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 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
  2. 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
  3. 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.
  4. 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
  5. Sep 10, 2020
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 18 in North America, 1 in MEA.
  6. Sep 2, 2020
    Upfront Ventures backed InfoSum at Series A
    New regionFirst deal in UK & Ireland. Before: 22 first cheques, 20 in North America, 1 in Benelux & France.
    Source
  7. Sep 2020
    New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 14 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  8. Sep 2020
    Bullpen Capital backed BlueBoard at Series A
    New regionFirst deal in Benelux & France. Before: 28 first cheques, 23 in North America, 4 in UK & Ireland.
    Source
  9. Sep 2020
    New regionFirst deal in Benelux & France. Before: 39 first cheques, 37 in DACH, 1 in North America.
  10. Sep 2020
    Initialized Capital backed Range at Series A
    New regionFirst deal in Benelux & France. Before: 26 first cheques, 22 in North America, 2 in LATAM.
  11. 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.
  12. Sep 2020
    New regionFirst deal in LATAM. Before: 15 first cheques, 14 in North America, 1 in DACH.
  13. 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.
  14. Sep 2020
    Version One Ventures backed Range at Series A
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 13 in North America, 1 in UK & Ireland.
  15. 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.
  16. Aug 31, 2020
    New sectorFirst Industry & Hardware cheque. Before: 42 first cheques, 40 in Healthcare & Life Sciences, 1 in Consumer, Lifestyle & Services.
  17. Aug 19, 2020
    New sectorFirst Industry & Hardware cheque. Before: 25 first cheques, 17 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
  18. Aug 3, 2020
    NexTech Invest backed PMV Pharma at Series C+
    New regionFirst deal in MEA. Before: 23 first cheques, 22 in North America, 1 in DACH.
    Source
  19. Aug 2020
    New sectorFirst Energy, Environment & Mobility cheque. Before: 29 first cheques, 18 in Software & Developer Tools, 9 in Industry & Hardware.
    Source
  20. 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
  21. Aug 2020
    New sectorFirst Industry & Hardware cheque. Before: 29 first cheques, 21 in Software & Developer Tools, 4 in Commerce & Marketing.
  22. 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
  23. 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
  24. Jul 2020
    New sectorFirst Finance & Blockchain cheque. Before: 21 first cheques, 14 in Software & Developer Tools, 4 in Commerce & Marketing.
  25. Jul 2020
    Maveron backed FitXR at Series A
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 20 in North America.
    Source
  26. Jul 2020
    Maveron backed Oatly at Series C+
    New regionFirst deal in Nordics. Before: 20 first cheques, 20 in North America.
  27. Jul 2020
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
    Source
  28. Jul 2020
    Earlier stageFirst entry as early as Pre-seed. Before: 16 entries with a sourced stage, 6 at Series C+, 5 at Series A.
  29. 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
  30. 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.
  31. Jun 2020
    5AM Ventures backed Nodthera at Series B
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 16 in North America, 2 in DACH.
    Source
  32. Jun 2020
    Atlantic Labs backed Agro.club at Seed
    New regionFirst deal in North America. Before: 25 first cheques, 21 in DACH, 2 in Benelux & France.
  33. Jun 2020
    eCAPITAL backed CounterCraft at Seed
    New regionFirst deal in Southern Europe. Before: 32 first cheques, 29 in DACH, 1 in North America.
    Source
  34. Jun 2020
    Flagship Pioneering backed Sana Labs at Series A
    New regionFirst deal in Nordics. Before: 19 first cheques, 17 in North America, 2 in APAC.
  35. Jun 2020
    Italian Angels backed Rentuu at Seed
    New regionFirst deal in UK & Ireland. Before: 21 first cheques, 20 in Southern Europe, 1 in North America.
  36. Jun 2020
    New regionFirst deal in North America. Before: 59 first cheques, 59 in DACH.
  37. May 26, 2020
    Baird Capital backed ONCO at Series C+
    New regionFirst deal in APAC. Before: 18 first cheques, 15 in North America, 1 in UK & Ireland.
  38. 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
  39. 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
  40. 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.