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. Apr 2025
    Ridge Ventures backed Recall Labs at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 30 first cheques, 23 in Software & Developer Tools, 3 in Industry & Hardware.
  2. Mar 26, 2025
    Ballistic Ventures backed GetReal at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 25 first cheques, 18 in Software & Developer Tools, 3 in Commerce & Marketing.
    Source
  3. Mar 18, 2025
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 16 first cheques, 11 in Software & Developer Tools, 2 in Finance & Blockchain.
  4. Mar 2025
    Four Rivers Group backed WeLevel at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 20 first cheques, 13 in Software & Developer Tools, 3 in Industry & Hardware.
  5. Mar 2025
    LEA Partners backed Moonwatt at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 14 in Software & Developer Tools, 3 in Industry & Hardware.
    New regionFirst deal in Benelux & France. Before: 20 first cheques, 16 in DACH, 2 in North America.
    Source
  6. Feb 2025
    Kiko Ventures backed Mantle8 at Seed
    New sectorFirst Software & Developer Tools cheque. Before: 15 first cheques, 7 in Energy, Environment & Mobility, 5 in Industry & Hardware.
    Source
  7. Feb 2025
    Panakes Partners backed Approxima at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 22 first cheques, 21 in Healthcare & Life Sciences, 1 in Artificial Intelligence & Data.
    Source
  8. Feb 2025
    Robin Capital backed Uvionix at Seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 2 in Finance & Blockchain.
    Source
  9. Jan 30, 2025
    KOMPAS VC backed NALA at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 18 first cheques, 8 in Software & Developer Tools, 7 in Industry & Hardware.
    Source
  10. Jan 30, 2025
    New sectorFirst Software & Developer Tools cheque. Before: 18 first cheques, 17 in Healthcare & Life Sciences, 1 in Finance & Blockchain.
  11. Jan 28, 2025
    o2h Ventures backed Atelerix at Pre-seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 21 first cheques, 21 in Healthcare & Life Sciences.
    Source
  12. Jan 14, 2025
    Two Sigma Ventures backed Zymergen at Series A
    New sectorFirst Industry & Hardware cheque. Before: 44 first cheques, 31 in Software & Developer Tools, 7 in Healthcare & Life Sciences.
    Source
  13. 2025
    Amgen Ventures backed Stx at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 20 first cheques, 16 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  14. 2025
    Amgen Ventures backed Strands at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 20 first cheques, 16 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  15. 2025
    New sectorFirst Industry & Hardware cheque. Before: 34 first cheques, 30 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
  16. 2025
    Big Pi Ventures backed Biomimetic at Series A
    New sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 7 in Software & Developer Tools, 7 in Healthcare & Life Sciences.
  17. 2025
    BlackFin Capital Partners backed Fiven at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 29 first cheques, 19 in Finance & Blockchain, 7 in Software & Developer Tools.
  18. 2025
    New sectorFirst Software & Developer Tools cheque. Before: 41 first cheques, 40 in Healthcare & Life Sciences, 1 in Industry & Hardware.
  19. 2025
    Boldstart Ventures backed Generalist at Series A
    New sectorFirst Industry & Hardware cheque. Before: 55 first cheques, 41 in Software & Developer Tools, 8 in Finance & Blockchain.
  20. 2025
    New sectorFirst Finance & Blockchain cheque. Before: 41 first cheques, 30 in Energy, Environment & Mobility, 5 in Industry & Hardware.
  21. 2025
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 20 first cheques, 13 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
  22. 2025
    BVF Partners backed Merida at Series A
    New sectorFirst Industry & Hardware cheque. Before: 28 first cheques, 25 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  23. 2025
    Cisco Investments backed Orchids at Seed
    New sectorFirst Commerce & Marketing cheque. Before: 59 first cheques, 38 in Software & Developer Tools, 12 in Industry & Hardware.
  24. 2025
    New sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 11 in Finance & Blockchain, 2 in Industry & Hardware.
    Source
  25. 2025
    New sectorFirst Artificial Intelligence & Data cheque. Before: 57 first cheques, 48 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  26. 2025
    Decheng Capital backed Cashex at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 26 first cheques, 18 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  27. 2025
    Decibel Partners backed CenSyn at Series C+
    New sectorFirst Healthcare & Life Sciences cheque. Before: 22 first cheques, 16 in Software & Developer Tools, 2 in Industry & Hardware.
  28. 2025
    Deep Track Capital backed Merida at Series A
    New sectorFirst Industry & Hardware cheque. Before: 21 first cheques, 17 in Healthcare & Life Sciences, 2 in Finance & Blockchain.
  29. 2025
    Deep Track Capital backed Groupe HEM at Series C+
    New sectorFirst Commerce & Marketing cheque. Before: 21 first cheques, 17 in Healthcare & Life Sciences, 2 in Finance & Blockchain.
  30. 2025
    Define Ventures backed Alma at Series C+
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 9 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  31. 2025
    New sectorFirst Healthcare & Life Sciences cheque. Before: 21 first cheques, 13 in Energy, Environment & Mobility, 4 in Software & Developer Tools.
  32. 2025
    Flare backed FHE Group at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 19 first cheques, 16 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 16 in North America, 1 in DACH.
  33. 2025
    Flare backed Lynx at Series A
    New sectorFirst Industry & Hardware cheque. Before: 19 first cheques, 16 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  34. 2025
    Fuse backed Joymore at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 37 first cheques, 25 in Software & Developer Tools, 7 in Finance & Blockchain.
  35. 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
  36. 2025
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 49 first cheques, 38 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
  37. 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
  38. 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.
  39. 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.
  40. 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.