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
    Town Hall Ventures backed FHE Group at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 14 in Healthcare & Life Sciences, 2 in Finance & Blockchain.
    New regionFirst deal in Benelux & France. Before: 16 first cheques, 15 in North America, 1 in DACH.
  2. 2025
    Town Hall Ventures backed Marble at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 17 first cheques, 14 in Healthcare & Life Sciences, 2 in Finance & Blockchain.
    New regionFirst deal in APAC. Before: 16 first cheques, 15 in North America, 1 in DACH.
  3. 2025
    Viola Fintech backed Quin at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 13 in Finance & Blockchain, 3 in Software & Developer Tools.
  4. 2025
    Viola Fintech backed Quinn at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 13 in Finance & Blockchain, 3 in Software & Developer Tools.
    Source
  5. 2025
    Viola Fintech backed BAOBAG at Series A
    New sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 13 in Finance & Blockchain, 3 in Software & Developer Tools.
  6. 2025
    Vivo Ventures backed SanaGens at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 49 first cheques, 39 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  7. 2025
    Westwave Capital backed PPTL at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 22 first cheques, 16 in Software & Developer Tools, 3 in Finance & Blockchain.
    New regionFirst deal in DACH. Before: 22 first cheques, 20 in North America, 1 in UK & Ireland.