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. Jul 2026
    New sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 9 in Software & Developer Tools, 8 in Healthcare & Life Sciences.
  2. Jul 2026
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 8 in Energy, Environment & Mobility, 5 in Software & Developer Tools.
    Source
  3. Jul 2026
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 21 first cheques, 13 in Software & Developer Tools, 4 in Finance & Blockchain.
    Source
  4. Jul 2026
    TIME Ventures backed Stenon at Series B
    New regionFirst deal in DACH. Before: 20 first cheques, 16 in North America, 2 in MEA.
    Source
  5. Jul 2026
    New sectorFirst Industry & Hardware cheque. Before: 17 first cheques, 12 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
    Source
  6. Jun 29, 2026
    Domino VC backed Picogrid at Seed
    New sectorFirst Industry & Hardware cheque. Before: 19 first cheques, 13 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
    Source
  7. Jun 25, 2026
    Mango Capital backed Seltz at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 14 in Software & Developer Tools, 1 in Commerce & Marketing.
    Source
  8. Jun 18, 2026
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 38 first cheques, 28 in Healthcare & Life Sciences, 3 in Commerce & Marketing.
  9. Jun 18, 2026
    New sectorFirst Finance & Blockchain cheque. Before: 18 first cheques, 12 in Software & Developer Tools, 3 in Healthcare & Life Sciences.
    Source
  10. Jun 18, 2026
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 81 first cheques, 73 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  11. Jun 17, 2026
    Preface Ventures backed Clario at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 15 first cheques, 9 in Software & Developer Tools, 5 in Healthcare & Life Sciences.
    Source
  12. Jun 17, 2026
    Ridge Ventures backed Clario at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 38 first cheques, 28 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
    Source
  13. Jun 16, 2026
    Construct Capital backed Copia Global at Series B
    New regionFirst deal in MEA. Before: 30 first cheques, 24 in North America, 2 in DACH.
  14. Jun 16, 2026
    New regionFirst deal in APAC. Before: 19 first cheques, 17 in UK & Ireland, 2 in North America.
    Source
  15. Jun 16, 2026
    House Fund backed Flip Labs at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 21 first cheques, 14 in Software & Developer Tools, 3 in Industry & Hardware.
  16. Jun 15, 2026
    Wipro Ventures backed Arcade at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 4 in Artificial Intelligence & Data.
  17. Jun 3, 2026
    IvyCap Ventures backed KAVIDIVYA GENERAL TRADING at Series A
    New regionFirst deal in MEA. Before: 27 first cheques, 23 in APAC, 2 in North America.
  18. Jun 2026
    New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 14 in Software & Developer Tools, 3 in Healthcare & Life Sciences.
    Source
  19. Jun 2026
    Advantage Capital backed DOORWAYS at Pre-seed
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 19 in North America, 1 in CEE.
  20. Jun 2026
    New regionFirst deal in UK & Ireland. Before: 24 first cheques, 21 in North America, 1 in DACH.
    Source
  21. Jun 2026
    New sectorFirst Energy, Environment & Mobility cheque. Before: 30 first cheques, 19 in Software & Developer Tools, 5 in Commerce & Marketing.
  22. Jun 2026
    Clear Ventures backed MEXT at Seed
    New regionFirst deal in LATAM. Before: 31 first cheques, 28 in North America, 2 in Benelux & France.
  23. Jun 2026
    Crosscut Ventures backed StarMaker at Series B
    New regionFirst deal in APAC. Before: 30 first cheques, 25 in North America, 2 in MEA.
  24. Jun 2026
    Crosspoint Capital backed Ent.AI at Seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 16 first cheques, 12 in Software & Developer Tools, 2 in Commerce & Marketing.
    Source
  25. Jun 2026
    Cyberstarts backed NewCore at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 34 first cheques, 24 in Software & Developer Tools, 4 in Finance & Blockchain.
    Source
  26. Jun 2026
    Greenfield Capital backed Patronus AI at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 21 first cheques, 13 in Software & Developer Tools, 4 in Finance & Blockchain.
    Source
  27. Jun 2026
    Newion backed Lightbringer at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 62 first cheques, 46 in Software & Developer Tools, 4 in Commerce & Marketing.
    Source
  28. Jun 2026
    New regionFirst deal in Benelux & France. Before: 49 first cheques, 40 in North America, 4 in APAC.
  29. May 28, 2026
    New regionFirst deal in UK & Ireland. Before: 18 first cheques, 17 in North America, 1 in Benelux & France.
  30. May 23, 2026
    New regionFirst deal in North America. Before: 15 first cheques, 14 in Nordics, 1 in DACH.
    Source
  31. May 11, 2026
    Deutsche Beteiligungs backed INTECH at Series A
    New regionFirst deal in CEE. Before: 18 first cheques, 15 in DACH, 2 in Benelux & France.
  32. May 7, 2026
    New sectorFirst Artificial Intelligence & Data cheque. Before: 18 first cheques, 11 in Software & Developer Tools, 4 in Industry & Hardware.
    Source
  33. May 7, 2026
    Renegade Partners backed Hedral at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 9 in Software & Developer Tools, 3 in Finance & Blockchain.
  34. May 4, 2026
    New regionFirst deal in APAC. Before: 27 first cheques, 25 in UK & Ireland, 2 in North America.
  35. May 2026
    AFG Partners backed Fifth Dimension AI at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 18 first cheques, 12 in Software & Developer Tools, 3 in Finance & Blockchain.
    Source
  36. May 2026
    New sectorFirst Energy, Environment & Mobility cheque. Before: 15 first cheques, 12 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
  37. May 2026
    Anaxago backed Inlusion Netforms at Seed
    New regionFirst deal in CEE. Before: 39 first cheques, 34 in Benelux & France, 2 in North America.
  38. May 2026
    Athyrium backed Portfolio Metry at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 44 first cheques, 42 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
  39. May 2026
    New regionFirst deal in DACH. Before: 46 first cheques, 40 in North America, 3 in UK & Ireland.
  40. May 2026
    Companisto backed Path Nine at Seed
    New regionFirst deal in UK & Ireland. Before: 110 first cheques, 95 in DACH, 6 in North America.