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. 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.
  2. 2024
    Bitkraft backed SonicSVM (Mirror) at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 99 first cheques, 61 in Consumer, Lifestyle & Services, 25 in Software & Developer Tools.
  3. 2024
    New sectorFirst Healthcare & Life Sciences cheque. Before: 32 first cheques, 27 in Energy, Environment & Mobility, 2 in Industry & Hardware.
  4. 2024
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
  5. 2024
    New sectorFirst Energy, Environment & Mobility cheque. Before: 39 first cheques, 30 in Software & Developer Tools, 3 in Artificial Intelligence & Data.
  6. 2024
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 39 first cheques, 30 in Software & Developer Tools, 3 in Artificial Intelligence & Data.
  7. 2024
    BVF Partners backed TENAX at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 23 first cheques, 21 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  8. 2024
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 49 first cheques, 42 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  9. 2024
    Decibel Partners backed Core Sensing at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 16 first cheques, 14 in Software & Developer Tools, 1 in Industry & Hardware.
  10. 2024
    New sectorFirst Energy, Environment & Mobility cheque. Before: 48 first cheques, 33 in Software & Developer Tools, 6 in Industry & Hardware.
    Source
  11. 2024
    New sectorFirst Commerce & Marketing cheque. Before: 37 first cheques, 22 in Finance & Blockchain, 8 in Software & Developer Tools.
  12. 2024
    EcoR1 Capital backed Kura at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 31 first cheques, 29 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    New regionFirst deal in Nordics. Before: 30 first cheques, 28 in North America, 1 in MEA.
  13. 2024
    Elkstone Partners backed Exotic Systems at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 11 in Software & Developer Tools, 3 in Healthcare & Life Sciences.
  14. 2024
    Elkstone Partners backed Retrograde at Pre-seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 16 first cheques, 11 in Software & Developer Tools, 3 in Healthcare & Life Sciences.
  15. 2024
    FINTOP Capital backed Goodshuffle at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 22 first cheques, 15 in Finance & Blockchain, 7 in Software & Developer Tools.
    Source
  16. 2024
    New sectorFirst Industry & Hardware cheque. Before: 20 first cheques, 18 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  17. 2024
    Golden Seeds backed UNcaged at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 10 in Healthcare & Life Sciences, 9 in Software & Developer Tools.
    Source
  18. 2024
    Golden Seeds backed C3Dmaterials at Seed
    New sectorFirst Industry & Hardware cheque. Before: 21 first cheques, 10 in Healthcare & Life Sciences, 9 in Software & Developer Tools.
  19. 2024
    IOSG Ventures backed Kiln AI at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 15 first cheques, 11 in Finance & Blockchain, 3 in Artificial Intelligence & Data.
  20. 2024
    IRRUS Investments backed Byowave at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 20 first cheques, 16 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  21. 2024
    New sectorFirst Finance & Blockchain cheque. Before: 21 first cheques, 16 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  22. 2024
    Lilly Asia Ventures backed SynNovation at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 18 first cheques, 18 in Healthcare & Life Sciences.
  23. 2024
    New sectorFirst Finance & Blockchain cheque. Before: 18 first cheques, 18 in Healthcare & Life Sciences.
  24. 2024
    Makers Fund backed Atomontage at Seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 60 first cheques, 46 in Consumer, Lifestyle & Services, 10 in Software & Developer Tools.
  25. 2024
    Nascent backed Initia at Seed
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 8 in Finance & Blockchain, 5 in Software & Developer Tools.
    Source
  26. 2024
    Nascent backed Nebra at Seed
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 8 in Finance & Blockchain, 5 in Software & Developer Tools.
    Source
  27. 2024
    NexTech Invest backed SynNovation at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 44 first cheques, 42 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  28. 2024
    New sectorFirst Finance & Blockchain cheque. Before: 44 first cheques, 42 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    Source
  29. 2024
    Nina Capital backed Ladder at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 23 first cheques, 20 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  30. 2024
    New sectorFirst Energy, Environment & Mobility cheque. Before: 55 first cheques, 43 in Healthcare & Life Sciences, 5 in Artificial Intelligence & Data.
  31. 2024
    Occident Group backed Core Sensing at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 23 first cheques, 19 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  32. 2024
    Panakes Partners backed Cellanome at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 16 first cheques, 16 in Healthcare & Life Sciences.
  33. 2024
    New sectorFirst Industry & Hardware cheque. Before: 33 first cheques, 29 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  34. 2024
    Portage backed Angle Health at Series B
    New sectorFirst Healthcare & Life Sciences cheque. Before: 18 first cheques, 14 in Finance & Blockchain, 4 in Software & Developer Tools.
    Source
  35. 2024
    Propel Venture Partners backed Cabify at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 35 first cheques, 22 in Finance & Blockchain, 10 in Software & Developer Tools.
  36. 2024
    Quona Capital backed Prima at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 62 first cheques, 34 in Finance & Blockchain, 16 in Software & Developer Tools.
  37. 2024
    Reach Capital backed Nurture Life at Pre-seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 31 first cheques, 18 in Software & Developer Tools, 7 in Consumer, Lifestyle & Services.
  38. 2024
    Rethink Capital Partners backed Campus at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 10 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
    New regionFirst deal in Benelux & France. Before: 16 first cheques, 14 in North America, 1 in UK & Ireland.
  39. 2024
    Samsara Ventures backed Ottimo Disegni at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 43 first cheques, 38 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  40. 2024
    Tola Capital backed IngredientAI at Series B
    New sectorFirst Healthcare & Life Sciences cheque. Before: 30 first cheques, 20 in Software & Developer Tools, 4 in Industry & Hardware.