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 22, 2022
    New sectorFirst Energy, Environment & Mobility cheque. Before: 52 first cheques, 38 in Software & Developer Tools, 4 in Commerce & Marketing.
  2. Dec 13, 2022
    New sectorFirst Industry & Hardware cheque. Before: 34 first cheques, 25 in Healthcare & Life Sciences, 5 in Energy, Environment & Mobility.
  3. Dec 2022
    Two Sigma Ventures backed Enveda at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 34 first cheques, 26 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
    Source
  4. Nov 23, 2022
    Two Sigma Ventures backed Placed at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 33 first cheques, 26 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
  5. Nov 2022
    Alchemist backed Segmed at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 12 in Software & Developer Tools, 2 in Finance & Blockchain.
    Source
  6. Nov 2022
    Atlassian Ventures backed Tabnine at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 21 first cheques, 20 in Software & Developer Tools, 1 in Consumer, Lifestyle & Services.
    Source
  7. Nov 2022
    Brighteye Ventures backed Rosaly at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 23 first cheques, 17 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
  8. Nov 2022
    Grotech Ventures backed Subsalt at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 48 first cheques, 34 in Software & Developer Tools, 5 in Commerce & Marketing.
  9. Nov 2022
    New sectorFirst Finance & Blockchain cheque. Before: 30 first cheques, 15 in Consumer, Lifestyle & Services, 12 in Software & Developer Tools.
    Source
  10. Oct 5, 2022
    SET Ventures backed Frequenz at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 15 first cheques, 12 in Energy, Environment & Mobility, 2 in Industry & Hardware.
    Source
  11. Oct 2022
    Fuse backed GoodShip at Pre-seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 23 first cheques, 14 in Software & Developer Tools, 6 in Finance & Blockchain.
    Source
  12. Oct 2022
    New sectorFirst Commerce & Marketing cheque. Before: 29 first cheques, 14 in Software & Developer Tools, 10 in Finance & Blockchain.
    Source
  13. Sep 7, 2022
    NewView Capital backed ClearMotion at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 7 in Software & Developer Tools, 5 in Finance & Blockchain.
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 13 in North America, 2 in APAC.
    Source
  14. Sep 2022
    Advent Life Sciences backed TRIDEK-ONE at Series A
    New sectorFirst Industry & Hardware cheque. Before: 32 first cheques, 25 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
    Source
  15. Sep 2022
    Golden Ventures backed Avidbots at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 24 first cheques, 12 in Software & Developer Tools, 8 in Consumer, Lifestyle & Services.
    Source
  16. Sep 2022
    Surveyor Capital backed ACELYRIN at Series C+
    New sectorFirst Software & Developer Tools cheque. Before: 26 first cheques, 26 in Healthcare & Life Sciences.
    Source
  17. Sep 2022
    Wintermute backed KAP Games at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 41 first cheques, 29 in Finance & Blockchain, 7 in Artificial Intelligence & Data.
  18. Aug 31, 2022
    Gradient Ventures backed Spectral at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 44 first cheques, 31 in Software & Developer Tools, 6 in Finance & Blockchain.
    Source
  19. Aug 30, 2022
    Innovation Nest backed Sense Street at Series C+
    New sectorFirst Finance & Blockchain cheque. Before: 20 first cheques, 13 in Software & Developer Tools, 3 in Industry & Hardware.
  20. Aug 26, 2022
    New sectorFirst Finance & Blockchain cheque. Before: 18 first cheques, 14 in Energy, Environment & Mobility, 4 in Industry & Hardware.
  21. Aug 25, 2022
    Atlassian Ventures backed Allma at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 20 first cheques, 20 in Software & Developer Tools.
  22. Aug 2022
    Avidity Partners backed Prellis at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 19 first cheques, 14 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
    Source
  23. Aug 2022
    EQT Ventures backed Rebelle at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 10 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  24. Aug 2022
    Golden Ventures backed Vetted at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 23 first cheques, 12 in Software & Developer Tools, 8 in Consumer, Lifestyle & Services.
  25. Aug 2022
    New sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 14 in North America, 1 in LATAM.
    Source
  26. Jul 2022
    New sectorFirst Software & Developer Tools cheque. Before: 17 first cheques, 15 in Energy, Environment & Mobility, 1 in Industry & Hardware.
    New regionFirst deal in Southern Europe. Before: 17 first cheques, 15 in North America, 1 in UK & Ireland.
    Source
  27. Jul 2022
    BVF Partners backed Aravive at Series B
    New sectorFirst Software & Developer Tools cheque. Before: 17 first cheques, 17 in Healthcare & Life Sciences.
  28. Jul 2022
    New sectorFirst Energy, Environment & Mobility cheque. Before: 22 first cheques, 9 in Software & Developer Tools, 9 in Healthcare & Life Sciences.
    Source
  29. Jul 2022
    New Forge backed Morgen at Pre-seed
    New sectorFirst Finance & Blockchain cheque. Before: 23 first cheques, 17 in Software & Developer Tools, 4 in Industry & Hardware.
  30. Jul 2022
    PayU backed BKN301 at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 12 in Finance & Blockchain, 2 in Software & Developer Tools.
    Source
  31. Jun 28, 2022
    HashKey Capital backed peaq at Seed
    New sectorFirst Industry & Hardware cheque. Before: 18 first cheques, 12 in Finance & Blockchain, 3 in Software & Developer Tools.
    Source
  32. Jun 15, 2022
    New sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 15 in Energy, Environment & Mobility, 1 in Artificial Intelligence & Data.
    Source
  33. Jun 8, 2022
    New sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
    Source
  34. Jun 8, 2022
    New sectorFirst Artificial Intelligence & Data cheque. Before: 62 first cheques, 38 in Finance & Blockchain, 14 in Software & Developer Tools.
  35. Jun 2022
    Asabys Partners backed Amelia at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 16 first cheques, 13 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  36. Jun 2022
    Bitkraft backed TRIPP at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 70 first cheques, 50 in Consumer, Lifestyle & Services, 13 in Software & Developer Tools.
  37. Jun 2022
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 26 first cheques, 14 in Finance & Blockchain, 7 in Software & Developer Tools.
    Source
  38. Jun 2022
    Energy Impact Partners backed ESG Book at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 40 first cheques, 19 in Software & Developer Tools, 16 in Energy, Environment & Mobility.
    Source
  39. May 26, 2022
    Zeev Ventures backed Circles at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 25 first cheques, 13 in Software & Developer Tools, 7 in Finance & Blockchain.
  40. May 17, 2022
    New sectorFirst Energy, Environment & Mobility cheque. Before: 139 first cheques, 119 in Healthcare & Life Sciences, 12 in Software & Developer Tools.