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. 2023
    In-Q-Tel backed Balerin at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 17 first cheques, 8 in Software & Developer Tools, 6 in Industry & Hardware.
  2. 2023
    January Capital backed LangDb at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 3 in Commerce & Marketing.
  3. 2023
    Jazz Ventures backed Robuste at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 8 in Software & Developer Tools, 4 in Industry & Hardware.
  4. 2023
    JME Ventures backed Una Health at Seed
    New regionFirst deal in DACH. Before: 21 first cheques, 18 in Southern Europe, 2 in Benelux & France.
  5. 2023
    JMI Equity backed Soci.Bike at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 46 first cheques, 33 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
    New regionFirst deal in Benelux & France. Before: 46 first cheques, 40 in North America, 2 in UK & Ireland.
  6. 2023
    Jungle Ventures backed Chainstack at Series A
    New regionFirst deal in DACH. Before: 41 first cheques, 36 in APAC, 4 in North America.
    Source
  7. 2023
    Kapor Capital backed Puzzle at Series B
    New regionFirst deal in Nordics. Before: 27 first cheques, 23 in North America, 2 in MEA.
  8. 2023
    Kaszek backed Bia Services SA at Series A
    New regionFirst deal in Benelux & France. Before: 69 first cheques, 65 in LATAM, 2 in UK & Ireland.
  9. 2023
    Leaps by Bayer backed EarthOptics at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 12 in Healthcare & Life Sciences, 3 in Energy, Environment & Mobility.
    Source
  10. 2023
    Logos Capital backed Chester's at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 30 first cheques, 27 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
  11. 2023
    MaC Venture Capital backed Blaze at Seed
    New regionFirst deal in UK & Ireland. Before: 68 first cheques, 56 in North America, 4 in MEA.
  12. 2023
    Main Sequence backed Waterson at Series A
    New regionFirst deal in CEE. Before: 15 first cheques, 12 in APAC, 1 in North America.
  13. 2023
    Makai VC backed Ampaire at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 22 first cheques, 10 in Finance & Blockchain, 9 in Healthcare & Life Sciences.
  14. 2023
    Makai VC backed Electric Era at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 22 first cheques, 10 in Finance & Blockchain, 9 in Healthcare & Life Sciences.
  15. 2023
    Makai VC backed Fabrica at Series C+
    New sectorFirst Software & Developer Tools cheque. Before: 22 first cheques, 10 in Finance & Blockchain, 9 in Healthcare & Life Sciences.
    New regionFirst deal in UK & Ireland. Before: 22 first cheques, 19 in North America, 2 in APAC.
  16. 2023
    March Capital backed Shiprocket at Series C+
    New regionFirst deal in APAC. Before: 24 first cheques, 22 in North America, 1 in UK & Ireland.
    Source
  17. 2023
    Mercia Ventures backed DXS at Series A
    New regionFirst deal in DACH. Before: 43 first cheques, 36 in UK & Ireland, 4 in North America.
  18. 2023
    New sectorFirst Artificial Intelligence & Data cheque. Before: 22 first cheques, 19 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
  19. 2023
    MIG Fonds backed Astra at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 7 in Healthcare & Life Sciences, 5 in Industry & Hardware.
  20. 2023
    Mouro Capital backed Virages at Series A
    New sectorFirst Industry & Hardware cheque. Before: 24 first cheques, 15 in Finance & Blockchain, 5 in Software & Developer Tools.
  21. 2023
    MPM Capital backed Arialys at Seed
    New sectorFirst Software & Developer Tools cheque. Before: 25 first cheques, 24 in Healthcare & Life Sciences, 1 in Consumer, Lifestyle & Services.
    Source
  22. 2023
    MPM Capital backed SeaWolf at Seed
    New sectorFirst Industry & Hardware cheque. Before: 25 first cheques, 24 in Healthcare & Life Sciences, 1 in Consumer, Lifestyle & Services.
  23. 2023
    MPM Capital backed Astronautx Limited at Series A
    New sectorFirst Industry & Hardware cheque. Before: 25 first cheques, 24 in Healthcare & Life Sciences, 1 in Consumer, Lifestyle & Services.
  24. 2023
    Next47 backed Pando at Series B
    New sectorFirst Healthcare & Life Sciences cheque. Before: 47 first cheques, 29 in Software & Developer Tools, 9 in Industry & Hardware.
  25. 2023
    OCA Ventures backed Hublo at Seed
    New regionFirst deal in Benelux & France. Before: 31 first cheques, 26 in North America, 3 in UK & Ireland.
  26. 2023
    OCA Ventures backed AI Foundation at Series B
    New regionFirst deal in MEA. Before: 31 first cheques, 26 in North America, 3 in UK & Ireland.
  27. 2023
    OCA Ventures backed Amo at Seed
    New regionFirst deal in Benelux & France. Before: 31 first cheques, 26 in North America, 3 in UK & Ireland.
  28. 2023
    New sectorFirst Industry & Hardware cheque. Before: 27 first cheques, 19 in Software & Developer Tools, 3 in Finance & Blockchain.
  29. 2023
    New regionFirst deal in Benelux & France. Before: 54 first cheques, 49 in UK & Ireland, 4 in North America.
  30. 2023
    New regionFirst deal in CEE. Before: 54 first cheques, 49 in UK & Ireland, 4 in North America.
  31. 2023
    PayPal Ventures backed Virages at Series A
    New sectorFirst Industry & Hardware cheque. Before: 34 first cheques, 18 in Finance & Blockchain, 11 in Software & Developer Tools.
  32. 2023
    Perceptive Advisors backed Lincata at Pre-seed
    Earlier stageFirst entry as early as Pre-seed. Before: 62 entries with a sourced stage, 23 at Series B, 22 at Series C+.
  33. 2023
    Playground Global backed Robuste at Series A
    New regionFirst deal in LATAM. Before: 23 first cheques, 20 in North America, 2 in MEA.
  34. 2023
    PMV backed Animob at Series B
    New regionFirst deal in Southern Europe. Before: 33 first cheques, 27 in Benelux & France, 2 in DACH.
  35. 2023
    New sectorFirst Industry & Hardware cheque. Before: 41 first cheques, 32 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  36. 2023
    Polytech Ventures backed Inpher at Seed
    New regionFirst deal in North America. Before: 15 first cheques, 12 in DACH, 2 in Benelux & France.
  37. 2023
    Praetura Ventures backed STIKI at Seed
    New regionFirst deal in APAC. Before: 51 first cheques, 47 in UK & Ireland, 3 in North America.
  38. 2023
    Prime Movers Labs backed Robuste at Series A
    New regionFirst deal in LATAM. Before: 20 first cheques, 16 in North America, 2 in UK & Ireland.
  39. 2023
    QBIC fund backed CDotBio at Seed
    New regionFirst deal in UK & Ireland. Before: 21 first cheques, 17 in Benelux & France, 3 in DACH.
  40. 2023
    QBIC fund backed PFx Biotech at Seed
    New regionFirst deal in Southern Europe. Before: 21 first cheques, 17 in Benelux & France, 3 in DACH.