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. Mar 10, 2026
    New sectorFirst Healthcare & Life Sciences cheque. Before: 43 first cheques, 18 in Software & Developer Tools, 17 in Consumer, Lifestyle & Services.
    Source
  2. Mar 6, 2026
    Golden Seeds backed HOM at Seed
    New regionFirst deal in Benelux & France. Before: 32 first cheques, 28 in North America, 2 in UK & Ireland.
  3. Mar 2, 2026
    Marbruck Investments backed Veyor at Series A
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 7 in Software & Developer Tools, 5 in Consumer, Lifestyle & Services.
  4. Mar 2, 2026
    Pleiade Venture backed Calistair at Series C+
    New regionFirst deal in DACH. Before: 21 first cheques, 19 in Benelux & France, 1 in North America.
  5. Mar 2026
    Active Impact Investments backed Zeno at Series A
    New regionFirst deal in MEA. Before: 16 first cheques, 13 in North America, 1 in DACH.
    Source
  6. Mar 2026
    Athyrium backed Galenica at Series B
    New regionFirst deal in DACH. Before: 38 first cheques, 33 in North America, 3 in UK & Ireland.
  7. Mar 2026
    Bandon Partners backed ISAAC at Series B
    New regionFirst deal in Southern Europe. Before: 21 first cheques, 19 in North America, 1 in UK & Ireland.
  8. Mar 2026
    BioMedPartners backed iDEL at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 19 first cheques, 16 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  9. Mar 2026
    Bitkraft backed Brandbow at Pre-seed
    New sectorFirst Commerce & Marketing cheque. Before: 149 first cheques, 85 in Consumer, Lifestyle & Services, 40 in Software & Developer Tools.
  10. Mar 2026
    Cibc Innovation Banking backed Qover at Series C+
    New regionFirst deal in Benelux & France. Before: 28 first cheques, 23 in North America, 2 in UK & Ireland.
    Source
  11. Mar 2026
    Congruent Ventures backed Zeno at Series A
    New regionFirst deal in MEA. Before: 48 first cheques, 40 in North America, 2 in DACH.
    Source
  12. Mar 2026
    New regionFirst deal in UK & Ireland. Before: 54 first cheques, 47 in North America, 2 in APAC.
    Source
  13. Mar 2026
    DNV Ventures backed Ofiniti at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 3 in Industry & Hardware.
    Source
  14. Mar 2026
    Domino VC backed Antiverse at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 17 first cheques, 12 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
    Source
  15. Mar 2026
    Evolem backed Kimialys at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 23 first cheques, 16 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
  16. Mar 2026
    New sectorFirst Industry & Hardware cheque. Before: 18 first cheques, 17 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
    Source
  17. Mar 2026
    MiddleGame Ventures backed Theia at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 20 first cheques, 13 in Finance & Blockchain, 5 in Software & Developer Tools.
    Source
  18. Mar 2026
    New regionFirst deal in CEE. Before: 35 first cheques, 28 in LATAM, 4 in North America.
    Source
  19. Mar 2026
    New regionFirst deal in Nordics. Before: 39 first cheques, 34 in DACH, 3 in Benelux & France.
    Source
  20. Mar 2026
    SmartFin backed Itineris RBS at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 23 first cheques, 18 in Software & Developer Tools, 2 in Finance & Blockchain.
  21. Mar 2026
    New sectorFirst Healthcare & Life Sciences cheque. Before: 23 first cheques, 18 in Software & Developer Tools, 2 in Finance & Blockchain.
    Source
  22. Mar 2026
    Trifecta Capital backed Zeno at Series A
    New regionFirst deal in MEA. Before: 17 first cheques, 15 in APAC, 1 in North America.
    Source
  23. Mar 2026
    New sectorFirst Software & Developer Tools cheque. Before: 16 first cheques, 8 in Finance & Blockchain, 5 in Healthcare & Life Sciences.
    Source
  24. Feb 24, 2026
    Polaris Partners backed Kash at Pre-seed
    Earlier stageFirst entry as early as Pre-seed. Before: 45 entries with a sourced stage, 23 at Series A, 10 at Series B.
    Source
  25. Feb 13, 2026
    NBank backed Simmetry.ai at Seed
    New regionFirst deal in North America. Before: 43 first cheques, 43 in DACH.
    Source
  26. Feb 10, 2026
    S16vc backed NEWO at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 20 first cheques, 13 in Software & Developer Tools, 3 in Healthcare & Life Sciences.
    Source
  27. Feb 5, 2026
    Asabys Partners backed Sidekick at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 40 first cheques, 29 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
  28. Feb 5, 2026
    BonVenture backed R3 Robotics at Series A
    New regionFirst deal in Benelux & France. Before: 18 first cheques, 17 in DACH, 1 in Southern Europe.
  29. Feb 2, 2026
    New regionFirst deal in DACH. Before: 18 first cheques, 15 in North America, 2 in MEA.
  30. Feb 2026
    Ah! Ventures backed Mitra at Series B
    New regionFirst deal in DACH. Before: 15 first cheques, 13 in APAC, 1 in Southern Europe.
    Source
  31. Feb 2026
    Anges Québec backed Arrow Custom at Series B
    New regionFirst deal in Southern Europe. Before: 24 first cheques, 20 in North America, 1 in DACH.
  32. Feb 2026
    BioMedPartners backed Umlaut.bio at Seed
    New sectorFirst Industry & Hardware cheque. Before: 18 first cheques, 16 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  33. Feb 2026
    Bonventure Gruppe backed R3 Robotics at Series A
    New regionFirst deal in Benelux & France. Before: 16 first cheques, 14 in DACH, 1 in North America.
  34. Feb 2026
    Correlation Ventures backed Union at Series B
    New regionFirst deal in DACH. Before: 53 first cheques, 47 in North America, 2 in APAC.
  35. Feb 2026
    CVS Health Ventures backed Big Health at Series C+
    New regionFirst deal in UK & Ireland. Before: 21 first cheques, 17 in North America, 2 in MEA.
    Source
  36. Feb 2026
    Czech Founders VC backed Float (Electronics)
    New regionFirst deal in Nordics. Before: 28 first cheques, 23 in CEE, 3 in North America.
  37. Feb 2026
    Entourage backed Dytto at Pre-seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 17 first cheques, 10 in Software & Developer Tools, 4 in Industry & Hardware.
    Source
  38. Feb 2026
    Iaso Ventures backed Aerska at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 11 in Healthcare & Life Sciences, 3 in Industry & Hardware.
    Source
  39. Feb 2026
    Idekapital backed MeaWallet at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Industry & Hardware.
  40. Feb 2026
    New sectorFirst Commerce & Marketing cheque. Before: 35 first cheques, 22 in Software & Developer Tools, 6 in Industry & Hardware.