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
    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.
  2. 2026
    New sectorFirst Artificial Intelligence & Data cheque. Before: 53 first cheques, 43 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
    Source
  3. 2026
    Pfizer Venture Investments backed CEPL at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 53 first cheques, 43 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  4. 2026
    New sectorFirst Software & Developer Tools cheque. Before: 17 first cheques, 8 in Industry & Hardware, 6 in Energy, Environment & Mobility.
  5. 2026
    New sectorFirst Artificial Intelligence & Data cheque. Before: 17 first cheques, 12 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
  6. 2026
    S32 backed Humans& at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 7 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
    Source
  7. 2026
    Sanofi Capital backed nura at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 78 first cheques, 60 in Healthcare & Life Sciences, 7 in Software & Developer Tools.
    Source
  8. 2026
    Santé Ventures backed Alterion at Series A
    New sectorFirst Industry & Hardware cheque. Before: 23 first cheques, 16 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  9. 2026
    S Capital backed Confocal.nl at Seed
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 2 in Finance & Blockchain.
  10. 2026
    S Capital backed 6 River Systems at Series A
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 2 in Finance & Blockchain.
  11. 2026
    S Capital backed Will Winn Games at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 2 in Finance & Blockchain.
  12. 2026
    New sectorFirst Healthcare & Life Sciences cheque. Before: 31 first cheques, 24 in Software & Developer Tools, 2 in Industry & Hardware.
  13. 2026
    ServiceNow backed Genasys at Series C+
    New sectorFirst Finance & Blockchain cheque. Before: 20 first cheques, 17 in Software & Developer Tools, 1 in Healthcare & Life Sciences.
  14. 2026
    SixThirty backed Lama at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 11 in Finance & Blockchain, 6 in Software & Developer Tools.
  15. 2026
    New sectorFirst Artificial Intelligence & Data cheque. Before: 18 first cheques, 10 in Software & Developer Tools, 5 in Finance & Blockchain.
  16. 2026
    New sectorFirst Energy, Environment & Mobility cheque. Before: 27 first cheques, 22 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
  17. 2026
    New sectorFirst Commerce & Marketing cheque. Before: 27 first cheques, 22 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
  18. 2026
    Tapestry backed Pulse at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 20 first cheques, 13 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
  19. 2026
    New sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
  20. 2026
    New sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
  21. 2026
    New sectorFirst Energy, Environment & Mobility cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
  22. 2026
    New sectorFirst Commerce & Marketing cheque. Before: 50 first cheques, 33 in Software & Developer Tools, 8 in Healthcare & Life Sciences.
  23. 2026
    Underline Ventures backed DELTA at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 9 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
  24. 2026
    New sectorFirst Commerce & Marketing cheque. Before: 15 first cheques, 9 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
    Source
  25. 2026
    venBio backed Therapy Brands at Series C+
    New sectorFirst Software & Developer Tools cheque. Before: 16 first cheques, 15 in Healthcare & Life Sciences, 1 in Industry & Hardware.
  26. 2026
    venBio backed Caldera at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 16 first cheques, 15 in Healthcare & Life Sciences, 1 in Industry & Hardware.
  27. 2026
    VIB backed Crop at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 21 first cheques, 10 in Industry & Hardware, 7 in Healthcare & Life Sciences.
  28. 2026
    New sectorFirst Industry & Hardware cheque. Before: 17 first cheques, 16 in Software & Developer Tools, 1 in Commerce & Marketing.
  29. 2026
    New sectorFirst Industry & Hardware cheque. Before: 67 first cheques, 53 in Healthcare & Life Sciences, 7 in Software & Developer Tools.
  30. 2026
    Westwave Capital backed Antaris at Series B
    New sectorFirst Industry & Hardware cheque. Before: 33 first cheques, 25 in Software & Developer Tools, 4 in Finance & Blockchain.
    Source
  31. 2026
    Workday Ventures backed CircuitMind at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 40 first cheques, 29 in Software & Developer Tools, 3 in Healthcare & Life Sciences.
  32. 2026
    New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 13 in Software & Developer Tools, 3 in Finance & Blockchain.
    Source
  33. 2026
    Yttrium backed CC Colors at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 9 in Software & Developer Tools, 3 in Energy, Environment & Mobility.
  34. 2026
    New sectorFirst Energy, Environment & Mobility cheque. Before: 29 first cheques, 21 in Software & Developer Tools, 4 in Healthcare & Life Sciences.