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
    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.
  2. 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.
  3. 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.
  4. 2022
    New sectorFirst Artificial Intelligence & Data cheque. Before: 18 first cheques, 15 in Finance & Blockchain, 3 in Software & Developer Tools.
  5. 2022
    New sectorFirst Commerce & Marketing cheque. Before: 22 first cheques, 18 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  6. 2022
    New sectorFirst Artificial Intelligence & Data cheque. Before: 22 first cheques, 18 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  7. 2022
    New sectorFirst Energy, Environment & Mobility cheque. Before: 20 first cheques, 11 in Finance & Blockchain, 6 in Software & Developer Tools.
  8. 2022
    New sectorFirst Commerce & Marketing cheque. Before: 21 first cheques, 9 in Software & Developer Tools, 8 in Healthcare & Life Sciences.
  9. 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
  10. 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.
  11. 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
  12. 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.
  13. 2022
    New sectorFirst Energy, Environment & Mobility cheque. Before: 54 first cheques, 43 in Healthcare & Life Sciences, 5 in Industry & Hardware.
  14. 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
  15. 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.
  16. 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.
  17. 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.
  18. 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.
  19. 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
  20. 2022
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 85 first cheques, 75 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  21. 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.
  22. 2022
    PSG backed Penny at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 21 first cheques, 12 in Software & Developer Tools, 5 in Commerce & Marketing.
  23. 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
  24. 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
  25. 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.
  26. 2022
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 19 first cheques, 13 in Software & Developer Tools, 3 in Industry & Hardware.
  27. 2022
    New sectorFirst Energy, Environment & Mobility cheque. Before: 45 first cheques, 35 in Software & Developer Tools, 3 in Commerce & Marketing.
  28. 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.