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. Sep 2025
    New sectorFirst Energy, Environment & Mobility cheque. Before: 93 first cheques, 84 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  2. Sep 2025
    New regionFirst deal in APAC. Before: 24 first cheques, 22 in North America, 1 in Benelux & France.
  3. Sep 2025
    SET Ventures backed Galvany at Pre-seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 26 first cheques, 19 in Energy, Environment & Mobility, 3 in Software & Developer Tools.
  4. Sep 2025
    Super Angels backed Pactos at Pre-seed
    New regionFirst deal in LATAM. Before: 18 first cheques, 15 in DACH, 1 in UK & Ireland.
    Source
  5. Sep 2025
    Toba Capital backed Euclid at Series B
    New sectorFirst Industry & Hardware cheque. Before: 17 first cheques, 11 in Software & Developer Tools, 3 in Healthcare & Life Sciences.
    Source
  6. Aug 27, 2025
    New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 15 in Software & Developer Tools, 3 in Commerce & Marketing.
  7. Aug 19, 2025
    IA Capital Group backed Testudo at Seed
    New regionFirst deal in Southern Europe. Before: 36 first cheques, 29 in North America, 2 in UK & Ireland.
  8. Aug 18, 2025
    Argonautic Ventures backed Haibrid
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 16 in North America, 3 in DACH.
  9. Aug 11, 2025
    Ally Bridge Group backed SetPoint at Series C+
    New sectorFirst Finance & Blockchain cheque. Before: 43 first cheques, 33 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
    Source
  10. Aug 7, 2025
    M13 backed Kontext at Seed
    New regionFirst deal in CEE. Before: 25 first cheques, 20 in North America, 3 in Nordics.
    Source
  11. Aug 7, 2025
    Torch Capital backed Kontext at Seed
    New regionFirst deal in CEE. Before: 21 first cheques, 17 in North America, 1 in UK & Ireland.
    Source
  12. Aug 2025
    Bandon Partners backed Hyphen at Series B
    New regionFirst deal in Nordics. Before: 15 first cheques, 15 in North America.
  13. Aug 2025
    New regionFirst deal in LATAM. Before: 52 first cheques, 48 in DACH, 3 in North America.
  14. Aug 2025
    New regionFirst deal in APAC. Before: 39 first cheques, 32 in UK & Ireland, 6 in North America.
    Source
  15. Aug 2025
    New regionFirst deal in APAC. Before: 39 first cheques, 32 in UK & Ireland, 6 in North America.
  16. Aug 2025
    G Squared backed Synkka at Pre-seed
    Earlier stageFirst entry as early as Pre-seed. Before: 39 entries with a sourced stage, 25 at Series C+, 9 at Series B.
  17. Aug 2025
    New sectorFirst Artificial Intelligence & Data cheque. Before: 19 first cheques, 14 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  18. Aug 2025
    New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 7 in Software & Developer Tools, 7 in Finance & Blockchain.
  19. Aug 2025
    New regionFirst deal in APAC. Before: 39 first cheques, 37 in North America, 1 in UK & Ireland.
  20. Aug 2025
    OSS Capital backed Tracel at Seed
    New sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 4 in Artificial Intelligence & Data.
  21. Aug 2025
    Vensana Capital backed Luna at Series B
    New regionFirst deal in UK & Ireland. Before: 17 first cheques, 14 in North America, 1 in Benelux & France.
  22. Jul 24, 2025
    Morado Ventures backed Evitado at Seed
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
  23. Jul 24, 2025
    Ribbit Capital backed Fuse Energy at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 92 first cheques, 48 in Finance & Blockchain, 31 in Software & Developer Tools.
    Source
  24. Jul 23, 2025
    New regionFirst deal in APAC. Before: 35 first cheques, 29 in North America, 3 in Benelux & France.
  25. Jul 16, 2025
    D11Z Ventures backed Whisper at Pre-seed
    New regionFirst deal in Benelux & France. Before: 26 first cheques, 23 in DACH, 1 in North America.
    Source
  26. Jul 16, 2025
    New sectorFirst Artificial Intelligence & Data cheque. Before: 46 first cheques, 32 in Software & Developer Tools, 7 in Healthcare & Life Sciences.
  27. Jul 14, 2025
    New sectorFirst Industry & Hardware cheque. Before: 18 first cheques, 16 in Software & Developer Tools, 1 in Healthcare & Life Sciences.
    Source
  28. Jul 8, 2025
    New regionFirst deal in Benelux & France. Before: 22 first cheques, 20 in North America, 1 in DACH.
  29. Jul 2025
    BOLD Capital Partners backed Aqtual at Series B
    New regionFirst deal in UK & Ireland. Before: 35 first cheques, 33 in North America, 1 in DACH.
  30. Jul 2025
    New regionFirst deal in North America. Before: 36 first cheques, 32 in Southern Europe, 2 in DACH.
  31. Jul 2025
    New regionFirst deal in DACH. Before: 47 first cheques, 39 in North America, 6 in UK & Ireland.
  32. Jul 2025
    CMT Digital backed Amsterdams D2X at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 29 first cheques, 18 in Finance & Blockchain, 8 in Software & Developer Tools.
  33. Jul 2025
    E2MC Ventures backed Geolava at Seed
    New sectorFirst Commerce & Marketing cheque. Before: 20 first cheques, 10 in Industry & Hardware, 6 in Artificial Intelligence & Data.
    Source
  34. Jul 2025
    New regionFirst deal in North America. Before: 19 first cheques, 18 in Nordics, 1 in Benelux & France.
  35. Jul 2025
    Luminar Ventures backed Opper AI at Pre-seed
    New regionFirst deal in Benelux & France. Before: 39 first cheques, 32 in Nordics, 4 in North America.
    Source
  36. Jul 2025
    MicroVentures backed Karma at Series B
    New regionFirst deal in Nordics. Before: 22 first cheques, 18 in North America, 1 in DACH.
  37. Jul 2025
    New regionFirst deal in CEE. Before: 84 first cheques, 71 in North America, 4 in APAC.
  38. Jul 2025
    New regionFirst deal in UK & Ireland. Before: 21 first cheques, 19 in North America, 1 in DACH.
  39. Jun 25, 2025
    Lanai Partners backed 8Layers at Seed
    New regionFirst deal in APAC. Before: 16 first cheques, 15 in Southern Europe, 1 in North America.
    Source
  40. Jun 20, 2025
    Vesalius Biocapital backed Trinean at Series A
    New sectorFirst Industry & Hardware cheque. Before: 35 first cheques, 31 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    Source