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
    New sectorFirst Industry & Hardware cheque. Before: 34 first cheques, 30 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
  2. 2025
    New regionFirst deal in Nordics. Before: 56 first cheques, 45 in North America, 4 in Benelux & France.
  3. 2025
    BDC Capital backed JCK at Seed
    New regionFirst deal in Benelux & France. Before: 79 first cheques, 64 in North America, 6 in UK & Ireland.
  4. 2025
    BDC Capital backed Pickit at Series A
    New regionFirst deal in Nordics. Before: 79 first cheques, 64 in North America, 6 in UK & Ireland.
  5. 2025
    BDC Capital backed Puzzlr at Series A
    New regionFirst deal in Nordics. Before: 79 first cheques, 64 in North America, 6 in UK & Ireland.
  6. 2025
    BDC Capital backed 4ag at Series B
    New regionFirst deal in Benelux & France. Before: 79 first cheques, 64 in North America, 6 in UK & Ireland.
    Source
  7. 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.
  8. 2025
    BioImpact Capital backed Protegor at Series B
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 12 in North America, 2 in UK & Ireland.
  9. 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.
  10. 2025
    Blackfinch backed Spaceflux at Seed
    New regionFirst deal in APAC. Before: 31 first cheques, 27 in UK & Ireland, 2 in North America.
  11. 2025
    Blackstone backed Pally at Pre-seed
    Earlier stageFirst entry as early as Pre-seed. Before: 39 entries with a sourced stage, 20 at Series C+, 9 at Series A.
  12. 2025
    Bloomberg Beta backed Sabant at Series A
    New regionFirst deal in CEE. Before: 42 first cheques, 34 in North America, 4 in Benelux & France.
  13. 2025
    New regionFirst deal in CEE. Before: 42 first cheques, 34 in North America, 4 in Benelux & France.
  14. 2025
    New sectorFirst Software & Developer Tools cheque. Before: 41 first cheques, 40 in Healthcare & Life Sciences, 1 in Industry & Hardware.
  15. 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.
  16. 2025
    New sectorFirst Finance & Blockchain cheque. Before: 41 first cheques, 30 in Energy, Environment & Mobility, 5 in Industry & Hardware.
  17. 2025
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 20 first cheques, 13 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
  18. 2025
    Builders VC backed Premier Digital at Series A
    New regionFirst deal in DACH. Before: 24 first cheques, 21 in North America, 2 in UK & Ireland.
  19. 2025
    New regionFirst deal in Nordics. Before: 217 first cheques, 204 in DACH, 5 in North America.
  20. 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.
  21. 2025
    Caffeinated Capital backed GravitHy at Series A
    New regionFirst deal in DACH. Before: 30 first cheques, 28 in North America, 1 in APAC.
  22. 2025
    New regionFirst deal in Benelux & France. Before: 30 first cheques, 28 in North America, 1 in APAC.
  23. 2025
    Caffeinated Capital backed Unified at Series C+
    New regionFirst deal in Benelux & France. Before: 30 first cheques, 28 in North America, 1 in APAC.
  24. 2025
    CDTI backed Azae at Seed
    New regionFirst deal in Benelux & France. Before: 33 first cheques, 31 in Southern Europe, 1 in DACH.
  25. 2025
    New regionFirst deal in DACH. Before: 16 first cheques, 13 in North America, 1 in UK & Ireland.
  26. 2025
    Cervin Ventures backed Datumprikker at Series A
    New regionFirst deal in Benelux & France. Before: 43 first cheques, 36 in North America, 3 in UK & Ireland.
  27. 2025
    Cervin Ventures backed Dedem at Series C+
    New regionFirst deal in Southern Europe. Before: 43 first cheques, 36 in North America, 3 in UK & Ireland.
  28. 2025
    Chalmers Ventures backed MeLoot at Series A
    New regionFirst deal in Benelux & France. Before: 46 first cheques, 39 in Nordics, 6 in North America.
  29. 2025
    Chalmers Ventures backed MELT Group at Series A
    New regionFirst deal in Benelux & France. Before: 46 first cheques, 39 in Nordics, 6 in North America.
  30. 2025
    Chalmers Ventures backed MELT-Ing GmbH at Series A
    New regionFirst deal in DACH. Before: 46 first cheques, 39 in Nordics, 6 in North America.
  31. 2025
    New regionFirst deal in LATAM. Before: 67 first cheques, 55 in APAC, 9 in North America.
  32. 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.
  33. 2025
    New sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 11 in Finance & Blockchain, 2 in Industry & Hardware.
    Source
  34. 2025
    New sectorFirst Artificial Intelligence & Data cheque. Before: 57 first cheques, 48 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  35. 2025
    Cota Capital backed Sabant at Series A
    New regionFirst deal in CEE. Before: 56 first cheques, 47 in North America, 3 in UK & Ireland.
  36. 2025
    New regionFirst deal in Nordics. Before: 25 first cheques, 22 in North America, 1 in DACH.
  37. 2025
    Crosslink Capital backed Carbo at Series B
    New regionFirst deal in Benelux & France. Before: 99 first cheques, 91 in North America, 3 in UK & Ireland.
  38. 2025
    Crosslink Capital backed Argona at Seed
    New regionFirst deal in Benelux & France. Before: 99 first cheques, 91 in North America, 3 in UK & Ireland.
  39. 2025
    Crosslink Capital backed Armory at Series C+
    New regionFirst deal in Benelux & France. Before: 99 first cheques, 91 in North America, 3 in UK & Ireland.
  40. 2025
    Crosslink Capital backed BuildVision at Series A
    New regionFirst deal in Southern Europe. Before: 99 first cheques, 91 in North America, 3 in UK & Ireland.
    Source