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
    Viola Fintech backed Quin at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 13 in Finance & Blockchain, 3 in Software & Developer Tools.
  2. 2025
    Viola Fintech backed BAOBAG at Series A
    New sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 13 in Finance & Blockchain, 3 in Software & Developer Tools.
  3. 2025
    New regionFirst deal in DACH. Before: 58 first cheques, 49 in North America, 5 in UK & Ireland.
  4. 2025
    New regionFirst deal in MEA. Before: 58 first cheques, 49 in North America, 5 in UK & Ireland.
  5. 2025
    Vivo Ventures backed SanaGens at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 49 first cheques, 39 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  6. 2025
    VMG Partners backed Numalliance at Seed
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 14 in North America, 1 in UK & Ireland.
  7. 2025
    VMG Partners backed Finbar at Seed
    New regionFirst deal in APAC. Before: 17 first cheques, 14 in North America, 1 in UK & Ireland.
  8. 2025
    Westwave Capital backed Savant Labs at Series A
    New regionFirst deal in MEA. Before: 22 first cheques, 20 in North America, 1 in UK & Ireland.
    Source
  9. 2025
    Westwave Capital backed PPTL at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 22 first cheques, 16 in Software & Developer Tools, 3 in Finance & Blockchain.
    New regionFirst deal in DACH. Before: 22 first cheques, 20 in North America, 1 in UK & Ireland.
  10. Dec 19, 2024
    Super Angels backed Loyalift at Pre-seed
    New sectorFirst Commerce & Marketing cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
    Source
  11. Dec 18, 2024
    Luminar Ventures backed Corsmed at Seed
    New regionFirst deal in UK & Ireland. Before: 31 first cheques, 26 in Nordics, 3 in North America.
    Source
  12. Dec 18, 2024
    Sting backed Minosia at Seed
    New regionFirst deal in APAC. Before: 202 first cheques, 166 in Nordics, 16 in DACH.
  13. Dec 17, 2024
    100X.VC backed Ava at Series A
    New regionFirst deal in Benelux & France. Before: 53 first cheques, 44 in APAC, 5 in North America.
  14. Dec 4, 2024
    Vivo Ventures backed Klubi at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 48 first cheques, 39 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
    Source
  15. Dec 2, 2024
    Meltwind backed Natrox at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 16 first cheques, 12 in Healthcare & Life Sciences, 2 in Artificial Intelligence & Data.
  16. Dec 2024
    BOLD Capital Partners backed Liquid AI at Series A
    New regionFirst deal in DACH. Before: 32 first cheques, 31 in North America, 1 in Benelux & France.
  17. Dec 2024
    New sectorFirst Industry & Hardware cheque. Before: 17 first cheques, 11 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
  18. Dec 2024
    eFounders backed Basalt at Seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 22 first cheques, 14 in Software & Developer Tools, 6 in Finance & Blockchain.
  19. Dec 2024
    New sectorFirst Commerce & Marketing cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Industry & Hardware.
  20. Dec 2024
    New regionFirst deal in Southern Europe. Before: 17 first cheques, 14 in LATAM, 1 in North America.
    Source
  21. Dec 2024
    MSU Research Foundation backed Tandem at Series A
    New regionFirst deal in DACH. Before: 28 first cheques, 27 in North America, 1 in UK & Ireland.
  22. Dec 2024
    Mucker Capital backed HANDL at Seed
    New regionFirst deal in UK & Ireland. Before: 73 first cheques, 63 in North America, 3 in APAC.
  23. Dec 2024
    SR One backed Charm at Pre-seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 36 first cheques, 31 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  24. Dec 2024
    New sectorFirst Energy, Environment & Mobility cheque. Before: 83 first cheques, 53 in Finance & Blockchain, 14 in Artificial Intelligence & Data.
  25. Dec 2024
    WRVI Capital backed Biomason at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 30 first cheques, 14 in Industry & Hardware, 12 in Software & Developer Tools.
  26. Nov 25, 2024
    SmartFin backed Emma at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 16 first cheques, 13 in Software & Developer Tools, 2 in Commerce & Marketing.
    Source
  27. Nov 12, 2024
    New sectorFirst Artificial Intelligence & Data cheque. Before: 36 first cheques, 22 in Finance & Blockchain, 7 in Software & Developer Tools.
  28. Nov 12, 2024
    Sno Ventures backed Nordic Air Defence at Pre-seed
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 9 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
  29. Nov 7, 2024
    New regionFirst deal in APAC. Before: 15 first cheques, 12 in North America, 1 in UK & Ireland.
  30. Nov 2, 2024
    Lightbox Ventures backed Amaha at Series A
    New regionFirst deal in North America. Before: 18 first cheques, 16 in APAC, 1 in UK & Ireland.
    Source
  31. Nov 2024
    Alstin Capital backed Norbr at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 20 first cheques, 14 in Software & Developer Tools, 2 in Finance & Blockchain.
    Source
  32. Nov 2024
    New sectorFirst Industry & Hardware cheque. Before: 23 first cheques, 16 in Software & Developer Tools, 4 in Commerce & Marketing.
  33. Nov 2024
    FINTOP Capital backed CARDO AI s.r.l at Series A
    New regionFirst deal in DACH. Before: 22 first cheques, 19 in North America, 2 in UK & Ireland.
  34. Nov 2024
    Logos Capital backed ADCENDO at Series B
    New regionFirst deal in Nordics. Before: 37 first cheques, 30 in North America, 2 in UK & Ireland.
    Source
  35. Nov 2024
    Revaia backed Ev Charging Ampeco at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 15 first cheques, 9 in Software & Developer Tools, 3 in Commerce & Marketing.
  36. Nov 2024
    New sectorFirst Industry & Hardware cheque. Before: 39 first cheques, 28 in Software & Developer Tools, 5 in Finance & Blockchain.
  37. Nov 2024
    Surveyor Capital backed ADCENDO at Series B
    New regionFirst deal in Nordics. Before: 30 first cheques, 27 in North America, 1 in UK & Ireland.
    Source
  38. Oct 30, 2024
    Vef backed Solfácil
    New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 13 in Finance & Blockchain, 3 in Software & Developer Tools.
  39. Oct 29, 2024
    New sectorFirst Energy, Environment & Mobility cheque. Before: 37 first cheques, 26 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
    Source
  40. Oct 14, 2024
    BonVenture backed ViViRA at Series B
    New regionFirst deal in Southern Europe. Before: 15 first cheques, 15 in DACH.