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. Feb 9, 2024
    New sectorFirst Industry & Hardware cheque. Before: 23 first cheques, 12 in Healthcare & Life Sciences, 7 in Consumer, Lifestyle & Services.
  2. Feb 2024
    Alteria backed La Fourche at Series B
    New regionFirst deal in Benelux & France. Before: 24 first cheques, 20 in APAC, 2 in North America.
  3. Feb 2024
    New regionFirst deal in Benelux & France. Before: 24 first cheques, 23 in North America, 1 in CEE.
  4. Feb 2024
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 26 first cheques, 18 in Finance & Blockchain, 6 in Software & Developer Tools.
  5. Feb 2024
    Cibc Innovation Banking backed Denmark at Series A
    New regionFirst deal in DACH. Before: 20 first cheques, 18 in North America, 2 in UK & Ireland.
  6. Feb 2024
    New sectorFirst Software & Developer Tools cheque. Before: 23 first cheques, 18 in Healthcare & Life Sciences, 2 in Industry & Hardware.
    Source
  7. Feb 2024
    Greenfield Partners backed Exodigo at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 17 first cheques, 11 in Software & Developer Tools, 4 in Finance & Blockchain.
    Source
  8. Feb 2024
    New sectorFirst Industry & Hardware cheque. Before: 17 first cheques, 11 in Software & Developer Tools, 4 in Finance & Blockchain.
    Source
  9. Feb 2024
    New regionFirst deal in APAC. Before: 99 first cheques, 83 in North America, 7 in UK & Ireland.
  10. Feb 2024
    Ridge Ventures backed Go Autonomous at Series A
    New regionFirst deal in Nordics. Before: 28 first cheques, 23 in North America, 2 in Benelux & France.
    Source
  11. Feb 2024
    New sectorFirst Commerce & Marketing cheque. Before: 24 first cheques, 12 in Industry & Hardware, 9 in Software & Developer Tools.
    Source
  12. Jan 25, 2024
    IOSG Ventures backed Aztec Network at Series A
    New sectorFirst Industry & Hardware cheque. Before: 18 first cheques, 11 in Finance & Blockchain, 4 in Artificial Intelligence & Data.
    Source
  13. Jan 23, 2024
    Forward Partners backed OctaiPipe at Series A
    New regionFirst deal in APAC. Before: 20 first cheques, 16 in UK & Ireland, 3 in North America.
    Source
  14. Jan 17, 2024
    Column Group backed Tr1X at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 18 first cheques, 15 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    New regionFirst deal in Southern Europe. Before: 17 first cheques, 15 in North America, 1 in UK & Ireland.
    Source
  15. Jan 11, 2024
    New regionFirst deal in DACH. Before: 30 first cheques, 26 in North America, 3 in Benelux & France.
  16. Jan 9, 2024
    Portage backed Zilo at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 20 first cheques, 14 in Finance & Blockchain, 5 in Software & Developer Tools.
    Source
  17. 2024
    7wireVentures backed SameSky Health at Series B
    New regionFirst deal in UK & Ireland. Before: 18 first cheques, 17 in North America, 1 in Benelux & France.
  18. 2024
    Able Partners backed FINDS at Seed
    New regionFirst deal in UK & Ireland. Before: 19 first cheques, 17 in North America, 1 in Benelux & France.
  19. 2024
    Accomplice Ventures backed Monkey Tilt at Series A
    New regionFirst deal in LATAM. Before: 52 first cheques, 43 in North America, 6 in UK & Ireland.
  20. 2024
    Accomplice Ventures backed Monkey at Series A
    New regionFirst deal in LATAM. Before: 52 first cheques, 43 in North America, 6 in UK & Ireland.
  21. 2024
    Accomplice Ventures backed Monkee at Series A
    New regionFirst deal in APAC. Before: 52 first cheques, 43 in North America, 6 in UK & Ireland.
  22. 2024
    New sectorFirst Artificial Intelligence & Data cheque. Before: 39 first cheques, 32 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  23. 2024
    New sectorFirst Finance & Blockchain cheque. Before: 39 first cheques, 32 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
    Source
  24. 2024
    Algebra Ventures backed Coinnect at Series A
    New regionFirst deal in North America. Before: 17 first cheques, 17 in MEA.
  25. 2024
    Aquiti backed Atman at Series C+
    New regionFirst deal in Southern Europe. Before: 43 first cheques, 41 in Benelux & France, 1 in UK & Ireland.
  26. 2024
    Arbor Ventures backed Lean Media at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 7 in Software & Developer Tools, 7 in Finance & Blockchain.
  27. 2024
    Atlassian Ventures backed ACCOIL at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 27 first cheques, 25 in Software & Developer Tools, 1 in Consumer, Lifestyle & Services.
  28. 2024
    AU21 Capital backed Dtravel at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 20 first cheques, 16 in Finance & Blockchain, 3 in Software & Developer Tools.
  29. 2024
    Avidity Partners backed Sirona Medical at Series C+
    New regionFirst deal in MEA. Before: 24 first cheques, 20 in North America, 2 in Benelux & France.
    Source
  30. 2024
    Avidity Partners backed Syrona Health at Series B
    New regionFirst deal in Nordics. Before: 24 first cheques, 20 in North America, 2 in Benelux & France.
  31. 2024
    BAM Ventures backed DAPS at Series C+
    New regionFirst deal in LATAM. Before: 53 first cheques, 44 in North America, 4 in Benelux & France.
  32. 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.
  33. 2024
    New sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 8 in Finance & Blockchain, 4 in Software & Developer Tools.
  34. 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.
  35. 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.
  36. 2024
    New regionFirst deal in UK & Ireland. Before: 34 first cheques, 29 in Benelux & France, 2 in North America.
  37. 2024
    New sectorFirst Healthcare & Life Sciences cheque. Before: 32 first cheques, 27 in Energy, Environment & Mobility, 2 in Industry & Hardware.
  38. 2024
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
  39. 2024
    New sectorFirst Energy, Environment & Mobility cheque. Before: 39 first cheques, 30 in Software & Developer Tools, 3 in Artificial Intelligence & Data.
  40. 2024
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 39 first cheques, 30 in Software & Developer Tools, 3 in Artificial Intelligence & Data.