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 18, 2025
    Tapestry backed Seapoint at Pre-seed
    New sectorFirst Finance & Blockchain cheque. Before: 16 first cheques, 12 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
    Source
  2. Sep 17, 2025
    NexTech Invest backed Lemondia at Pre-seed
    New sectorFirst Commerce & Marketing cheque. Before: 55 first cheques, 47 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
    Source
  3. Sep 10, 2025
    Adage Capital backed PsiQuantum at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 22 first cheques, 17 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    Source
  4. Sep 8, 2025
    Flex Capital backed Kin Forest at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 3 in Commerce & Marketing.
  5. Sep 2025
    Abingworth backed Tizona at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 45 first cheques, 32 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
  6. Sep 2025
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 51 first cheques, 34 in Healthcare & Life Sciences, 7 in Industry & Hardware.
  7. Sep 2025
    First Imagine! backed NeoEarth at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 13 in Energy, Environment & Mobility, 1 in Software & Developer Tools.
    Source
  8. Sep 2025
    New sectorFirst Energy, Environment & Mobility cheque. Before: 93 first cheques, 84 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  9. Sep 2025
    SET Ventures backed Galvany at Pre-seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 26 first cheques, 19 in Energy, Environment & Mobility, 3 in Software & Developer Tools.
  10. Sep 2025
    Toba Capital backed Euclid at Series B
    New sectorFirst Industry & Hardware cheque. Before: 17 first cheques, 11 in Software & Developer Tools, 3 in Healthcare & Life Sciences.
    Source
  11. Aug 27, 2025
    New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 15 in Software & Developer Tools, 3 in Commerce & Marketing.
  12. Aug 11, 2025
    Ally Bridge Group backed SetPoint at Series C+
    New sectorFirst Finance & Blockchain cheque. Before: 43 first cheques, 33 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
    Source
  13. Aug 2025
    New sectorFirst Artificial Intelligence & Data cheque. Before: 19 first cheques, 14 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  14. Aug 2025
    New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 7 in Software & Developer Tools, 7 in Finance & Blockchain.
  15. Aug 2025
    OSS Capital backed Tracel at Seed
    New sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 4 in Artificial Intelligence & Data.
  16. Jul 24, 2025
    Morado Ventures backed Evitado at Seed
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
  17. Jul 24, 2025
    Ribbit Capital backed Fuse Energy at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 92 first cheques, 48 in Finance & Blockchain, 31 in Software & Developer Tools.
    Source
  18. Jul 16, 2025
    New sectorFirst Artificial Intelligence & Data cheque. Before: 46 first cheques, 32 in Software & Developer Tools, 7 in Healthcare & Life Sciences.
  19. Jul 14, 2025
    New sectorFirst Industry & Hardware cheque. Before: 18 first cheques, 16 in Software & Developer Tools, 1 in Healthcare & Life Sciences.
    Source
  20. Jul 2025
    CMT Digital backed Amsterdams D2X at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 29 first cheques, 18 in Finance & Blockchain, 8 in Software & Developer Tools.
  21. Jul 2025
    E2MC Ventures backed Geolava at Seed
    New sectorFirst Commerce & Marketing cheque. Before: 20 first cheques, 10 in Industry & Hardware, 6 in Artificial Intelligence & Data.
    Source
  22. Jun 20, 2025
    Vesalius Biocapital backed Trinean at Series A
    New sectorFirst Industry & Hardware cheque. Before: 35 first cheques, 31 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    Source
  23. Jun 10, 2025
    Geodesic Capital backed Gleam at Series C+
    New sectorFirst Commerce & Marketing cheque. Before: 20 first cheques, 15 in Software & Developer Tools, 3 in Finance & Blockchain.
  24. Jun 5, 2025
    New sectorFirst Finance & Blockchain cheque. Before: 19 first cheques, 11 in Software & Developer Tools, 5 in Healthcare & Life Sciences.
  25. Jun 2025
    New sectorFirst Healthcare & Life Sciences cheque. Before: 19 first cheques, 14 in Software & Developer Tools, 2 in Finance & Blockchain.
  26. Jun 2025
    Converge backed Rocketo at Pre-seed
    New sectorFirst Commerce & Marketing cheque. Before: 17 first cheques, 9 in Software & Developer Tools, 5 in Industry & Hardware.
  27. Jun 2025
    Super Angels backed traplinked at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 12 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
    Source
  28. Jun 2025
    Vireo Ventures backed Atmen at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 23 first cheques, 15 in Energy, Environment & Mobility, 6 in Software & Developer Tools.
    Source
  29. May 20, 2025
    New sectorFirst Industry & Hardware cheque. Before: 22 first cheques, 11 in Software & Developer Tools, 7 in Consumer, Lifestyle & Services.
    Source
  30. May 6, 2025
    Brighton Park Capital backed Orca AI at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 23 first cheques, 15 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
    Source
  31. May 2025
    Boxer Capital backed Tango at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 35 first cheques, 32 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
  32. May 2025
    Flerie Invest backed NorthX at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 15 in Healthcare & Life Sciences, 1 in Finance & Blockchain.
  33. May 2025
    Red Dot Capital Partners backed Tango at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 24 first cheques, 16 in Software & Developer Tools, 4 in Industry & Hardware.
  34. May 2025
    SixThirty backed Particula at Seed
    New sectorFirst Industry & Hardware cheque. Before: 19 first cheques, 11 in Finance & Blockchain, 6 in Software & Developer Tools.
    Source
  35. May 2025
    TX Ventures backed Particula at Seed
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 9 in Finance & Blockchain, 3 in Software & Developer Tools.
    Source
  36. Apr 20, 2025
    Delta Fund backed Taker at Seed
    New sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 9 in Finance & Blockchain, 4 in Software & Developer Tools.
  37. Apr 16, 2025
    Viola Fintech backed Blue Onion at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 20 first cheques, 14 in Finance & Blockchain, 3 in Software & Developer Tools.
  38. Apr 15, 2025
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 23 first cheques, 12 in Finance & Blockchain, 7 in Software & Developer Tools.
    Source
  39. Apr 14, 2025
    New sectorFirst Energy, Environment & Mobility cheque. Before: 22 first cheques, 16 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  40. Apr 10, 2025
    New sectorFirst Finance & Blockchain cheque. Before: 25 first cheques, 17 in Software & Developer Tools, 4 in Commerce & Marketing.