ibex Investors backed Bluedot at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 3 in Industry & Hardware.
  29. 2021
    New sectorFirst Finance & Blockchain cheque. Before: 23 first cheques, 18 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  30. 2021
    Longitude Capital backed Rivus at Series A
    New sectorFirst Industry & Hardware cheque. Before: 35 first cheques, 33 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
    Source
  31. 2021
    Makers Fund backed Zenith at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 23 first cheques, 18 in Consumer, Lifestyle & Services, 5 in Software & Developer Tools.
  32. 2021
    Medicxi Ventures backed Rivus at Series A
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 13 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    Source
  33. 2021
    NexTech Invest backed Profound at Series C+
    New sectorFirst Software & Developer Tools cheque. Before: 24 first cheques, 24 in Healthcare & Life Sciences.
  34. 2021
    One Peak Partners backed Habito at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
  35. 2021
    PayPal Ventures backed Paxos Health at Series C+
    New sectorFirst Healthcare & Life Sciences cheque. Before: 18 first cheques, 8 in Finance & Blockchain, 7 in Software & Developer Tools.
  36. 2021
    Perceptive Advisors backed OnKure at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 68 first cheques, 61 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
    Source
  37. 2021
    New sectorFirst Commerce & Marketing cheque. Before: 17 first cheques, 14 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    Source
  38. 2021
    RA Capital Management backed Interius at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 71 first cheques, 59 in Healthcare & Life Sciences, 9 in Software & Developer Tools.
    Source
  39. 2021
    Raine backed Cyrus Biotechnology at Series B
    New sectorFirst Industry & Hardware cheque. Before: 36 first cheques, 19 in Consumer, Lifestyle & Services, 11 in Software & Developer Tools.
  40. 2021
    Rally Ventures backed Influ2 at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 19 first cheques, 16 in Software & Developer Tools, 1 in Finance & Blockchain.
    Source