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. Oct 28, 2020
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 29 first cheques, 20 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
  2. Oct 7, 2020
    Anthemis backed Hometree at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 24 first cheques, 16 in Finance & Blockchain, 4 in Software & Developer Tools.
    Source
  3. Oct 2020
    Base Ventures backed Armory at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 17 first cheques, 10 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
  4. Oct 2020
    New sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 7 in Energy, Environment & Mobility, 6 in Industry & Hardware.
    Source
  5. Oct 2020
    Sapphire Ventures backed Medable at Series C+
    New sectorFirst Healthcare & Life Sciences cheque. Before: 51 first cheques, 40 in Software & Developer Tools, 6 in Finance & Blockchain.
    Source
  6. Oct 2020
    Sisu Ventures backed Thirdverse at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 16 first cheques, 13 in Consumer, Lifestyle & Services, 1 in Healthcare & Life Sciences.
    Source
  7. Oct 2020
    Storm Ventures backed Syte at Series C+
    New sectorFirst Commerce & Marketing cheque. Before: 33 first cheques, 27 in Software & Developer Tools, 3 in Industry & Hardware.
  8. Sep 29, 2020
    Costanoa Ventures backed Coiled at Seed
    New sectorFirst Industry & Hardware cheque. Before: 18 first cheques, 14 in Software & Developer Tools, 2 in Finance & Blockchain.
    Source
  9. Sep 2020
    New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 14 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  10. Sep 2020
    Meritech Capital Partners backed Willow at Series C+
    New sectorFirst Healthcare & Life Sciences cheque. Before: 25 first cheques, 18 in Software & Developer Tools, 2 in Finance & Blockchain.
  11. Sep 2020
    Sisu Ventures backed ClinSpec at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 13 in Consumer, Lifestyle & Services, 1 in Finance & Blockchain.
  12. Sep 2020
    Workday Ventures backed Papaya at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
  13. Aug 31, 2020
    New sectorFirst Industry & Hardware cheque. Before: 42 first cheques, 40 in Healthcare & Life Sciences, 1 in Consumer, Lifestyle & Services.
  14. Aug 19, 2020
    New sectorFirst Industry & Hardware cheque. Before: 25 first cheques, 17 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
  15. Aug 2020
    New sectorFirst Energy, Environment & Mobility cheque. Before: 29 first cheques, 18 in Software & Developer Tools, 9 in Industry & Hardware.
    Source
  16. Aug 2020
    Gradient Ventures backed Mural Pay at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 16 first cheques, 12 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
    Source
  17. Aug 2020
    New sectorFirst Industry & Hardware cheque. Before: 29 first cheques, 21 in Software & Developer Tools, 4 in Commerce & Marketing.
  18. Jul 30, 2020
    TLV Partners backed Buildots at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 17 first cheques, 12 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
    Source
  19. Jul 2020
    Gradient Ventures backed Wise Systems at Series B
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 12 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
    Source
  20. Jul 2020
    New sectorFirst Finance & Blockchain cheque. Before: 21 first cheques, 14 in Software & Developer Tools, 4 in Commerce & Marketing.
  21. Jul 2020
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
    Source
  22. Jul 2020
    Vista Equity Partners backed Jio at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 38 first cheques, 31 in Software & Developer Tools, 3 in Commerce & Marketing.
    Source
  23. Jun 29, 2020
    Storm Ventures backed Solaris at Series C+
    New sectorFirst Finance & Blockchain cheque. Before: 31 first cheques, 27 in Software & Developer Tools, 3 in Industry & Hardware.
  24. May 2020
    Finch Capital backed Brytlyt at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 6 in Software & Developer Tools, 6 in Finance & Blockchain.
    Source
  25. May 2020
    Storm Ventures backed Limbix at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 30 first cheques, 27 in Software & Developer Tools, 3 in Industry & Hardware.
    Source
  26. Apr 21, 2020
    Sorenson Ventures backed Oyster at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 19 first cheques, 13 in Software & Developer Tools, 3 in Finance & Blockchain.
    New regionFirst deal in Southern Europe. Before: 16 first cheques, 14 in North America, 1 in APAC.
  27. Apr 2020
    New sectorFirst Energy, Environment & Mobility cheque. Before: 20 first cheques, 14 in Software & Developer Tools, 2 in Finance & Blockchain.
    Source
  28. Apr 2020
    Next47 backed VAST Data at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 16 first cheques, 7 in Software & Developer Tools, 7 in Industry & Hardware.
  29. Apr 2020
    Tenaya Capital backed Kargo at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Industry & Hardware.
    Source
  30. Apr 2020
    TLV Partners backed Granulate at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 12 in Software & Developer Tools, 2 in Industry & Hardware.
    Source
  31. Mar 23, 2020
    DNX Ventures backed Diligent Robotics at Series B
    New sectorFirst Healthcare & Life Sciences cheque. Before: 17 first cheques, 12 in Software & Developer Tools, 3 in Industry & Hardware.
  32. Feb 4, 2020
    Lead Edge Capital backed Hinge Health at Series C+
    New sectorFirst Healthcare & Life Sciences cheque. Before: 38 first cheques, 26 in Software & Developer Tools, 7 in Commerce & Marketing.
  33. Feb 2020
    New sectorFirst Artificial Intelligence & Data cheque. Before: 24 first cheques, 17 in Software & Developer Tools, 3 in Industry & Hardware.
    Source
  34. Feb 2020
    Raine backed Voy at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 30 first cheques, 17 in Consumer, Lifestyle & Services, 9 in Software & Developer Tools.
  35. Feb 2020
    Shasta Ventures backed Accion at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 26 first cheques, 16 in Software & Developer Tools, 5 in Consumer, Lifestyle & Services.
  36. Jan 7, 2020
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 18 first cheques, 15 in Software & Developer Tools, 2 in Finance & Blockchain.
    Source
  37. 2020
    5AM Ventures backed Envoy at Series C+
    New sectorFirst Software & Developer Tools cheque. Before: 17 first cheques, 14 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  38. 2020
    HBM Healthcare Investments backed Seer at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 32 first cheques, 31 in Healthcare & Life Sciences, 1 in Consumer, Lifestyle & Services.
  39. 2020
    New sectorFirst Commerce & Marketing cheque. Before: 19 first cheques, 13 in Healthcare & Life Sciences, 3 in Industry & Hardware.
  40. 2020
    New sectorFirst Energy, Environment & Mobility cheque. Before: 16 first cheques, 9 in Consumer, Lifestyle & Services, 5 in Software & Developer Tools.
    Source