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. 2024
    Basis Set Ventures backed Seen Health at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 17 first cheques, 13 in Software & Developer Tools, 2 in Industry & Hardware.
  2. 2024
    New sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 8 in Finance & Blockchain, 4 in Software & Developer Tools.
  3. 2024
    BI Invest backed Quantr at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 19 first cheques, 18 in Healthcare & Life Sciences, 1 in Industry & Hardware.
  4. 2024
    Bitkraft backed SonicSVM (Mirror) at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 99 first cheques, 61 in Consumer, Lifestyle & Services, 25 in Software & Developer Tools.
  5. 2024
    New regionFirst deal in UK & Ireland. Before: 34 first cheques, 29 in Benelux & France, 2 in North America.
  6. 2024
    New sectorFirst Healthcare & Life Sciences cheque. Before: 32 first cheques, 27 in Energy, Environment & Mobility, 2 in Industry & Hardware.
  7. 2024
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
  8. 2024
    New sectorFirst Energy, Environment & Mobility cheque. Before: 39 first cheques, 30 in Software & Developer Tools, 3 in Artificial Intelligence & Data.
  9. 2024
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 39 first cheques, 30 in Software & Developer Tools, 3 in Artificial Intelligence & Data.
  10. 2024
    BVF Partners backed TENAX at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 23 first cheques, 21 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  11. 2024
    Canary backed Prima Solutions SA at Series A
    New regionFirst deal in Benelux & France. Before: 46 first cheques, 41 in LATAM, 2 in North America.
  12. 2024
    Canvas Ventures backed Parakey at Seed
    New regionFirst deal in Nordics. Before: 30 first cheques, 24 in North America, 2 in APAC.
  13. 2024
    Congruent Ventures backed Camus at Series A
    New regionFirst deal in LATAM. Before: 24 first cheques, 21 in North America, 1 in DACH.
  14. 2024
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 49 first cheques, 42 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  15. 2024
    Courtin Investment backed Miuros at Seed
    New regionFirst deal in Nordics. Before: 25 first cheques, 23 in Benelux & France, 1 in North America.
  16. 2024
    Cultivation Capital backed Satim at Series A
    New regionFirst deal in CEE. Before: 50 first cheques, 41 in North America, 3 in UK & Ireland.
    Source
  17. 2024
    Decibel Partners backed Core Sensing at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 16 first cheques, 14 in Software & Developer Tools, 1 in Industry & Hardware.
  18. 2024
    New sectorFirst Energy, Environment & Mobility cheque. Before: 48 first cheques, 33 in Software & Developer Tools, 6 in Industry & Hardware.
    Source
  19. 2024
    New sectorFirst Commerce & Marketing cheque. Before: 37 first cheques, 22 in Finance & Blockchain, 8 in Software & Developer Tools.
  20. 2024
    Duro Ventures backed Leon & George at Series B
    New regionFirst deal in DACH. Before: 25 first cheques, 20 in North America, 2 in MEA.
  21. 2024
    E14 backed Elemind at Seed
    New regionFirst deal in Southern Europe. Before: 28 first cheques, 23 in North America, 2 in Benelux & France.
  22. 2024
    EcoR1 Capital backed Kura at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 31 first cheques, 29 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    New regionFirst deal in Nordics. Before: 30 first cheques, 28 in North America, 1 in MEA.
  23. 2024
    Elkstone Partners backed Retrograde at Pre-seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 16 first cheques, 11 in Software & Developer Tools, 3 in Healthcare & Life Sciences.
  24. 2024
    Elkstone Partners backed Exotic Systems at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 11 in Software & Developer Tools, 3 in Healthcare & Life Sciences.
  25. 2024
    Emergence Capital backed Voice at Series A
    New regionFirst deal in Nordics. Before: 62 first cheques, 51 in North America, 3 in DACH.
  26. 2024
    Emergence Capital backed Wear Mobile at Series A
    New regionFirst deal in Southern Europe. Before: 62 first cheques, 51 in North America, 3 in DACH.
  27. 2024
    Entrepreneur Venture backed Brew at Seed
    New regionFirst deal in MEA. Before: 18 first cheques, 17 in Benelux & France, 1 in DACH.
  28. 2024
    FINTOP Capital backed Goodshuffle at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 22 first cheques, 15 in Finance & Blockchain, 7 in Software & Developer Tools.
    Source
  29. 2024
    Forerunner Ventures backed Joye at Seed
    New regionFirst deal in APAC. Before: 42 first cheques, 35 in North America, 3 in MEA.
  30. 2024
    Forerunner Ventures backed Juli at Seed
    New regionFirst deal in Southern Europe. Before: 42 first cheques, 35 in North America, 3 in MEA.
  31. 2024
    Foresight Group backed Morph L2 at Seed
    New regionFirst deal in DACH. Before: 28 first cheques, 24 in UK & Ireland, 2 in North America.
  32. 2024
    Foresight Group LLP backed EverTrek at Series C+
    New regionFirst deal in CEE. Before: 17 first cheques, 15 in UK & Ireland, 1 in North America.
  33. 2024
    Foresight Group LLP backed Beckett at Series C+
    New regionFirst deal in LATAM. Before: 17 first cheques, 15 in UK & Ireland, 1 in North America.
  34. 2024
    New sectorFirst Industry & Hardware cheque. Before: 20 first cheques, 18 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  35. 2024
    Golden Seeds backed UNcaged at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 10 in Healthcare & Life Sciences, 9 in Software & Developer Tools.
    Source
  36. 2024
    Golden Seeds backed C3Dmaterials at Seed
    New sectorFirst Industry & Hardware cheque. Before: 21 first cheques, 10 in Healthcare & Life Sciences, 9 in Software & Developer Tools.
  37. 2024
    IDG Ventures India backed Argus at Seed
    New regionFirst deal in CEE. Before: 72 first cheques, 64 in APAC, 7 in North America.
  38. 2024
    India Quotient. backed Popapp at Seed
    New regionFirst deal in Benelux & France. Before: 34 first cheques, 29 in APAC, 2 in North America.
  39. 2024
    IOSG Ventures backed Kiln AI at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 15 first cheques, 11 in Finance & Blockchain, 3 in Artificial Intelligence & Data.
  40. 2024
    IRRUS Investments backed Byowave at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 20 first cheques, 16 in Healthcare & Life Sciences, 2 in Software & Developer Tools.