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. 2026
    Cressey Ventures backed Current Health at Series C+
    New regionFirst deal in UK & Ireland. Before: 18 first cheques, 15 in North America, 1 in APAC.
  2. 2026
    Cressey Ventures backed Quality Match at Pre-seed
    New regionFirst deal in DACH. Before: 18 first cheques, 15 in North America, 1 in APAC.
  3. 2026
    New sectorFirst Industry & Hardware cheque. Before: 24 first cheques, 19 in Software & Developer Tools, 2 in Finance & Blockchain.
  4. 2026
    Great Hill Partners backed Dominia at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 10 in Software & Developer Tools, 4 in Commerce & Marketing.
  5. 2026
    New sectorFirst Artificial Intelligence & Data cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 3 in Energy, Environment & Mobility.
    Source
  6. 2026
    Greencode Ventures backed Quipment at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 3 in Energy, Environment & Mobility.
  7. 2026
    New sectorFirst Industry & Hardware cheque. Before: 19 first cheques, 11 in Finance & Blockchain, 6 in Software & Developer Tools.
  8. 2026
    Griffin Gaming backed Fabric at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 22 first cheques, 14 in Consumer, Lifestyle & Services, 5 in Software & Developer Tools.
  9. 2026
    GS VENTURES backed Amigo at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 31 first cheques, 19 in Software & Developer Tools, 9 in Consumer, Lifestyle & Services.
  10. 2026
    GS VENTURES backed AIMAGO SA at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 31 first cheques, 19 in Software & Developer Tools, 9 in Consumer, Lifestyle & Services.
  11. 2026
    Hikma Ventures backed Tact.ai at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 15 first cheques, 15 in Healthcare & Life Sciences.
  12. 2026
    New sectorFirst Energy, Environment & Mobility cheque. Before: 37 first cheques, 23 in Consumer, Lifestyle & Services, 7 in Software & Developer Tools.
  13. 2026
    New sectorFirst Commerce & Marketing cheque. Before: 37 first cheques, 23 in Consumer, Lifestyle & Services, 7 in Software & Developer Tools.
  14. 2026
    IA Capital Group backed Homeowners at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 43 first cheques, 25 in Finance & Blockchain, 12 in Software & Developer Tools.
  15. 2026
    IBM Ventures backed Hidden Ventures at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 18 first cheques, 14 in Software & Developer Tools, 3 in Industry & Hardware.
  16. 2026
    New regionFirst deal in DACH. Before: 22 first cheques, 20 in Benelux & France, 2 in North America.
  17. 2026
    New sectorFirst Industry & Hardware cheque. Before: 24 first cheques, 18 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
    New regionFirst deal in Benelux & France. Before: 24 first cheques, 23 in UK & Ireland, 1 in North America.
  18. 2026
    ISAI backed Procure AI at Series A
    New regionFirst deal in MEA. Before: 117 first cheques, 95 in Benelux & France, 12 in North America.
  19. 2026
    iSelect backed MIRATERRA at Series A
    New regionFirst deal in DACH. Before: 18 first cheques, 15 in North America, 2 in Benelux & France.
    Source
  20. 2026
    Jeito Capital backed Elias Arts, LLC at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 26 first cheques, 23 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  21. 2026
    Join Capital backed Greenlight at Series C+
    New sectorFirst Finance & Blockchain cheque. Before: 32 first cheques, 19 in Software & Developer Tools, 11 in Industry & Hardware.
  22. 2026
    Jungle Ventures backed Exit Plan Games at Series A
    New regionFirst deal in CEE. Before: 61 first cheques, 50 in APAC, 6 in North America.
  23. 2026
    Lanai Partners backed Clipso at Seed
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 15 in Southern Europe, 1 in North America.
    Source
  24. 2026
    Lanai Partners backed Temos at Series B
    New regionFirst deal in LATAM. Before: 17 first cheques, 15 in Southern Europe, 1 in North America.
  25. 2026
    Leaders Fund backed Tangos at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Industry & Hardware.
    Source
  26. 2026
    Leaders Fund backed trace 21 at Series A
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 13 in North America, 1 in DACH.
  27. 2026
    LetsVenture backed B LIVE at Series A
    New regionFirst deal in DACH. Before: 44 first cheques, 38 in APAC, 2 in North America.
  28. 2026
    Luminar Ventures backed Vibrant at Series C+
    New regionFirst deal in CEE. Before: 43 first cheques, 35 in Nordics, 4 in North America.
  29. 2026
    Madrona Venture Group backed Gradiali at Series C+
    New regionFirst deal in CEE. Before: 88 first cheques, 73 in North America, 5 in UK & Ireland.
    Source
  30. 2026
    MBX Capital backed Keebler at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 13 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
    Source
  31. 2026
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 49 first cheques, 38 in Healthcare & Life Sciences, 8 in Software & Developer Tools.
  32. 2026
    Mercury Fund backed Venus Aero at Series B
    New regionFirst deal in DACH. Before: 27 first cheques, 22 in North America, 3 in APAC.
  33. 2026
    MiddleGame Ventures backed Circ at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 19 first cheques, 13 in Finance & Blockchain, 5 in Software & Developer Tools.
  34. 2026
    Montefiore Investment backed Karavela at Pre-seed
    New regionFirst deal in CEE. Before: 15 first cheques, 12 in Benelux & France, 2 in DACH.
  35. 2026
    Montefiore Investment backed EXA.Group at Series C+
    New regionFirst deal in Southern Europe. Before: 15 first cheques, 12 in Benelux & France, 2 in DACH.
  36. 2026
    Moonwhale Ventures backed Terra at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 37 first cheques, 23 in Finance & Blockchain, 7 in Software & Developer Tools.
  37. 2026
    New regionFirst deal in UK & Ireland. Before: 19 first cheques, 16 in North America, 2 in Southern Europe.
  38. 2026
    New regionFirst deal in UK & Ireland. Before: 19 first cheques, 16 in North America, 2 in Southern Europe.
  39. 2026
    Movens Capital backed DoxyChain at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 19 first cheques, 13 in Software & Developer Tools, 3 in Industry & Hardware.
  40. 2026
    Movens Capital backed Mos Health at Pre-seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 19 first cheques, 13 in Software & Developer Tools, 3 in Industry & Hardware.
    Source