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. Aug 2024
    South Central Ventures backed Leanpay at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 21 first cheques, 13 in Software & Developer Tools, 4 in Commerce & Marketing.
    Source
  2. Jul 3, 2024
    Contrarian Ventures backed Altrove at Pre-seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 16 first cheques, 8 in Energy, Environment & Mobility, 7 in Software & Developer Tools.
    Source
  3. Jul 2024
    Educapital backed Female Invest at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 17 first cheques, 8 in Software & Developer Tools, 8 in Consumer, Lifestyle & Services.
  4. Jun 19, 2024
    Fortino Capital backed Donna at Pre-seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 31 first cheques, 22 in Software & Developer Tools, 3 in Finance & Blockchain.
    Source
  5. Jun 5, 2024
    New sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 8 in Software & Developer Tools, 4 in Industry & Hardware.
  6. Jun 5, 2024
    LG Technology Ventures backed Eko at Series C+
    New sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 8 in Software & Developer Tools, 4 in Industry & Hardware.
  7. Jun 2024
    Agent Capital backed AshiBio at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 22 first cheques, 21 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
  8. Jun 2024
    Anges Québec backed PropulsoW at Seed
    New sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 8 in Software & Developer Tools, 5 in Healthcare & Life Sciences.
  9. Jun 2024
    Angular Ventures backed Opral at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 25 first cheques, 18 in Software & Developer Tools, 4 in Industry & Hardware.
  10. Jun 2024
    BioImpact Capital backed AshiBio at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 17 first cheques, 13 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
  11. Jun 2024
    Invus backed Klarity at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 57 first cheques, 37 in Healthcare & Life Sciences, 9 in Software & Developer Tools.
    Source
  12. Jun 2024
    MPM Capital backed AshiBio at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 34 first cheques, 30 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  13. Jun 2024
    Toba Capital backed Swift Solar at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 3 in Healthcare & Life Sciences.
  14. May 2024
    Asabys Partners backed Ida at Seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 27 first cheques, 21 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  15. Apr 29, 2024
    New sectorFirst Industry & Hardware cheque. Before: 21 first cheques, 15 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  16. Apr 2024
    Surveyor Capital backed Obsidian at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 28 first cheques, 26 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    Source
  17. Mar 2024
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 47 first cheques, 35 in Software & Developer Tools, 7 in Finance & Blockchain.
  18. Mar 2024
    New sectorFirst Software & Developer Tools cheque. Before: 25 first cheques, 16 in Energy, Environment & Mobility, 4 in Artificial Intelligence & Data.
    Source
  19. Mar 2024
    Extantia backed WASE at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 18 first cheques, 13 in Energy, Environment & Mobility, 3 in Software & Developer Tools.
    Source
  20. Mar 2024
    Forbion backed Kiezkaufhaus at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 88 first cheques, 72 in Healthcare & Life Sciences, 7 in Software & Developer Tools.
  21. Mar 2024
    SET Ventures backed Fuchs Amp Eule at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 23 first cheques, 18 in Energy, Environment & Mobility, 2 in Software & Developer Tools.
  22. Feb 27, 2024
    Portage backed Halos at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 21 first cheques, 14 in Finance & Blockchain, 5 in Software & Developer Tools.
  23. Feb 13, 2024
    New sectorFirst Finance & Blockchain cheque. Before: 17 first cheques, 12 in Software & Developer Tools, 2 in Commerce & Marketing.
    Source
  24. Feb 9, 2024
    New sectorFirst Industry & Hardware cheque. Before: 23 first cheques, 12 in Healthcare & Life Sciences, 7 in Consumer, Lifestyle & Services.
  25. Feb 2024
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 26 first cheques, 18 in Finance & Blockchain, 6 in Software & Developer Tools.
  26. Feb 2024
    New sectorFirst Software & Developer Tools cheque. Before: 23 first cheques, 18 in Healthcare & Life Sciences, 2 in Industry & Hardware.
    Source
  27. Feb 2024
    Greenfield Partners backed Exodigo at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 17 first cheques, 11 in Software & Developer Tools, 4 in Finance & Blockchain.
    Source
  28. Feb 2024
    New sectorFirst Industry & Hardware cheque. Before: 17 first cheques, 11 in Software & Developer Tools, 4 in Finance & Blockchain.
    Source
  29. Feb 2024
    New sectorFirst Commerce & Marketing cheque. Before: 24 first cheques, 12 in Industry & Hardware, 9 in Software & Developer Tools.
    Source
  30. Jan 25, 2024
    IOSG Ventures backed Aztec Network at Series A
    New sectorFirst Industry & Hardware cheque. Before: 18 first cheques, 11 in Finance & Blockchain, 4 in Artificial Intelligence & Data.
    Source
  31. Jan 17, 2024
    Column Group backed Tr1X at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 18 first cheques, 15 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    New regionFirst deal in Southern Europe. Before: 17 first cheques, 15 in North America, 1 in UK & Ireland.
    Source
  32. Jan 9, 2024
    Portage backed Zilo at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 20 first cheques, 14 in Finance & Blockchain, 5 in Software & Developer Tools.
    Source
  33. 2024
    New sectorFirst Finance & Blockchain cheque. Before: 39 first cheques, 32 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
    Source
  34. 2024
    New sectorFirst Artificial Intelligence & Data cheque. Before: 39 first cheques, 32 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  35. 2024
    Arbor Ventures backed Lean Media at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 7 in Software & Developer Tools, 7 in Finance & Blockchain.
  36. 2024
    Atlassian Ventures backed ACCOIL at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 27 first cheques, 25 in Software & Developer Tools, 1 in Consumer, Lifestyle & Services.
  37. 2024
    AU21 Capital backed Dtravel at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 20 first cheques, 16 in Finance & Blockchain, 3 in Software & Developer Tools.
  38. 2024
    Basis Set Ventures backed Seen Health at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 17 first cheques, 13 in Software & Developer Tools, 2 in Industry & Hardware.
  39. 2024
    New sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 8 in Finance & Blockchain, 4 in Software & Developer Tools.
  40. 2024
    BI Invest backed Quantr at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 19 first cheques, 18 in Healthcare & Life Sciences, 1 in Industry & Hardware.