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 2023
    Companisto backed Ivy at Series A
    New regionFirst deal in Nordics. Before: 44 first cheques, 41 in DACH, 2 in Benelux & France.
  2. Jul 2023
    PLUS Capital backed Wellxai at Seed
    New regionFirst deal in MEA. Before: 18 first cheques, 16 in North America, 1 in APAC.
  3. Jun 23, 2023
    Playground Global backed Nvision Imaging at Series A
    New regionFirst deal in DACH. Before: 26 first cheques, 22 in North America, 2 in MEA.
    Source
  4. Jun 20, 2023
    JamJar Investments backed Tony's at Series C+
    New regionFirst deal in LATAM. Before: 35 first cheques, 28 in UK & Ireland, 3 in Benelux & France.
  5. Jun 14, 2023
    Next Play Ventures backed La Haus at Series C+
    New regionFirst deal in LATAM. Before: 26 first cheques, 22 in North America, 2 in UK & Ireland.
    Source
  6. Jun 7, 2023
    Venture Kick backed SolidWatts at Pre-seed
    New regionFirst deal in Southern Europe. Before: 24 first cheques, 22 in DACH, 1 in North America.
    Source
  7. Jun 2023
    Founders Future backed Astranis at Seed
    New regionFirst deal in North America. Before: 27 first cheques, 23 in Benelux & France, 2 in DACH.
  8. Jun 2023
    Occident Group backed ReCatalyst at Seed
    New regionFirst deal in CEE. Before: 21 first cheques, 20 in DACH, 1 in Benelux & France.
    Source
  9. May 25, 2023
    Investinor backed Eyr at Seed
    New regionFirst deal in Benelux & France. Before: 38 first cheques, 31 in Nordics, 3 in North America.
    Source
  10. May 16, 2023
    Platanus Ventures backed Ray Therapeutics at Series A
    New regionFirst deal in North America. Before: 28 first cheques, 26 in LATAM, 2 in DACH.
  11. May 2023
    BaltCap backed AdoroCinema at Pre-seed
    New regionFirst deal in LATAM. Before: 30 first cheques, 25 in CEE, 1 in UK & Ireland.
  12. May 2023
    Companisto backed Boomerang at Seed
    New regionFirst deal in CEE. Before: 40 first cheques, 39 in DACH, 1 in Benelux & France.
  13. May 2023
    Decheng Capital backed Boundless Bio at Series C+
    New regionFirst deal in UK & Ireland. Before: 17 first cheques, 14 in North America, 1 in DACH.
  14. May 2023
    Gresham House Ventures backed Dayrize at Series A
    New regionFirst deal in Benelux & France. Before: 28 first cheques, 26 in UK & Ireland, 1 in North America.
    Source
  15. May 2023
    P101 backed GF Piping Systems at Seed
    New regionFirst deal in DACH. Before: 45 first cheques, 38 in Southern Europe, 4 in North America.
  16. May 2023
    Ridge Ventures backed WireMock at Seed
    New regionFirst deal in UK & Ireland. Before: 23 first cheques, 19 in North America, 2 in Benelux & France.
    Source
  17. May 2023
    Vertis Venture Capital backed NEWTWEN at Series A
    New regionFirst deal in Benelux & France. Before: 22 first cheques, 19 in Southern Europe, 2 in DACH.
    Source
  18. May 2023
    Volition Capital backed hackajob at Series B
    New regionFirst deal in UK & Ireland. Before: 33 first cheques, 29 in North America, 1 in DACH.
    Source
  19. Apr 28, 2023
    Venture Kick backed Neology at Pre-seed
    New regionFirst deal in APAC. Before: 23 first cheques, 22 in DACH, 1 in North America.
    Source
  20. Apr 25, 2023
    Cultivation Capital backed Hydrosat at Series A
    New regionFirst deal in Benelux & France. Before: 46 first cheques, 39 in North America, 3 in UK & Ireland.
