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.

AllNew sectorNew regionEarlier stage2026202520242023202220212020
  1. Jul 4, 2022
    FINTOP Capital backed Xelix at Series A
    New regionFirst deal in UK & Ireland. Before: 17 first cheques, 16 in North America, 1 in MEA.
    Source
  2. Jul 2022
    bmp Ventures backed Imero at Pre-seed
    New regionFirst deal in Benelux & France. Before: 33 first cheques, 31 in DACH, 2 in North America.
  3. Jul 2022
    Breakthrough Energy Ventures-Europe backed H2SITE at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 17 first cheques, 15 in Energy, Environment & Mobility, 1 in Industry & Hardware.
    New regionFirst deal in Southern Europe. Before: 17 first cheques, 15 in North America, 1 in UK & Ireland.
    Source
  4. Jul 2022
    Navitas Capital backed Morgen at Pre-seed
    New regionFirst deal in DACH. Before: 18 first cheques, 17 in North America, 1 in UK & Ireland.
  5. Jul 2022
    Next Play Ventures backed Kitopi at Series C+
    New regionFirst deal in MEA. Before: 22 first cheques, 19 in North America, 2 in UK & Ireland.
    Source
  6. Jul 2022
    Scout Ventures backed Arrenda at Pre-seed
    New regionFirst deal in LATAM. Before: 18 first cheques, 15 in North America, 2 in APAC.
    Source
  7. Jun 30, 2022
    Luminar Ventures backed Vibrant works at Seed
    New regionFirst deal in DACH. Before: 19 first cheques, 18 in Nordics, 1 in North America.
  8. Jun 22, 2022
    Silversmith Capital Partners backed Gearset at Series C+
    New regionFirst deal in UK & Ireland. Before: 23 first cheques, 19 in North America, 2 in DACH.
    Source
  9. Jun 17, 2022
    IDG Capital backed Crema at Seed
    New regionFirst deal in LATAM. Before: 53 first cheques, 43 in APAC, 5 in North America.
  10. Jun 13, 2022
    MicroVentures backed just at Series A
    New regionFirst deal in DACH. Before: 16 first cheques, 13 in North America, 1 in APAC.
  11. Jun 9, 2022
    100X.VC backed Redbasil at Seed
    New regionFirst deal in MEA. Before: 17 first cheques, 14 in APAC, 2 in North America.
    Source
  12. Jun 2022
    Athyrium backed uMotif at Series B
    New regionFirst deal in UK & Ireland. Before: 17 first cheques, 16 in North America, 1 in Benelux & France.
    Source
  13. Jun 2022
    BOM Brabant Ventures backed Relement at Seed
    New regionFirst deal in LATAM. Before: 56 first cheques, 50 in Benelux & France, 2 in DACH.
    Source
  14. Jun 2022
    Canvas Ventures backed Anyone AI at Pre-seed
    New regionFirst deal in LATAM. Before: 25 first cheques, 22 in North America, 1 in UK & Ireland.
    Source
  15. Jun 2022
    EMV Capital backed QuantalX Neuroscience at Seed
    New regionFirst deal in North America. Before: 17 first cheques, 15 in UK & Ireland, 1 in DACH.
  16. Jun 2022
    Faraday Venture Partners backed Axomove at Seed
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 14 in Southern Europe, 1 in North America.
    Source
  17. Jun 2022
    Fika Ventures backed AKKO at Series A
    New regionFirst deal in APAC. Before: 16 first cheques, 13 in North America, 1 in DACH.
  18. Jun 2022
    Foundry Group backed The Regard Partnership at Series A
    New regionFirst deal in UK & Ireland. Before: 44 first cheques, 39 in North America, 2 in APAC.
  19. Jun 2022
    Georgian backed Trinsic at Seed
    New regionFirst deal in Benelux & France. Before: 34 first cheques, 30 in North America, 2 in DACH.
