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. Dec 31, 2025
    Work-Bench backed Lira AI at Seed
    New regionFirst deal in MEA. Before: 20 first cheques, 17 in North America, 1 in UK & Ireland.
  2. Dec 18, 2025
    HgCapital backed Geomatikk at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 58 first cheques, 38 in Software & Developer Tools, 12 in Finance & Blockchain.
  3. Dec 15, 2025
    Work-Bench backed AIR Platforms at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 20 first cheques, 14 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
    Source
  4. Dec 2025
    Aurum Partners backed Sokin at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 8 in Consumer, Lifestyle & Services, 5 in Software & Developer Tools.
    Source
  5. Dec 2025
    Circle Ventures backed Lucis at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 38 first cheques, 26 in Finance & Blockchain, 7 in Software & Developer Tools.
    Source
  6. Dec 2025
    Flare backed Speed at Seed
    New sectorFirst Commerce & Marketing cheque. Before: 28 first cheques, 21 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
    New regionFirst deal in MEA. Before: 24 first cheques, 20 in North America, 3 in Benelux & France.
  7. Dec 2025
    Florida Funders backed FlexAI at Series B
    New regionFirst deal in Benelux & France. Before: 16 first cheques, 16 in North America.
  8. Dec 2025
    Cressey Ventures backed Speed at Seed
    New regionFirst deal in MEA. Before: 17 first cheques, 15 in North America, 1 in APAC.
  9. Dec 2025
    New regionFirst deal in Southern Europe. Before: 18 first cheques, 17 in DACH, 1 in Benelux & France.
  10. Dec 2025
    Helion Venture Partners backed MoEngage at Series C+
    New regionFirst deal in North America. Before: 15 first cheques, 14 in APAC, 1 in UK & Ireland.
    Source
  11. Dec 2025
    Jackson Square Ventures backed Artera at Series C+
    New regionFirst deal in Benelux & France. Before: 38 first cheques, 34 in North America, 1 in UK & Ireland.
    Source
  12. Dec 2025
    Operator Collective backed Quantia at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 18 first cheques, 14 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
  13. Dec 2025
    Sterling Partners backed Radial at Series A
    New regionFirst deal in UK & Ireland. Before: 16 first cheques, 15 in North America, 1 in DACH.
  14. Dec 2025
    Town Hall Ventures backed Speed at Seed
    New sectorFirst Commerce & Marketing cheque. Before: 25 first cheques, 16 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  15. Dec 2025
    Transition backed Skye at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 17 first cheques, 13 in Energy, Environment & Mobility, 1 in Software & Developer Tools.
    Source
  16. Dec 2025
    Vereeni Early Stage Fund backed Kraken at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 18 first cheques, 9 in Finance & Blockchain, 6 in Consumer, Lifestyle & Services.
  17. Nov 27, 2025
    Encomenda backed Uxia at Pre-seed
    New regionFirst deal in Benelux & France. Before: 27 first cheques, 24 in Southern Europe, 3 in DACH.
    Source
  18. Nov 17, 2025
    New sectorFirst Artificial Intelligence & Data cheque. Before: 38 first cheques, 22 in Finance & Blockchain, 10 in Software & Developer Tools.
  19. Nov 5, 2025
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 26 first cheques, 19 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
    Source
  20. Nov 2025
    New regionFirst deal in DACH. Before: 15 first cheques, 14 in North America, 1 in UK & Ireland.
  21. Nov 2025
    Anges Québec backed PemPem at Series A
    New regionFirst deal in APAC. Before: 20 first cheques, 17 in North America, 1 in DACH.
  22. Nov 2025
    Anicut Capital backed Protouch at Series A
    New regionFirst deal in Benelux & France. Before: 21 first cheques, 20 in APAC, 1 in North America.
    Source
  23. Nov 2025
    Big Pi Ventures backed Nutropy at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 9 in Software & Developer Tools, 9 in Healthcare & Life Sciences.
    Source
  24. Nov 2025
    Jackson Square Ventures backed GitLaw at Pre-seed
    New regionFirst deal in UK & Ireland. Before: 37 first cheques, 34 in North America, 1 in DACH.
    Source
  25. Nov 2025
    Lunar Ventures backed Emm at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 12 in Software & Developer Tools, 2 in Industry & Hardware.
  26. Nov 2025
    NGL Ventures backed Self.co at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 12 in Software & Developer Tools, 2 in Industry & Hardware.
    Source
  27. Nov 2025
    New sectorFirst Finance & Blockchain cheque. Before: 46 first cheques, 32 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
  28. Nov 2025
    New sectorFirst Finance & Blockchain cheque. Before: 50 first cheques, 41 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  29. Nov 2025
    Protocol Labs backed Synchron at Series C+
    New sectorFirst Healthcare & Life Sciences cheque. Before: 21 first cheques, 12 in Software & Developer Tools, 5 in Finance & Blockchain.
  30. Nov 2025
    Santé Ventures backed Clairity at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 16 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
    Source
  31. Nov 2025
    Takeda Ventures backed Accipiter at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 19 first cheques, 16 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    Source
  32. Nov 2025
    Top Tier Capital backed Rebellions at Series C+
    New regionFirst deal in APAC. Before: 20 first cheques, 16 in North America, 2 in DACH.
    Source
  33. Nov 2025
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 12 in North America, 1 in DACH.
  34. Oct 30, 2025
    Frazier Life Sciences backed Evecxs at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 24 first cheques, 18 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  35. Oct 30, 2025
    NexTech Invest backed Evecxs at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 57 first cheques, 48 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  36. Oct 30, 2025
    S3 Ventures backed Monopulse at Series A
    New regionFirst deal in Nordics. Before: 41 first cheques, 35 in North America, 3 in DACH.
    Source
  37. Oct 23, 2025
    Balnord backed VitVio at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 19 first cheques, 13 in Software & Developer Tools, 4 in Finance & Blockchain.
    Source
  38. Oct 22, 2025
    EquityPitcher backed Enzo at Seed
    New regionFirst deal in Southern Europe. Before: 23 first cheques, 19 in DACH, 2 in North America.
    Source
  39. Oct 20, 2025
    Bertelsmann backed Andel at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 18 first cheques, 9 in Software & Developer Tools, 6 in Healthcare & Life Sciences.
  40. Oct 17, 2025
    New regionFirst deal in Southern Europe. Before: 25 first cheques, 20 in North America, 2 in UK & Ireland.