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. 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.
  2. 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.
  3. 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.
  4. Aug 31, 2020
    New sectorFirst Industry & Hardware cheque. Before: 42 first cheques, 40 in Healthcare & Life Sciences, 1 in Consumer, Lifestyle & Services.
  5. Aug 19, 2020
    New sectorFirst Industry & Hardware cheque. Before: 25 first cheques, 17 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
  6. 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
  7. Aug 2020
    New sectorFirst Energy, Environment & Mobility cheque. Before: 29 first cheques, 18 in Software & Developer Tools, 9 in Industry & Hardware.
    Source
  8. 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
  9. Aug 2020
    New sectorFirst Industry & Hardware cheque. Before: 29 first cheques, 21 in Software & Developer Tools, 4 in Commerce & Marketing.
  10. 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
  11. 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
  12. Jul 2020
    New sectorFirst Finance & Blockchain cheque. Before: 21 first cheques, 14 in Software & Developer Tools, 4 in Commerce & Marketing.
  13. Jul 2020
    Maveron backed Oatly at Series C+
    New regionFirst deal in Nordics. Before: 20 first cheques, 20 in North America.
  14. Jul 2020
    Maveron backed FitXR at Series A
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 20 in North America.
    Source
  15. Jul 2020
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
    Source
  16. 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.
  17. 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
  18. 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.
  19. 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
  20. 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.
  21. 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
  22. 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.
  23. 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.
  24. Jun 2020
    New regionFirst deal in North America. Before: 59 first cheques, 59 in DACH.
  25. 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.
  26. 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
  27. 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
  28. 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.
  29. Apr 20, 2020
    Innovestor backed PS Audio Design at Pre-seed
    New regionFirst deal in APAC. Before: 16 first cheques, 15 in Nordics, 1 in DACH.
  30. Apr 2020
    Collaborative Fund backed Peak at Series A
    New regionFirst deal in UK & Ireland. Before: 25 first cheques, 20 in North America, 2 in DACH.
  31. Apr 2020
    New sectorFirst Energy, Environment & Mobility cheque. Before: 20 first cheques, 14 in Software & Developer Tools, 2 in Finance & Blockchain.
    Source
  32. 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.
  33. Apr 2020
    New regionFirst deal in DACH. Before: 21 first cheques, 20 in APAC, 1 in North America.
  34. Apr 2020
    SHS Capital backed Neuro Event Labs Oy at Series A
    New regionFirst deal in Nordics. Before: 18 first cheques, 17 in DACH, 1 in Benelux & France.
    Source
  35. 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
  36. 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
  37. 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.
  38. Mar 2020
    New regionFirst deal in Southern Europe. Before: 34 first cheques, 31 in APAC, 1 in North America.
  39. Mar 2020
    SFC Capital backed Albert at Series B
    New regionFirst deal in North America. Before: 26 first cheques, 23 in UK & Ireland, 2 in DACH.
  40. Feb 13, 2020
    New regionFirst deal in MEA. Before: 16 first cheques, 13 in North America, 2 in Benelux & France.