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. 2025
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 2 in Industry & Hardware.
  2. 2025
    Resource Capital Funds backed Aurum at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 27 first cheques, 18 in Energy, Environment & Mobility, 7 in Industry & Hardware.
  3. 2025
    New regionFirst deal in DACH. Before: 18 first cheques, 15 in North America, 1 in UK & Ireland.
  4. 2025
    Rethink Impact backed AndromedAI at Series A
    New regionFirst deal in Southern Europe. Before: 20 first cheques, 19 in North America, 1 in Benelux & France.
  5. 2025
    Riot Ventures backed Hedges Direct at Series C+
    New regionFirst deal in UK & Ireland. Before: 16 first cheques, 13 in North America, 2 in DACH.
  6. 2025
    New regionFirst deal in Southern Europe. Before: 15 first cheques, 13 in North America, 1 in Nordics.
  7. 2025
    Rock Springs Capital backed Groupe HEM at Series C+
    New sectorFirst Commerce & Marketing cheque. Before: 36 first cheques, 30 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  8. 2025
    Samsara Ventures backed Cashex at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 59 first cheques, 51 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  9. 2025
    Samsara Ventures backed Rani at Series C+
    New sectorFirst Commerce & Marketing cheque. Before: 59 first cheques, 51 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  10. 2025
    Samsara Ventures backed Alpheus at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 59 first cheques, 51 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
    Source
  11. 2025
    Sanofi Capital backed KlikBCA at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 49 first cheques, 41 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  12. 2025
    New regionFirst deal in APAC. Before: 15 first cheques, 14 in UK & Ireland, 1 in North America.
  13. 2025
    Science Seed Fund backed Q5D at Series A
    New regionFirst deal in DACH. Before: 15 first cheques, 14 in UK & Ireland, 1 in North America.
  14. 2025
    SixThirty backed Left Angle at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 10 in Finance & Blockchain, 4 in Software & Developer Tools.
  15. 2025
    Sno Ventures backed Intuicell at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 16 first cheques, 9 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
  16. 2025
    New regionFirst deal in DACH. Before: 28 first cheques, 28 in Benelux & France.
  17. 2025
    Solana Ventures backed Frodobots at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 19 first cheques, 9 in Software & Developer Tools, 7 in Finance & Blockchain.
    Source
  18. 2025
    Sorenson Ventures backed Green Cabbage at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 62 first cheques, 46 in Software & Developer Tools, 4 in Finance & Blockchain.
  19. 2025
    Sorenson Ventures backed Flax at Pre-seed
    New regionFirst deal in CEE. Before: 55 first cheques, 46 in North America, 5 in UK & Ireland.
  20. 2025
    Sozo Ventures backed Kargo Publishing at Series B
    New regionFirst deal in Benelux & France. Before: 31 first cheques, 25 in North America, 2 in APAC.
  21. 2025
    Stage One Ventures backed Backline at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 27 first cheques, 19 in Software & Developer Tools, 3 in Industry & Hardware.
    Source
  22. 2025
    SV Health Investors backed Dualitas at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 24 first cheques, 20 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  23. 2025
    SYN Ventures backed Helmee at Series A
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
  24. 2025
    Techstart backed FarmDrive at Pre-seed
    New regionFirst deal in MEA. Before: 24 first cheques, 21 in UK & Ireland, 1 in North America.
    Source
  25. 2025
    Ten Eleven Ventures backed Aura Smart at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 29 first cheques, 21 in Software & Developer Tools, 4 in Industry & Hardware.
  26. 2025
    Third Rock Ventures backed Azalea at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 41 first cheques, 34 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  27. 2025
    Thoma Bravo backed Cinqo at Pre-seed
    Earlier stageFirst entry as early as Pre-seed. Before: 15 entries with a sourced stage, 8 at Series C+, 4 at Series A.
  28. 2025
    Town Hall Ventures backed FHE Group at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 14 in Healthcare & Life Sciences, 2 in Finance & Blockchain.
    New regionFirst deal in Benelux & France. Before: 16 first cheques, 15 in North America, 1 in DACH.
  29. 2025
    Town Hall Ventures backed Strives at Series C+
    New regionFirst deal in CEE. Before: 16 first cheques, 15 in North America, 1 in DACH.
  30. 2025
    Town Hall Ventures backed Marble at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 17 first cheques, 14 in Healthcare & Life Sciences, 2 in Finance & Blockchain.
    New regionFirst deal in APAC. Before: 16 first cheques, 15 in North America, 1 in DACH.
  31. 2025
    Town Hall Ventures backed STHRIVE at Series C+
    New regionFirst deal in MEA. Before: 16 first cheques, 15 in North America, 1 in DACH.
  32. 2025
    Trinity Ventures backed EFD at Series A
    New regionFirst deal in Nordics. Before: 67 first cheques, 56 in North America, 3 in DACH.
  33. 2025
    New regionFirst deal in Southern Europe. Before: 65 first cheques, 54 in Benelux & France, 8 in DACH.
  34. 2025
    Tusk Ventures backed Hypery at Seed
    New regionFirst deal in Nordics. Before: 20 first cheques, 16 in North America, 2 in DACH.
  35. 2025
    New regionFirst deal in DACH. Before: 219 first cheques, 205 in UK & Ireland, 7 in North America.
  36. 2025
    UK Govt. Future Fund backed MishiPay at Series A
    New regionFirst deal in Southern Europe. Before: 219 first cheques, 205 in UK & Ireland, 7 in North America.
  37. 2025
    Ulu Ventures backed TrueMeter at Seed
    New regionFirst deal in DACH. Before: 30 first cheques, 24 in North America, 2 in LATAM.
    Source
  38. 2025
    Viola Fintech backed Quinn at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 13 in Finance & Blockchain, 3 in Software & Developer Tools.
    Source
  39. 2025
    Viola Fintech backed Quin at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 13 in Finance & Blockchain, 3 in Software & Developer Tools.
  40. 2025
    Viola Fintech backed BAOBAG at Series A
    New sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 13 in Finance & Blockchain, 3 in Software & Developer Tools.