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. Oct 5, 2021
    Madrona Venture Group backed Esper at Series C+
    New regionFirst deal in APAC. Before: 39 first cheques, 35 in North America, 2 in UK & Ireland.
    Source
  2. Oct 5, 2021
    Side Capital Partners backed Klara at Pre-seed
    New regionFirst deal in North America. Before: 24 first cheques, 24 in Benelux & France.
    Source
  3. Oct 2021
    New sectorFirst Artificial Intelligence & Data cheque. Before: 38 first cheques, 19 in Software & Developer Tools, 12 in Healthcare & Life Sciences.
    New regionFirst deal in Benelux & France. Before: 37 first cheques, 32 in North America, 3 in UK & Ireland.
  4. Oct 2021
    Atlantic Labs backed vagon at Seed
    New regionFirst deal in MEA. Before: 37 first cheques, 31 in DACH, 3 in Benelux & France.
  5. Oct 2021
    East Ventures backed Qapita at Series A
    New regionFirst deal in UK & Ireland. Before: 21 first cheques, 17 in APAC, 2 in Benelux & France.
    Source
  6. Oct 2021
    Learn Capital backed Techmint at Series B
    New regionFirst deal in APAC. Before: 20 first cheques, 18 in North America, 2 in MEA.
  7. Oct 2021
    Monashees backed Inventa at Series B
    New regionFirst deal in Southern Europe. Before: 56 first cheques, 50 in LATAM, 2 in North America.
    Source
  8. Oct 2021
    Ridge Ventures backed Volocopter at Series C+
    New regionFirst deal in DACH. Before: 17 first cheques, 15 in North America, 1 in Benelux & France.
    Source
  9. Oct 2021
    TAU Ventures backed Futora at Seed
    New regionFirst deal in MEA. Before: 17 first cheques, 15 in North America, 2 in DACH.
    Source
  10. Oct 2021
    New regionFirst deal in DACH. Before: 16 first cheques, 14 in North America, 1 in UK & Ireland.
    Source
  11. Sep 28, 2021
    Trinity Ventures backed Arize at Series A
    New regionFirst deal in UK & Ireland. Before: 52 first cheques, 46 in North America, 2 in DACH.
    Source
  12. Sep 21, 2021
    New regionFirst deal in DACH. Before: 15 first cheques, 13 in North America, 1 in UK & Ireland.
  13. Sep 21, 2021
    Sorenson Ventures backed Cloudsmith at Series A
    New regionFirst deal in UK & Ireland. Before: 28 first cheques, 24 in North America, 1 in DACH.
    Source
  14. Sep 17, 2021
    YFM Equity Partners backed Antser at Series A
    New regionFirst deal in APAC. Before: 15 first cheques, 13 in UK & Ireland, 2 in North America.
  15. Sep 2021
    Alven backed Angle Labs at Seed
    New regionFirst deal in UK & Ireland. Before: 50 first cheques, 41 in Benelux & France, 4 in DACH.
  16. Sep 2021
    DCVC backed Micreos at Series C+
    New regionFirst deal in Benelux & France. Before: 93 first cheques, 76 in North America, 7 in UK & Ireland.
  17. Sep 2021
    New regionFirst deal in DACH. Before: 28 first cheques, 25 in CEE, 1 in North America.
    Source
  18. Sep 2021
    New regionFirst deal in North America. Before: 18 first cheques, 15 in MEA, 1 in UK & Ireland.
    Source
  19. Sep 2021
    NexTech Invest backed Hexagon Bio at Series B
    New regionFirst deal in UK & Ireland. Before: 33 first cheques, 30 in North America, 2 in MEA.
    Source
  20. Sep 2021
    Next View Ventures backed Carrot at Seed
    New regionFirst deal in LATAM. Before: 21 first cheques, 17 in North America, 2 in DACH.
  21. Sep 2021
    RiverPark Ventures backed Carrot at Seed
    New regionFirst deal in LATAM. Before: 40 first cheques, 32 in North America, 4 in Benelux & France.
  22. Sep 2021
    Threshold Ventures backed vital at Series A
    New regionFirst deal in DACH. Before: 15 first cheques, 13 in North America, 2 in Benelux & France.
  23. Sep 2021
    Valor Equity Partners backed Pangaia at Series B
    New regionFirst deal in UK & Ireland. Before: 38 first cheques, 33 in North America, 4 in Benelux & France.
    Source
  24. Sep 2021
    New regionFirst deal in DACH. Before: 15 first cheques, 14 in Nordics, 1 in Benelux & France.
    Source
  25. Aug 19, 2021
    Almi Invest backed Strivr at Series B
    New regionFirst deal in North America. Before: 57 first cheques, 51 in Nordics, 3 in DACH.
    Source
  26. Aug 19, 2021
    Cota Capital backed Webiny at Seed
    New regionFirst deal in UK & Ireland. Before: 32 first cheques, 29 in North America, 1 in DACH.
    Source
  27. Aug 2021
    New regionFirst deal in DACH. Before: 42 first cheques, 41 in Benelux & France, 1 in UK & Ireland.
    Source
  28. Aug 2021
    New regionFirst deal in APAC. Before: 57 first cheques, 48 in North America, 3 in DACH.
  29. Aug 2021
    India Quotient. backed Creo at Seed
    New regionFirst deal in UK & Ireland. Before: 25 first cheques, 24 in APAC, 1 in Nordics.
  30. Aug 2021
    Maveron backed C Wire AG at Pre-seed
    New regionFirst deal in DACH. Before: 32 first cheques, 29 in North America, 1 in UK & Ireland.
  31. Jul 30, 2021
    Version One Ventures backed Tenderly at Series A
    New regionFirst deal in CEE. Before: 27 first cheques, 22 in North America, 1 in UK & Ireland.
    Source
  32. Jul 20, 2021
    Kaszek backed JOKR at Series A
    New regionFirst deal in UK & Ireland. Before: 47 first cheques, 45 in LATAM, 1 in North America.
    Source
  33. Jul 20, 2021
    New regionFirst deal in MEA. Before: 19 first cheques, 18 in North America, 1 in APAC.
  34. Jul 14, 2021
    New regionFirst deal in Southern Europe. Before: 21 first cheques, 17 in CEE, 1 in UK & Ireland.
  35. Jul 8, 2021
    New regionFirst deal in DACH. Before: 20 first cheques, 16 in UK & Ireland, 3 in North America.
  36. Jul 2021
    New regionFirst deal in CEE. Before: 22 first cheques, 21 in UK & Ireland, 1 in Southern Europe.
  37. Jul 2021
    New regionFirst deal in DACH. Before: 17 first cheques, 14 in APAC, 2 in Benelux & France.
  38. Jul 2021
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 16 in North America, 1 in UK & Ireland.
    Source
  39. Jul 2021
    Serra Ventures backed Leo Cancer Care at Series B
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 13 in North America, 1 in Benelux & France.
  40. Jun 25, 2021
    New regionFirst deal in DACH. Before: 17 first cheques, 15 in North America, 1 in UK & Ireland.