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. Oct 2024
    Fuse backed Carbon Robotics at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 36 first cheques, 25 in Software & Developer Tools, 7 in Finance & Blockchain.
  2. Oct 2024
    Gateway Ventures backed Healthcaters at Pre-seed
    New regionFirst deal in Nordics. Before: 43 first cheques, 37 in DACH, 2 in North America.
  3. Oct 2024
    Gorilla Capital backed OmMej at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 9 in Software & Developer Tools, 3 in Healthcare & Life Sciences.
    Source
  4. Oct 2024
    HealthCap backed Synox at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 46 first cheques, 42 in Healthcare & Life Sciences, 3 in Industry & Hardware.
    Source
  5. Oct 2024
    New sectorFirst Energy, Environment & Mobility cheque. Before: 33 first cheques, 21 in Finance & Blockchain, 9 in Software & Developer Tools.
  6. Oct 2024
    New regionFirst deal in UK & Ireland. Before: 30 first cheques, 30 in North America.
  7. Oct 2024
    WRVI Capital backed Crescendo at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 29 first cheques, 14 in Industry & Hardware, 12 in Software & Developer Tools.
  8. Sep 30, 2024
    Miton backed GTE at Pre-seed
    New regionFirst deal in Benelux & France. Before: 49 first cheques, 43 in CEE, 3 in UK & Ireland.
  9. Sep 30, 2024
    New regionFirst deal in UK & Ireland. Before: 29 first cheques, 28 in DACH, 1 in Benelux & France.
    Source
  10. Sep 25, 2024
    Brighteye Ventures backed La Solive at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 44 first cheques, 31 in Software & Developer Tools, 5 in Consumer, Lifestyle & Services.
    Source
  11. Sep 2024
    Anzu Partners backed Partium at Series A
    New regionFirst deal in DACH. Before: 42 first cheques, 36 in North America, 3 in APAC.
  12. Sep 2024
    Contrarian Ventures backed Bebop at Seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 17 first cheques, 8 in Energy, Environment & Mobility, 7 in Software & Developer Tools.
  13. Sep 2024
    D11Z Ventures backed Otark at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 15 first cheques, 9 in Software & Developer Tools, 3 in Industry & Hardware.
  14. Sep 2024
    Entrepreneur Venture backed Spicewell at Pre-seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 19 first cheques, 15 in Software & Developer Tools, 3 in Commerce & Marketing.
    New regionFirst deal in North America. Before: 19 first cheques, 17 in Benelux & France, 1 in DACH.
  15. Sep 2024
    Forbion backed Novameat at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 96 first cheques, 79 in Healthcare & Life Sciences, 7 in Software & Developer Tools.
    Source
  16. Sep 2024
    Join Capital backed Ebamed at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 21 first cheques, 14 in Software & Developer Tools, 7 in Industry & Hardware.
  17. Sep 2024
    Longitude Capital backed Twelve at Series C+
    New sectorFirst Commerce & Marketing cheque. Before: 63 first cheques, 57 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  18. Sep 2024
    Westwave Capital backed Eion at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 16 in Software & Developer Tools, 3 in Finance & Blockchain.
    New regionFirst deal in UK & Ireland. Before: 21 first cheques, 20 in North America, 1 in APAC.
  19. Aug 22, 2024
    Maverick Ventures backed Oops at Pre-seed
    Earlier stageFirst entry as early as Pre-seed. Before: 28 entries with a sourced stage, 10 at Series C+, 9 at Series A.
    Source
  20. Aug 20, 2024
    BlackRock backed VideoGen at Seed
    Earlier stageFirst entry as early as Seed. Before: 49 entries with a sourced stage, 31 at Series C+, 14 at Series B.
  21. Aug 9, 2024
    Aonia Ventures backed Branch Energy at Series A
    New regionFirst deal in North America. Before: 15 first cheques, 13 in Benelux & France, 1 in APAC.
  22. Aug 9, 2024
    New sectorFirst Healthcare & Life Sciences cheque. Before: 23 first cheques, 13 in Software & Developer Tools, 6 in Consumer, Lifestyle & Services.
    Source
  23. Aug 2024
    New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 8 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
  24. Aug 2024
    Bpifrance backed UP&Charge at Seed
    New regionFirst deal in LATAM. Before: 453 first cheques, 394 in Benelux & France, 22 in North America.
    Source
  25. Aug 2024
    EIFO backed Contribe at Pre-seed
    New regionFirst deal in CEE. Before: 23 first cheques, 19 in Nordics, 3 in North America.
    Source
  26. Aug 2024
    Kraken Ventures backed Morpho at Series C+
    New sectorFirst Software & Developer Tools cheque. Before: 16 first cheques, 11 in Finance & Blockchain, 3 in Consumer, Lifestyle & Services.
  27. Aug 2024
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 17 first cheques, 12 in Software & Developer Tools, 3 in Industry & Hardware.
    Source
  28. Aug 2024
    South Central Ventures backed Leanpay at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 21 first cheques, 13 in Software & Developer Tools, 4 in Commerce & Marketing.
    Source
  29. Jul 29, 2024
    New regionFirst deal in LATAM. Before: 23 first cheques, 19 in Southern Europe, 2 in CEE.
    Source
  30. Jul 3, 2024
    Contrarian Ventures backed Altrove at Pre-seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 16 first cheques, 8 in Energy, Environment & Mobility, 7 in Software & Developer Tools.
    Source
  31. Jul 2024
    Educapital backed Female Invest at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 17 first cheques, 8 in Software & Developer Tools, 8 in Consumer, Lifestyle & Services.
  32. Jul 2024
    New regionFirst deal in Nordics. Before: 75 first cheques, 62 in UK & Ireland, 7 in North America.
  33. Jun 24, 2024
    New regionFirst deal in DACH. Before: 25 first cheques, 22 in APAC, 3 in North America.
    Source
  34. Jun 19, 2024
    Everywhere Ventures backed Donna at Pre-seed
    New regionFirst deal in DACH. Before: 16 first cheques, 13 in North America, 1 in UK & Ireland.
    Source
  35. Jun 19, 2024
    Fortino Capital backed Donna at Pre-seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 31 first cheques, 22 in Software & Developer Tools, 3 in Finance & Blockchain.
    Source
  36. Jun 12, 2024
    Upfront Ventures backed Apex at Series B
    New regionFirst deal in MEA. Before: 58 first cheques, 48 in North America, 3 in UK & Ireland.
    Source
  37. Jun 12, 2024
    XYZ Ventures backed Apex at Series B
    New regionFirst deal in MEA. Before: 18 first cheques, 15 in North America, 1 in UK & Ireland.
    Source
  38. Jun 5, 2024
    LG Technology Ventures backed Eko at Series C+
    New sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 8 in Software & Developer Tools, 4 in Industry & Hardware.
  39. Jun 5, 2024
    New sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 8 in Software & Developer Tools, 4 in Industry & Hardware.
  40. Jun 2024
    Agent Capital backed AshiBio at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 22 first cheques, 21 in Healthcare & Life Sciences, 1 in Software & Developer Tools.