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. 2025
    Geodesic Capital backed Vatn Systems at Series A
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 13 in Software & Developer Tools, 1 in Finance & Blockchain.
    Source
  2. 2025
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 49 first cheques, 38 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
  3. 2025
    GoHub Ventures backed Quibim at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 4 in Industry & Hardware.
    Source
  4. 2025
    GoHub Ventures backed Platomics at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 4 in Industry & Hardware.
  5. 2025
    GTMfund backed Fitness Village at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Finance & Blockchain.
  6. 2025
    Hadean Ventures backed Targetable at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 17 first cheques, 15 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  7. 2025
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 50 first cheques, 44 in Healthcare & Life Sciences, 4 in Industry & Hardware.
  8. 2025
    HealthCap backed Trigent at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 50 first cheques, 44 in Healthcare & Life Sciences, 4 in Industry & Hardware.
  9. 2025
    HubSpot backed Chatable Media at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 37 first cheques, 30 in Software & Developer Tools, 3 in Finance & Blockchain.
  10. 2025
    HubSpot backed Capsule at Seed
    New sectorFirst Commerce & Marketing cheque. Before: 37 first cheques, 30 in Software & Developer Tools, 3 in Finance & Blockchain.
  11. 2025
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 21 first cheques, 14 in Software & Developer Tools, 3 in Finance & Blockchain.
  12. 2025
    New sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 14 in Software & Developer Tools, 3 in Finance & Blockchain.
  13. 2025
    Join Capital backed Graphene Energy at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 23 first cheques, 15 in Software & Developer Tools, 7 in Industry & Hardware.
  14. 2025
    Kennet Partners backed Sabant at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 19 first cheques, 13 in Software & Developer Tools, 3 in Commerce & Marketing.
  15. 2025
    Lilly Asia Ventures backed Timberlyne at Series A
    New sectorFirst Industry & Hardware cheque. Before: 25 first cheques, 23 in Healthcare & Life Sciences, 1 in Finance & Blockchain.
    Source
  16. 2025
    Lilly Asia Ventures backed Verdiva Bio at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 25 first cheques, 23 in Healthcare & Life Sciences, 1 in Finance & Blockchain.
    Source
  17. 2025
    LionBird backed Phasev at Series A
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 8 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
    Source
  18. 2025
    Logos Capital backed Verdiva Bio at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 40 first cheques, 33 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
    Source
  19. 2025
    LRV Health backed Diana at Series C+
    New sectorFirst Commerce & Marketing cheque. Before: 28 first cheques, 26 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    New regionFirst deal in CEE. Before: 27 first cheques, 24 in North America, 2 in DACH.
  20. 2025
    LRV Health backed Reema at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 28 first cheques, 26 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    Source
  21. 2025
    Northpond Ventures backed Ansa at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 59 first cheques, 46 in Healthcare & Life Sciences, 5 in Artificial Intelligence & Data.
  22. 2025
    OTIF Ventures backed Salunda at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 9 in Healthcare & Life Sciences, 4 in Artificial Intelligence & Data.
  23. 2025
    New sectorFirst Healthcare & Life Sciences cheque. Before: 46 first cheques, 29 in Finance & Blockchain, 8 in Software & Developer Tools.
  24. 2025
    New sectorFirst Industry & Hardware cheque. Before: 24 first cheques, 16 in Finance & Blockchain, 5 in Software & Developer Tools.
  25. 2025
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 2 in Industry & Hardware.
  26. 2025
    Resource Capital Funds backed Aurum at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 27 first cheques, 18 in Energy, Environment & Mobility, 7 in Industry & Hardware.
  27. 2025
    Rock Springs Capital backed Groupe HEM at Series C+
    New sectorFirst Commerce & Marketing cheque. Before: 36 first cheques, 30 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  28. 2025
    Samsara Ventures backed Cashex at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 59 first cheques, 51 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  29. 2025
    Samsara Ventures backed Alpheus at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 59 first cheques, 51 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
    Source
  30. 2025
    Samsara Ventures backed Rani at Series C+
    New sectorFirst Commerce & Marketing cheque. Before: 59 first cheques, 51 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  31. 2025
    Sanofi Capital backed KlikBCA at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 49 first cheques, 41 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  32. 2025
    SixThirty backed Left Angle at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 10 in Finance & Blockchain, 4 in Software & Developer Tools.
  33. 2025
    Sno Ventures backed Intuicell at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 16 first cheques, 9 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
  34. 2025
    Solana Ventures backed Frodobots at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 19 first cheques, 9 in Software & Developer Tools, 7 in Finance & Blockchain.
    Source
  35. 2025
    Sorenson Ventures backed Green Cabbage at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 62 first cheques, 46 in Software & Developer Tools, 4 in Finance & Blockchain.
  36. 2025
    Stage One Ventures backed Backline at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 27 first cheques, 19 in Software & Developer Tools, 3 in Industry & Hardware.
    Source
  37. 2025
    SV Health Investors backed Dualitas at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 24 first cheques, 20 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  38. 2025
    SYN Ventures backed Helmee at Series A
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
  39. 2025
    Ten Eleven Ventures backed Aura Smart at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 29 first cheques, 21 in Software & Developer Tools, 4 in Industry & Hardware.
  40. 2025
    Third Rock Ventures backed Azalea at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 41 first cheques, 34 in Healthcare & Life Sciences, 4 in Software & Developer Tools.