In this study we introduce path dependency theory as a complementary explanation to funding structures in new ventures. Path dependence is the process in which later conditions are dependent on previous ones (Martin and Sunley, 2006), whereby development trajectories develop based on initial conditions. This path dependency is viewed as a learning mechanism, because what a firm learns depends on what existing knowledge it possesses (Eisenhardt and Martin, 2000; Zahra et al., 2006). We have two purposes with this study: (i) to investigate if path dependency is an explanation for subsequent funding sources, and (ii) if path dependency is moderated by other venture specific factors.