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.

AllNew sectorNew regionEarlier stage2026202520242023202220212020
  1. Jun 8, 2022
    Rethink Capital Partners backed CareAcademy at Series B
    New sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
    Source
  2. Jun 8, 2022
    Ribbit Capital backed HyperloopTT at Seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 62 first cheques, 38 in Finance & Blockchain, 14 in Software & Developer Tools.
  3. Jun 2022
    Asabys Partners backed Amelia at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 16 first cheques, 13 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  4. Jun 2022
    Athyrium backed uMotif at Series B
    New regionFirst deal in UK & Ireland. Before: 17 first cheques, 16 in North America, 1 in Benelux & France.
    Source
  5. Jun 2022
    Bitkraft backed TRIPP at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 70 first cheques, 50 in Consumer, Lifestyle & Services, 13 in Software & Developer Tools.
  6. Jun 2022
    BOM Brabant Ventures backed Relement at Seed
    New regionFirst deal in LATAM. Before: 56 first cheques, 50 in Benelux & France, 2 in DACH.
    Source
  7. Jun 2022
    Canvas Ventures backed Anyone AI at Pre-seed
    New regionFirst deal in LATAM. Before: 25 first cheques, 22 in North America, 1 in UK & Ireland.
    Source
  8. Jun 2022
    Clocktower Technology Ventures backed Pandas at Pre-seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 26 first cheques, 14 in Finance & Blockchain, 7 in Software & Developer Tools.
    Source
  9. Jun 2022
    EMV Capital backed QuantalX Neuroscience at Seed
    New regionFirst deal in North America. Before: 17 first cheques, 15 in UK & Ireland, 1 in DACH.
  10. Jun 2022
    Energy Impact Partners backed ESG Book at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 40 first cheques, 19 in Software & Developer Tools, 16 in Energy, Environment & Mobility.
    Source
  11. Jun 2022
    Faraday Venture Partners backed Axomove at Seed
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 14 in Southern Europe, 1 in North America.
    Source
  12. Jun 2022
    Fika Ventures backed AKKO at Series A
    New regionFirst deal in APAC. Before: 16 first cheques, 13 in North America, 1 in DACH.
  13. Jun 2022
    Foundry Group backed The Regard Partnership at Series A
    New regionFirst deal in UK & Ireland. Before: 44 first cheques, 39 in North America, 2 in APAC.
  14. Jun 2022
    Georgian backed Trinsic at Seed
    New regionFirst deal in Benelux & France. Before: 34 first cheques, 30 in North America, 2 in DACH.
    Source
  15. Jun 2022
    Industrifonden backed Telness at Series A
    New regionFirst deal in DACH. Before: 44 first cheques, 38 in Nordics, 3 in North America.
    Source
  16. Jun 2022
    Inovia Capital backed Flare
    New regionFirst deal in Nordics. Before: 51 first cheques, 45 in North America, 4 in UK & Ireland.
  17. Jun 2022
    Karista backed Kranus Health at Series A
    New regionFirst deal in DACH. Before: 35 first cheques, 34 in Benelux & France, 1 in North America.
    Source
  18. Jun 2022
    OCA Ventures backed Roq.ad at Series A
    New regionFirst deal in DACH. Before: 27 first cheques, 23 in North America, 3 in UK & Ireland.
    Source
  19. Jun 2022
    Pillar VC backed Jobset at Series B
    New regionFirst deal in DACH. Before: 15 first cheques, 13 in North America, 1 in UK & Ireland.
  20. Jun 2022
    SAIF Partners. backed AI Prime at Series A
    New regionFirst deal in DACH. Before: 33 first cheques, 29 in APAC, 3 in North America.
  21. Jun 2022
    Source Code Capital backed Hai Robotics at Series C+
    New regionFirst deal in DACH. Before: 22 first cheques, 19 in APAC, 1 in North America.
  22. May 26, 2022
    Zeev Ventures backed Circles at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 25 first cheques, 13 in Software & Developer Tools, 7 in Finance & Blockchain.
  23. May 25, 2022
    Info Edge backed WSO2 at Series C+
    New regionFirst deal in North America. Before: 20 first cheques, 17 in APAC, 1 in UK & Ireland.
    Source
  24. May 17, 2022
    RA Capital Management backed Optivolt at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 139 first cheques, 119 in Healthcare & Life Sciences, 12 in Software & Developer Tools.
  25. May 11, 2022
    YFM Equity Partners backed Elucidate at Series A
    New regionFirst deal in DACH. Before: 20 first cheques, 16 in UK & Ireland, 3 in North America.
  26. May 2022
    Clocktower Technology Ventures backed Habi at Series C+
    New sectorFirst Commerce & Marketing cheque. Before: 25 first cheques, 14 in Finance & Blockchain, 7 in Software & Developer Tools.
    Source
  27. May 2022
    Companisto backed LIVY at Seed
    New regionFirst deal in Benelux & France. Before: 21 first cheques, 21 in DACH.
    Source
  28. May 2022
    GL Ventures backed ZMO.ai at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 16 first cheques, 11 in Healthcare & Life Sciences, 3 in Industry & Hardware.
  29. May 2022
    Inreach Ventures backed MyJam at Pre-seed
    New sectorFirst Commerce & Marketing cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
    Source
  30. May 2022
    JME Ventures backed Altan at Series A
    New regionFirst deal in North America. Before: 19 first cheques, 17 in Southern Europe, 2 in Benelux & France.
  31. May 2022
    Magma Partners backed Philippo at Pre-seed
    New regionFirst deal in APAC. Before: 29 first cheques, 25 in LATAM, 3 in North America.
    Source
  32. May 2022
    Mosaic Ventures backed Smiler at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 28 first cheques, 14 in Software & Developer Tools, 10 in Finance & Blockchain.
    Source
  33. May 2022
    Panache Ventures backed Moves at Seed
    New regionFirst deal in UK & Ireland. Before: 26 first cheques, 25 in North America, 1 in MEA.
  34. May 2022
    Visionaries Club backed GetHenry at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 23 first cheques, 14 in Software & Developer Tools, 5 in Finance & Blockchain.
    Source
  35. Apr 28, 2022
    Ulu Ventures backed Prixz at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 20 first cheques, 12 in Software & Developer Tools, 5 in Finance & Blockchain.
    New regionFirst deal in LATAM. Before: 20 first cheques, 18 in North America, 1 in UK & Ireland.
    Source
  36. Apr 11, 2022
    Third Rock Ventures backed Ambys at Series A
    New regionFirst deal in LATAM. Before: 23 first cheques, 19 in North America, 3 in APAC.
  37. Apr 7, 2022
    Atlantic Bridge backed Trustap at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 43 first cheques, 24 in Software & Developer Tools, 11 in Industry & Hardware.
    Source
  38. Apr 6, 2022
    Third Prime backed Wayleadr at Seed
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 12 in North America, 1 in Benelux & France.
    Source
  39. Apr 5, 2022
    Hack VC backed Boba at Series A
    New regionFirst deal in APAC. Before: 25 first cheques, 20 in North America, 2 in UK & Ireland.
  40. Apr 2022
    Anaxago backed Lincoln Electric System at Seed
    New regionFirst deal in North America. Before: 24 first cheques, 23 in Benelux & France, 1 in DACH.