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
    NBI Investors backed GreenA at Series B
    New regionFirst deal in DACH. Before: 28 first cheques, 24 in Benelux & France, 2 in North America.
  2. 2026
    NightDragon backed Spaceship at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 28 first cheques, 18 in Software & Developer Tools, 6 in Artificial Intelligence & Data.
  3. 2026
    OHA BTG backed Nibyou at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 16 first cheques, 13 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  4. 2026
    OHA BTG backed IQONIC.AI at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 16 first cheques, 13 in Healthcare & Life Sciences, 2 in Industry & Hardware.
    New regionFirst deal in Nordics. Before: 16 first cheques, 13 in DACH, 2 in North America.
  5. 2026
    Omega Fund backed Caldera at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 37 first cheques, 33 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  6. 2026
    Omega Fund backed Alvius Ltd at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 37 first cheques, 33 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  7. 2026
    Omega Fund backed Apache Caldera at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 37 first cheques, 33 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  8. 2026
    Operator Collective backed Metal at Seed
    New sectorFirst Industry & Hardware cheque. Before: 21 first cheques, 15 in Software & Developer Tools, 2 in Finance & Blockchain.
  9. 2026
    New sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 15 in Software & Developer Tools, 2 in Finance & Blockchain.
  10. 2026
    OVNI Capital backed Lytho at Seed
    New regionFirst deal in North America. Before: 17 first cheques, 14 in Benelux & France, 2 in UK & Ireland.
  11. 2026
    New sectorFirst Commerce & Marketing cheque. Before: 18 first cheques, 13 in Software & Developer Tools, 2 in Finance & Blockchain.
    New regionFirst deal in MEA. Before: 17 first cheques, 14 in Benelux & France, 2 in UK & Ireland.
  12. 2026
    OVNI Capital backed Kyber Black at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 18 first cheques, 13 in Software & Developer Tools, 2 in Finance & Blockchain.
  13. 2026
    OVNI Capital backed Kaiber at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 18 first cheques, 13 in Software & Developer Tools, 2 in Finance & Blockchain.
    New regionFirst deal in North America. Before: 17 first cheques, 14 in Benelux & France, 2 in UK & Ireland.
  14. 2026
    New regionFirst deal in Nordics. Before: 90 first cheques, 76 in UK & Ireland, 10 in North America.
  15. 2026
    P101 backed COSIMCO at Series B
    New regionFirst deal in MEA. Before: 62 first cheques, 51 in Southern Europe, 7 in North America.
  16. 2026
    Pelion Venture Partners backed Mojo at Series B
    New regionFirst deal in Nordics. Before: 34 first cheques, 30 in North America, 2 in UK & Ireland.
  17. 2026
    Pfizer Venture Investments backed CEPL at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 53 first cheques, 43 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  18. 2026
    New sectorFirst Artificial Intelligence & Data cheque. Before: 53 first cheques, 43 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
    Source
  19. 2026
    Pine Ventures backed Mojo at Series B
    New regionFirst deal in Nordics. Before: 65 first cheques, 53 in UK & Ireland, 6 in North America.
  20. 2026
    PLUS Capital backed Pomelo at Series C+
    New regionFirst deal in LATAM. Before: 25 first cheques, 22 in North America, 1 in APAC.
    Source
  21. 2026
    New regionFirst deal in MEA. Before: 32 first cheques, 26 in North America, 2 in UK & Ireland.
  22. 2026
    Prime Movers Labs backed HRobots at Series A
    New regionFirst deal in CEE. Before: 32 first cheques, 26 in North America, 2 in UK & Ireland.
  23. 2026
    New regionFirst deal in APAC. Before: 32 first cheques, 26 in North America, 2 in UK & Ireland.
  24. 2026
    Prime Movers Labs backed ALDOCK at Series A
    New regionFirst deal in APAC. Before: 32 first cheques, 26 in North America, 2 in UK & Ireland.
  25. 2026
    Prime Movers Labs backed Robo at Series A
    New regionFirst deal in CEE. Before: 32 first cheques, 26 in North America, 2 in UK & Ireland.
  26. 2026
    Prologis backed Anori Tech at Series A
    New regionFirst deal in DACH. Before: 17 first cheques, 15 in North America, 1 in Benelux & France.
  27. 2026
    Redmile backed Ambrosia Bio at Series B
    New regionFirst deal in MEA. Before: 45 first cheques, 36 in North America, 3 in UK & Ireland.
  28. 2026
    Resolute Ventures backed FirstTouch at Series C+
    New regionFirst deal in APAC. Before: 60 first cheques, 51 in North America, 3 in Benelux & France.
  29. 2026
    New sectorFirst Software & Developer Tools cheque. Before: 17 first cheques, 8 in Industry & Hardware, 6 in Energy, Environment & Mobility.
  30. 2026
    New sectorFirst Artificial Intelligence & Data cheque. Before: 17 first cheques, 12 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
  31. 2026
    S32 backed Humans& at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 7 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
    Source
  32. 2026
    S3 Ventures backed Frekuent at Series A
    New regionFirst deal in Southern Europe. Before: 45 first cheques, 37 in North America, 3 in DACH.
  33. 2026
    S3 Ventures backed Automaise at Series C+
    New regionFirst deal in Southern Europe. Before: 45 first cheques, 37 in North America, 3 in DACH.
  34. 2026
    S3 Ventures backed Avatel at Series B
    New regionFirst deal in Southern Europe. Before: 45 first cheques, 37 in North America, 3 in DACH.
  35. 2026
    Sanofi Capital backed nura at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 78 first cheques, 60 in Healthcare & Life Sciences, 7 in Software & Developer Tools.
    Source
  36. 2026
    Santé Ventures backed Alterion at Series A
    New sectorFirst Industry & Hardware cheque. Before: 23 first cheques, 16 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  37. 2026
    S Capital backed 6 River Systems at Series A
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 2 in Finance & Blockchain.
  38. 2026
    S Capital backed Confocal.nl at Seed
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 2 in Finance & Blockchain.
  39. 2026
    S Capital backed Will Winn Games at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 2 in Finance & Blockchain.
  40. 2026
    Scout Ventures backed Citira at Series A
    New regionFirst deal in CEE. Before: 32 first cheques, 26 in North America, 2 in UK & Ireland.