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 2026
    Suma Capital backed Optimitive at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 9 in Energy, Environment & Mobility, 3 in Industry & Hardware.
    Source
  2. Feb 2026
    Wellstreet backed Berget AI at Seed
    New regionFirst deal in APAC. Before: 35 first cheques, 30 in Nordics, 3 in DACH.
    Source
  3. Jan 20, 2026
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 9 in Software & Developer Tools, 3 in Healthcare & Life Sciences.
  4. Jan 12, 2026
    New sectorFirst Software & Developer Tools cheque. Before: 17 first cheques, 16 in Healthcare & Life Sciences, 1 in Consumer, Lifestyle & Services.
  5. Jan 5, 2026
    6 Degrees Capital backed Luca at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 22 first cheques, 14 in Software & Developer Tools, 4 in Finance & Blockchain.
    Source
  6. 2026
    New sectorFirst Artificial Intelligence & Data cheque. Before: 18 first cheques, 11 in Software & Developer Tools, 4 in Finance & Blockchain.
  7. 2026
    Abingworth backed Addition at Series C+
    New sectorFirst Finance & Blockchain cheque. Before: 46 first cheques, 32 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
  8. 2026
    Able Partners backed Kimba at Seed
    New regionFirst deal in MEA. Before: 38 first cheques, 32 in North America, 2 in UK & Ireland.
    Source
  9. 2026
    Acadian Ventures backed Atalian at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 25 first cheques, 18 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
  10. 2026
    Accelerace backed Userlens at Seed
    New regionFirst deal in CEE. Before: 26 first cheques, 21 in Nordics, 2 in North America.
  11. 2026
    Accelmed Partners backed encosa at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 27 first cheques, 21 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
  12. 2026
    Accelmed Partners backed Ois at Series B
    New sectorFirst Industry & Hardware cheque. Before: 27 first cheques, 21 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
  13. 2026
    New sectorFirst Industry & Hardware cheque. Before: 17 first cheques, 11 in Software & Developer Tools, 3 in Finance & Blockchain.
  14. 2026
    New regionFirst deal in DACH. Before: 55 first cheques, 48 in North America, 3 in Benelux & France.
  15. 2026
    Algebra Ventures backed Al Baraka Bank at Series A
    New regionFirst deal in APAC. Before: 25 first cheques, 24 in MEA, 1 in North America.
  16. 2026
    Align Capital backed ALDOCK at Series A
    New regionFirst deal in APAC. Before: 22 first cheques, 19 in North America, 1 in UK & Ireland.
  17. 2026
    Align Capital backed Robin Radar at Series B
    New regionFirst deal in Benelux & France. Before: 22 first cheques, 19 in North America, 1 in UK & Ireland.
  18. 2026
    Amino Collective backed Moderan at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 23 first cheques, 12 in Healthcare & Life Sciences, 10 in Software & Developer Tools.
  19. 2026
    Amplitude Ventures backed NewsBusters at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 24 first cheques, 19 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  20. 2026
    New regionFirst deal in APAC. Before: 22 first cheques, 18 in North America, 2 in DACH.
  21. 2026
    Anaxago backed e(ye)BRAIN at Seed
    New regionFirst deal in APAC. Before: 36 first cheques, 32 in Benelux & France, 2 in North America.
  22. 2026
    Angelini Ventures backed Arcoma at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 26 first cheques, 22 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  23. 2026
    Angels Capital backed solved.ac at Series A
    New regionFirst deal in APAC. Before: 19 first cheques, 17 in Southern Europe, 1 in MEA.
  24. 2026
    AQC Capital backed Pricer at Seed
    New regionFirst deal in CEE. Before: 32 first cheques, 28 in North America, 3 in DACH.
  25. 2026
    New regionFirst deal in APAC. Before: 38 first cheques, 34 in North America, 1 in Benelux & France.
  26. 2026
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 9 in Software & Developer Tools, 3 in Commerce & Marketing.
  27. 2026
    Archipel Ventures backed Hanabi at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 9 in Software & Developer Tools, 3 in Commerce & Marketing.
  28. 2026
    Arrowmark Partners backed Pharma Latch at Series C+
    New regionFirst deal in UK & Ireland. Before: 18 first cheques, 17 in North America, 1 in MEA.
  29. 2026
    Artis Capital Management backed H4D at Series B
    New regionFirst deal in Benelux & France. Before: 40 first cheques, 32 in North America, 4 in UK & Ireland.
  30. 2026
    New regionFirst deal in APAC. Before: 40 first cheques, 32 in North America, 4 in UK & Ireland.
  31. 2026
    Aspect Ventures backed Skale at Seed
    New sectorFirst Commerce & Marketing cheque. Before: 30 first cheques, 19 in Software & Developer Tools, 5 in Healthcare & Life Sciences.
  32. 2026
    New regionFirst deal in Nordics. Before: 15 first cheques, 14 in Benelux & France, 1 in DACH.
  33. 2026
    Ballistic Ventures backed Above at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 35 first cheques, 26 in Software & Developer Tools, 3 in Finance & Blockchain.
  34. 2026
    New sectorFirst Industry & Hardware cheque. Before: 35 first cheques, 26 in Software & Developer Tools, 3 in Finance & Blockchain.
  35. 2026
    Balnord backed Frame at Seed
    New sectorFirst Commerce & Marketing cheque. Before: 22 first cheques, 14 in Software & Developer Tools, 4 in Finance & Blockchain.
  36. 2026
    Bandon Partners backed ATG at Pre-seed
    New regionFirst deal in UK & Ireland. Before: 19 first cheques, 18 in North America, 1 in Nordics.
  37. 2026
    New sectorFirst Industry & Hardware cheque. Before: 23 first cheques, 17 in Software & Developer Tools, 3 in Commerce & Marketing.
  38. 2026
    New regionFirst deal in APAC. Before: 18 first cheques, 17 in DACH, 1 in Benelux & France.
  39. 2026
    Bisk Ventures backed Presence at Series C+
    New sectorFirst Healthcare & Life Sciences cheque. Before: 25 first cheques, 21 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
  40. 2026
    Bisk Ventures backed Pragya at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 25 first cheques, 21 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.