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. May 2023
    Unusual backed Streamdal at Seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 39 first cheques, 24 in Software & Developer Tools, 8 in Finance & Blockchain.
  2. May 2023
    New sectorFirst Artificial Intelligence & Data cheque. Before: 25 first cheques, 21 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
  3. Apr 2023
    Harpoon Ventures backed OSO-AI at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 20 first cheques, 14 in Software & Developer Tools, 2 in Industry & Hardware.
  4. Apr 2023
    Leaps by Bayer backed Sabanto at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 17 first cheques, 12 in Healthcare & Life Sciences, 3 in Energy, Environment & Mobility.
  5. Mar 10, 2023
    Wintermute backed Violet at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 51 first cheques, 33 in Finance & Blockchain, 10 in Artificial Intelligence & Data.
    Source
  6. Mar 8, 2023
    ClearSky Capital backed Revelstoke at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 17 first cheques, 14 in Software & Developer Tools, 2 in Energy, Environment & Mobility.
    Source
  7. Mar 7, 2023
    1Up Fund backed Beliver at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 13 in Consumer, Lifestyle & Services, 3 in Software & Developer Tools.
  8. Mar 7, 2023
    New sectorFirst Industry & Hardware cheque. Before: 19 first cheques, 14 in Software & Developer Tools, 3 in Finance & Blockchain.
  9. Mar 2023
    Able Partners backed Filters at Pre-seed
    New sectorFirst Commerce & Marketing cheque. Before: 20 first cheques, 12 in Healthcare & Life Sciences, 7 in Consumer, Lifestyle & Services.
    New regionFirst deal in Benelux & France. Before: 18 first cheques, 17 in North America, 1 in LATAM.
  10. Mar 2023
    New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 16 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  11. Mar 2023
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 16 first cheques, 12 in Healthcare & Life Sciences, 3 in Energy, Environment & Mobility.
  12. Mar 2023
    Prosperity7 backed XXII at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 18 first cheques, 11 in Software & Developer Tools, 5 in Industry & Hardware.
  13. Mar 2023
    Vendep Capital backed Inven at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 18 first cheques, 13 in Software & Developer Tools, 2 in Finance & Blockchain.
    Source
  14. Mar 2023
    Zetta Venture Partners backed Ultravox at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 23 first cheques, 18 in Software & Developer Tools, 3 in Industry & Hardware.
    Source
  15. Feb 2023
    New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 11 in Finance & Blockchain, 5 in Software & Developer Tools.
  16. Feb 2023
    Dynamo Ventures backed DriveFit at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 25 first cheques, 14 in Software & Developer Tools, 6 in Industry & Hardware.
  17. Feb 2023
    Mérieux Equity Partners backed Biobest at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 24 first cheques, 20 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
  18. 2023
    Abingworth backed Atsenah at Series C+
    New sectorFirst Commerce & Marketing cheque. Before: 29 first cheques, 20 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
  19. 2023
    aMoon backed Ibex at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 24 first cheques, 21 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  20. 2023
    New sectorFirst Energy, Environment & Mobility cheque. Before: 20 first cheques, 16 in Finance & Blockchain, 3 in Software & Developer Tools.
  21. 2023
    New sectorFirst Energy, Environment & Mobility cheque. Before: 35 first cheques, 28 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  22. 2023
    Circle Ventures backed Hourglass at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 9 in Finance & Blockchain, 4 in Software & Developer Tools.
  23. 2023
    New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 14 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  24. 2023
    Dell Capital backed FlyMedia at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 6 in Software & Developer Tools, 6 in Artificial Intelligence & Data.
  25. 2023
    Dynamo Ventures backed PaintJet at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 22 first cheques, 13 in Software & Developer Tools, 5 in Industry & Hardware.
    Source
  26. 2023
    EcoR1 Capital backed Magenta at Series C+
    New sectorFirst Software & Developer Tools cheque. Before: 26 first cheques, 26 in Healthcare & Life Sciences.
  27. 2023
    EQT Ventures backed Astronautx Limited at Series A
    New sectorFirst Industry & Hardware cheque. Before: 19 first cheques, 12 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  28. 2023
    EQT Ventures backed Qvantum at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 19 first cheques, 12 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
    Source
  29. 2023
    Epidarex Capital backed Confluence at Pre-seed
    New sectorFirst Finance & Blockchain cheque. Before: 19 first cheques, 17 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
  30. 2023
    Golden Ventures backed BenchSci at Series C+
    New sectorFirst Healthcare & Life Sciences cheque. Before: 25 first cheques, 12 in Software & Developer Tools, 8 in Consumer, Lifestyle & Services.
    Source
  31. 2023
    Golden Ventures backed Biossil at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 25 first cheques, 12 in Software & Developer Tools, 8 in Consumer, Lifestyle & Services.
  32. 2023
    Greyhound Capital backed Dose at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 17 first cheques, 10 in Finance & Blockchain, 6 in Software & Developer Tools.
  33. 2023
    GS VENTURES backed Maxima at Seed
    New sectorFirst Commerce & Marketing cheque. Before: 22 first cheques, 13 in Software & Developer Tools, 8 in Consumer, Lifestyle & Services.
  34. 2023
    HealthCap backed Prolifix at Series A
    New sectorFirst Industry & Hardware cheque. Before: 32 first cheques, 32 in Healthcare & Life Sciences.
  35. 2023
    HubSpot backed Cartisan at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 27 first cheques, 23 in Software & Developer Tools, 2 in Finance & Blockchain.
  36. 2023
    IA Capital Group backed Revé at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 26 first cheques, 17 in Finance & Blockchain, 8 in Software & Developer Tools.
    New regionFirst deal in Nordics. Before: 25 first cheques, 21 in North America, 2 in UK & Ireland.
  37. 2023
    In-Q-Tel backed Balerin at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 17 first cheques, 8 in Software & Developer Tools, 6 in Industry & Hardware.
  38. 2023
    January Capital backed LangDb at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 3 in Commerce & Marketing.
  39. 2023
    Jazz Ventures backed Robuste at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 8 in Software & Developer Tools, 4 in Industry & Hardware.
  40. 2023
    JMI Equity backed Soci.Bike at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 46 first cheques, 33 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
    New regionFirst deal in Benelux & France. Before: 46 first cheques, 40 in North America, 2 in UK & Ireland.