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. 2026
    EnBW New Ventures backed Hats Finance at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 22 first cheques, 12 in Software & Developer Tools, 6 in Energy, Environment & Mobility.
  2. 2026
    New sectorFirst Finance & Blockchain cheque. Before: 22 first cheques, 12 in Software & Developer Tools, 6 in Energy, Environment & Mobility.
  3. 2026
    FINTOP Capital backed Deale at Seed
    New sectorFirst Commerce & Marketing cheque. Before: 34 first cheques, 22 in Finance & Blockchain, 10 in Software & Developer Tools.
    New regionFirst deal in Southern Europe. Before: 33 first cheques, 27 in North America, 4 in UK & Ireland.
  4. 2026
    Flare backed Inneractive at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 29 first cheques, 21 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  5. 2026
    Flare backed Keebler at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 29 first cheques, 21 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
    Source
  6. 2026
    Foresite Capital backed Pinnacle at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 39 first cheques, 34 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  7. 2026
    New sectorFirst Energy, Environment & Mobility cheque. Before: 34 first cheques, 27 in Software & Developer Tools, 5 in Industry & Hardware.
  8. 2026
    New sectorFirst Industry & Hardware cheque. Before: 24 first cheques, 19 in Software & Developer Tools, 2 in Finance & Blockchain.
  9. 2026
    Great Hill Partners backed Dominia at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 10 in Software & Developer Tools, 4 in Commerce & Marketing.
  10. 2026
    New sectorFirst Artificial Intelligence & Data cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 3 in Energy, Environment & Mobility.
    Source
  11. 2026
    Greencode Ventures backed Quipment at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 3 in Energy, Environment & Mobility.
  12. 2026
    New sectorFirst Industry & Hardware cheque. Before: 19 first cheques, 11 in Finance & Blockchain, 6 in Software & Developer Tools.
  13. 2026
    Griffin Gaming backed Fabric at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 22 first cheques, 14 in Consumer, Lifestyle & Services, 5 in Software & Developer Tools.
  14. 2026
    GS VENTURES backed Amigo at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 31 first cheques, 19 in Software & Developer Tools, 9 in Consumer, Lifestyle & Services.
  15. 2026
    GS VENTURES backed AIMAGO SA at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 31 first cheques, 19 in Software & Developer Tools, 9 in Consumer, Lifestyle & Services.
  16. 2026
    Hikma Ventures backed Tact.ai at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 15 first cheques, 15 in Healthcare & Life Sciences.
  17. 2026
    New sectorFirst Energy, Environment & Mobility cheque. Before: 37 first cheques, 23 in Consumer, Lifestyle & Services, 7 in Software & Developer Tools.
  18. 2026
    New sectorFirst Commerce & Marketing cheque. Before: 37 first cheques, 23 in Consumer, Lifestyle & Services, 7 in Software & Developer Tools.
  19. 2026
    IA Capital Group backed Homeowners at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 43 first cheques, 25 in Finance & Blockchain, 12 in Software & Developer Tools.
  20. 2026
    IBM Ventures backed Hidden Ventures at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 18 first cheques, 14 in Software & Developer Tools, 3 in Industry & Hardware.
  21. 2026
    New sectorFirst Industry & Hardware cheque. Before: 24 first cheques, 18 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
    New regionFirst deal in Benelux & France. Before: 24 first cheques, 23 in UK & Ireland, 1 in North America.
  22. 2026
    Jeito Capital backed Elias Arts, LLC at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 26 first cheques, 23 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  23. 2026
    Join Capital backed Greenlight at Series C+
    New sectorFirst Finance & Blockchain cheque. Before: 32 first cheques, 19 in Software & Developer Tools, 11 in Industry & Hardware.
  24. 2026
    Leaders Fund backed Tangos at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Industry & Hardware.
    Source
  25. 2026
    MBX Capital backed Keebler at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 13 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
    Source
  26. 2026
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 49 first cheques, 38 in Healthcare & Life Sciences, 8 in Software & Developer Tools.
  27. 2026
    MiddleGame Ventures backed Circ at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 19 first cheques, 13 in Finance & Blockchain, 5 in Software & Developer Tools.
  28. 2026
    Moonwhale Ventures backed Terra at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 37 first cheques, 23 in Finance & Blockchain, 7 in Software & Developer Tools.
  29. 2026
    Movens Capital backed DoxyChain at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 19 first cheques, 13 in Software & Developer Tools, 3 in Industry & Hardware.
  30. 2026
    Movens Capital backed Mos Health at Pre-seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 19 first cheques, 13 in Software & Developer Tools, 3 in Industry & Hardware.
    Source
  31. 2026
    NightDragon backed Spaceship at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 28 first cheques, 18 in Software & Developer Tools, 6 in Artificial Intelligence & Data.
  32. 2026
    OHA BTG backed IQONIC.AI at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 16 first cheques, 13 in Healthcare & Life Sciences, 2 in Industry & Hardware.
    New regionFirst deal in Nordics. Before: 16 first cheques, 13 in DACH, 2 in North America.
  33. 2026
    OHA BTG backed Nibyou at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 16 first cheques, 13 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  34. 2026
    Omega Fund backed Caldera at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 37 first cheques, 33 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  35. 2026
    Omega Fund backed Alvius Ltd at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 37 first cheques, 33 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  36. 2026
    Omega Fund backed Apache Caldera at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 37 first cheques, 33 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  37. 2026
    New sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 15 in Software & Developer Tools, 2 in Finance & Blockchain.
  38. 2026
    Operator Collective backed Metal at Seed
    New sectorFirst Industry & Hardware cheque. Before: 21 first cheques, 15 in Software & Developer Tools, 2 in Finance & Blockchain.
  39. 2026
    New sectorFirst Commerce & Marketing cheque. Before: 18 first cheques, 13 in Software & Developer Tools, 2 in Finance & Blockchain.
    New regionFirst deal in MEA. Before: 17 first cheques, 14 in Benelux & France, 2 in UK & Ireland.
  40. 2026
    OVNI Capital backed Kyber Black at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 18 first cheques, 13 in Software & Developer Tools, 2 in Finance & Blockchain.