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. Dec 24, 2020
    New sectorFirst Commerce & Marketing cheque. Before: 15 first cheques, 12 in Software & Developer Tools, 1 in Healthcare & Life Sciences.
  2. Dec 16, 2020
    New sectorFirst Software & Developer Tools cheque. Before: 48 first cheques, 45 in Healthcare & Life Sciences, 1 in Industry & Hardware.
  3. Dec 16, 2020
    Redmile backed Neuron Inc at Series B
    New sectorFirst Software & Developer Tools cheque. Before: 19 first cheques, 19 in Healthcare & Life Sciences.
    New regionFirst deal in LATAM. Before: 19 first cheques, 17 in North America, 2 in DACH.
  4. Dec 2020
    New sectorFirst Software & Developer Tools cheque. Before: 15 first cheques, 13 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  5. Dec 2020
    Kurma Partners backed Dnk at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 22 first cheques, 18 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  6. Nov 19, 2020
    Casdin Capital backed Aphea.Bio at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 17 in Healthcare & Life Sciences.
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 15 in North America, 1 in UK & Ireland.
  7. Nov 12, 2020
    New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 8 in Commerce & Marketing, 5 in Consumer, Lifestyle & Services.
  8. Nov 6, 2020
    HgCapital backed Eucon at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 15 first cheques, 8 in Software & Developer Tools, 4 in Finance & Blockchain.
  9. Nov 6, 2020
    Venrock backed Mable at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 27 first cheques, 21 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
    Source
  10. Nov 2020
    New sectorFirst Healthcare & Life Sciences cheque. Before: 25 first cheques, 16 in Finance & Blockchain, 4 in Software & Developer Tools.
  11. Nov 2020
    CapitalG backed Manbang at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 11 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
    Source
  12. Nov 2020
    Workday Ventures backed Northstar at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 16 first cheques, 11 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
    Source
  13. Oct 28, 2020
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 29 first cheques, 20 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
  14. 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
  15. 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.
  16. Oct 2020
    New sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 7 in Energy, Environment & Mobility, 6 in Industry & Hardware.
    Source
  17. 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
  18. 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
  19. 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.
  20. 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
  21. Sep 2020
    New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 14 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  22. 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.
  23. 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.
  24. 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.
  25. Aug 31, 2020
    New sectorFirst Industry & Hardware cheque. Before: 42 first cheques, 40 in Healthcare & Life Sciences, 1 in Consumer, Lifestyle & Services.
  26. Aug 19, 2020
    New sectorFirst Industry & Hardware cheque. Before: 25 first cheques, 17 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
  27. Aug 2020
    New sectorFirst Energy, Environment & Mobility cheque. Before: 29 first cheques, 18 in Software & Developer Tools, 9 in Industry & Hardware.
    Source
  28. 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
  29. Aug 2020
    New sectorFirst Industry & Hardware cheque. Before: 29 first cheques, 21 in Software & Developer Tools, 4 in Commerce & Marketing.
  30. 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
  31. 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
  32. Jul 2020
    New sectorFirst Finance & Blockchain cheque. Before: 21 first cheques, 14 in Software & Developer Tools, 4 in Commerce & Marketing.
  33. Jul 2020
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
    Source
  34. 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
  35. 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.
  36. 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
  37. 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
  38. 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.
  39. Apr 2020
    New sectorFirst Energy, Environment & Mobility cheque. Before: 20 first cheques, 14 in Software & Developer Tools, 2 in Finance & Blockchain.
    Source
  40. 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.