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. Jun 2026
    Greenfield Capital backed Patronus AI at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 21 first cheques, 13 in Software & Developer Tools, 4 in Finance & Blockchain.
    Source
  2. Jun 2026
    Newion backed Lightbringer at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 62 first cheques, 46 in Software & Developer Tools, 4 in Commerce & Marketing.
    Source
  3. May 7, 2026
    New sectorFirst Artificial Intelligence & Data cheque. Before: 18 first cheques, 11 in Software & Developer Tools, 4 in Industry & Hardware.
    Source
  4. May 7, 2026
    Renegade Partners backed Hedral at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 9 in Software & Developer Tools, 3 in Finance & Blockchain.
  5. May 2026
    AFG Partners backed Fifth Dimension AI at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 18 first cheques, 12 in Software & Developer Tools, 3 in Finance & Blockchain.
    Source
  6. May 2026
    New sectorFirst Energy, Environment & Mobility cheque. Before: 15 first cheques, 12 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
  7. May 2026
    Athyrium backed Portfolio Metry at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 44 first cheques, 42 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
  8. May 2026
    Element Ventures backed Alta Voice at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 9 in Finance & Blockchain, 5 in Software & Developer Tools.
  9. May 2026
    Prudence backed Fifth Dimension at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 3 in Commerce & Marketing.
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 12 in North America, 1 in Benelux & France.
    Source
  10. May 2026
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 2 in Energy, Environment & Mobility.
    Source
  11. Apr 30, 2026
    Begin Capital backed All3 at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 29 first cheques, 19 in Software & Developer Tools, 5 in Commerce & Marketing.
    Source
  12. Apr 30, 2026
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 26 first cheques, 19 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
    Source
  13. Apr 26, 2026
    GMO Venture Partners backed Canary (Real Estate Services (B2C)) at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 17 first cheques, 12 in Finance & Blockchain, 4 in Software & Developer Tools.
  14. Apr 23, 2026
    Drysdale Ventures backed Sillage at Pre-seed
    New sectorFirst Finance & Blockchain cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 3 in Industry & Hardware.
    Source
  15. Apr 22, 2026
    Banneker Partners backed ResFrac at Series A
    New sectorFirst Industry & Hardware cheque. Before: 18 first cheques, 13 in Software & Developer Tools, 3 in Healthcare & Life Sciences.
  16. Apr 15, 2026
    The Trendlines Group backed CookieYes at Series C+
    New sectorFirst Software & Developer Tools cheque. Before: 22 first cheques, 14 in Healthcare & Life Sciences, 5 in Industry & Hardware.
  17. Apr 9, 2026
    Cadenza backed OhAPI at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 18 first cheques, 14 in Finance & Blockchain, 1 in Industry & Hardware.
  18. Apr 2, 2026
    Ph backed Soma Energy at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 15 first cheques, 9 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  19. Apr 2026
    New sectorFirst Energy, Environment & Mobility cheque. Before: 25 first cheques, 14 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
  20. Apr 2026
    New sectorFirst Finance & Blockchain cheque. Before: 30 first cheques, 23 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  21. Apr 2026
    DOEN Ventures backed Foamlab at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 7 in Energy, Environment & Mobility, 5 in Consumer, Lifestyle & Services.
    Source
  22. Apr 2026
    Kurma Partners backed Alveus
    New sectorFirst Energy, Environment & Mobility cheque. Before: 75 first cheques, 57 in Healthcare & Life Sciences, 10 in Software & Developer Tools.
  23. Apr 2026
    PayU backed map at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 18 first cheques, 13 in Finance & Blockchain, 3 in Software & Developer Tools.
  24. Apr 2026
    Tapestry backed Delivery at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 22 first cheques, 13 in Software & Developer Tools, 5 in Consumer, Lifestyle & Services.
  25. Mar 24, 2026
    PeakSpan Capital backed Lula at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 53 first cheques, 36 in Software & Developer Tools, 8 in Finance & Blockchain.
  26. Mar 17, 2026
    New sectorFirst Industry & Hardware cheque. Before: 25 first cheques, 16 in Software & Developer Tools, 4 in Finance & Blockchain.
    Source
  27. Mar 10, 2026
    New sectorFirst Healthcare & Life Sciences cheque. Before: 43 first cheques, 18 in Software & Developer Tools, 17 in Consumer, Lifestyle & Services.
    Source
  28. Mar 2, 2026
    Marbruck Investments backed Veyor at Series A
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 7 in Software & Developer Tools, 5 in Consumer, Lifestyle & Services.
  29. Mar 2026
    BioMedPartners backed iDEL at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 19 first cheques, 16 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  30. Mar 2026
    Bitkraft backed Brandbow at Pre-seed
    New sectorFirst Commerce & Marketing cheque. Before: 149 first cheques, 85 in Consumer, Lifestyle & Services, 40 in Software & Developer Tools.
  31. Mar 2026
    DNV Ventures backed Ofiniti at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 3 in Industry & Hardware.
    Source
  32. Mar 2026
    Domino VC backed Antiverse at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 17 first cheques, 12 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
    Source
  33. Mar 2026
    Evolem backed Kimialys at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 23 first cheques, 16 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
  34. Mar 2026
    New sectorFirst Industry & Hardware cheque. Before: 18 first cheques, 17 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
    Source
  35. Mar 2026
    MiddleGame Ventures backed Theia at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 20 first cheques, 13 in Finance & Blockchain, 5 in Software & Developer Tools.
    Source
  36. Mar 2026
    SmartFin backed Itineris RBS at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 23 first cheques, 18 in Software & Developer Tools, 2 in Finance & Blockchain.
  37. Mar 2026
    New sectorFirst Healthcare & Life Sciences cheque. Before: 23 first cheques, 18 in Software & Developer Tools, 2 in Finance & Blockchain.
    Source
  38. Mar 2026
    New sectorFirst Software & Developer Tools cheque. Before: 16 first cheques, 8 in Finance & Blockchain, 5 in Healthcare & Life Sciences.
    Source
  39. Feb 10, 2026
    S16vc backed NEWO at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 20 first cheques, 13 in Software & Developer Tools, 3 in Healthcare & Life Sciences.
    Source
  40. Feb 5, 2026
    Asabys Partners backed Sidekick at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 40 first cheques, 29 in Healthcare & Life Sciences, 6 in Software & Developer Tools.