    Source
  20. Jun 2022
    Industrifonden backed Telness at Series A
    New regionFirst deal in DACH. Before: 44 first cheques, 38 in Nordics, 3 in North America.
    Source
  21. Jun 2022
    Inovia Capital backed Flare
    New regionFirst deal in Nordics. Before: 51 first cheques, 45 in North America, 4 in UK & Ireland.
  22. Jun 2022
    Karista backed Kranus Health at Series A
    New regionFirst deal in DACH. Before: 35 first cheques, 34 in Benelux & France, 1 in North America.
    Source
  23. Jun 2022
    OCA Ventures backed Roq.ad at Series A
    New regionFirst deal in DACH. Before: 27 first cheques, 23 in North America, 3 in UK & Ireland.
    Source
  24. Jun 2022
    Pillar VC backed Jobset at Series B
    New regionFirst deal in DACH. Before: 15 first cheques, 13 in North America, 1 in UK & Ireland.
  25. Jun 2022
    SAIF Partners. backed AI Prime at Series A
    New regionFirst deal in DACH. Before: 33 first cheques, 29 in APAC, 3 in North America.
  26. Jun 2022
    Source Code Capital backed Hai Robotics at Series C+
    New regionFirst deal in DACH. Before: 22 first cheques, 19 in APAC, 1 in North America.
  27. May 25, 2022
    Info Edge backed WSO2 at Series C+
    New regionFirst deal in North America. Before: 20 first cheques, 17 in APAC, 1 in UK & Ireland.
    Source
  28. May 11, 2022
    YFM Equity Partners backed Elucidate at Series A
    New regionFirst deal in DACH. Before: 20 first cheques, 16 in UK & Ireland, 3 in North America.
  29. May 2022
    Companisto backed LIVY at Seed
    New regionFirst deal in Benelux & France. Before: 21 first cheques, 21 in DACH.
    Source
  30. May 2022
    JME Ventures backed Altan at Series A
    New regionFirst deal in North America. Before: 19 first cheques, 17 in Southern Europe, 2 in Benelux & France.
  31. May 2022
    Magma Partners backed Philippo at Pre-seed
    New regionFirst deal in APAC. Before: 29 first cheques, 25 in LATAM, 3 in North America.
    Source
  32. May 2022
    Panache Ventures backed Moves at Seed
    New regionFirst deal in UK & Ireland. Before: 26 first cheques, 25 in North America, 1 in MEA.
  33. Apr 28, 2022
    Ulu Ventures backed Prixz at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 20 first cheques, 12 in Software & Developer Tools, 5 in Finance & Blockchain.
    New regionFirst deal in LATAM. Before: 20 first cheques, 18 in North America, 1 in UK & Ireland.
    Source
  34. Apr 11, 2022
    Third Rock Ventures backed Ambys at Series A
    New regionFirst deal in LATAM. Before: 23 first cheques, 19 in North America, 3 in APAC.
  35. Apr 6, 2022
    Third Prime backed Wayleadr at Seed
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 12 in North America, 1 in Benelux & France.
    Source
  36. Apr 5, 2022
    Hack VC backed Boba at Series A
    New regionFirst deal in APAC. Before: 25 first cheques, 20 in North America, 2 in UK & Ireland.
  37. Apr 2022
    Anaxago backed Lincoln Electric System at Seed
    New regionFirst deal in North America. Before: 24 first cheques, 23 in Benelux & France, 1 in DACH.
  38. Apr 2022
    Floodgate backed Loris at Series A
    New regionFirst deal in MEA. Before: 28 first cheques, 23 in North America, 2 in UK & Ireland.
  39. Apr 2022
    MicroVentures backed Buddy at Seed
    New regionFirst deal in APAC. Before: 15 first cheques, 13 in North America, 1 in Southern Europe.
  40. Apr 2022
    OCA Ventures backed Buddy at Seed
    New regionFirst deal in APAC. Before: 25 first cheques, 23 in North America, 2 in UK & Ireland.