    Source
  21. Apr 13, 2023
    Blackfinch backed Proprli at Pre-seed
    New regionFirst deal in Benelux & France. Before: 24 first cheques, 21 in UK & Ireland, 2 in North America.
    Source
  22. Apr 2023
    Canary backed BrandLovrs at Seed
    New regionFirst deal in Southern Europe. Before: 45 first cheques, 41 in LATAM, 2 in North America.
    Source
  23. Apr 2023
    Inovia Capital backed Super at Series C+
    New regionFirst deal in APAC. Before: 60 first cheques, 49 in North America, 4 in UK & Ireland.
  24. Apr 2023
    Purple Ventures backed Asap.work at Seed
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 12 in CEE, 2 in North America.
    Source
  25. Apr 2023
    Purple Ventures backed Woodoo at Series A
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 12 in CEE, 2 in North America.
    Source
  26. Apr 2023
    Purple Ventures backed Zealy at Pre-seed
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 12 in CEE, 2 in North America.
    Source
  27. Apr 2023
    Threshold Ventures backed Auto Repair at Series B
    New regionFirst deal in APAC. Before: 25 first cheques, 22 in North America, 2 in Benelux & France.
  28. Mar 30, 2023
    Epic Ventures backed TROOP at Seed
    New regionFirst deal in UK & Ireland. Before: 16 first cheques, 14 in North America, 1 in DACH.
    Source
  29. Mar 2023
    Able Partners backed Filters at Pre-seed
    New sectorFirst Commerce & Marketing cheque. Before: 20 first cheques, 12 in Healthcare & Life Sciences, 7 in Consumer, Lifestyle & Services.
    New regionFirst deal in Benelux & France. Before: 18 first cheques, 17 in North America, 1 in LATAM.
  30. Mar 2023
    August Capital backed Pacto at Seed
    New regionFirst deal in LATAM. Before: 15 first cheques, 13 in North America, 1 in DACH.
    Source
  31. Mar 2023
    CDTI backed APLANET at Series A
    New regionFirst deal in DACH. Before: 27 first cheques, 26 in Southern Europe, 1 in CEE.
  32. Mar 2023
    Courtin Investment backed XXII at Series A
    New regionFirst deal in North America. Before: 18 first cheques, 17 in Benelux & France, 1 in CEE.
  33. Mar 2023
    Designer Fund backed Evergreen Renewables at Seed
    New regionFirst deal in DACH. Before: 19 first cheques, 16 in North America, 1 in UK & Ireland.
  34. Mar 2023
    Flagship Pioneering backed AbCheck at Pre-seed
    New regionFirst deal in CEE. Before: 37 first cheques, 34 in North America, 2 in APAC.
  35. Feb 23, 2023
    Faraday Venture Partners backed ScrapBees at Seed
    New regionFirst deal in DACH. Before: 18 first cheques, 15 in Southern Europe, 2 in North America.
    Source
  36. Feb 7, 2023
    First Capital backed Riot at Series A
    New regionFirst deal in North America. Before: 16 first cheques, 14 in Benelux & France, 1 in APAC.
  37. Feb 2023
    ACME Ventures backed Reshape Biotech at Seed
    New regionFirst deal in Nordics. Before: 17 first cheques, 14 in North America, 1 in UK & Ireland.
    Source
  38. Feb 2023
    Banque des Territoires backed Chouette Vision at Series A
    New regionFirst deal in DACH. Before: 19 first cheques, 18 in Benelux & France, 1 in North America.
  39. Feb 2023
    Bling Capital backed inFeedo AI at Series A
    New regionFirst deal in APAC. Before: 52 first cheques, 42 in North America, 4 in UK & Ireland.
  40. Feb 2023
    Clearlake Capital Group backed Novata at Series B
    New regionFirst deal in Benelux & France. Before: 32 first cheques, 28 in North America, 2 in UK & Ireland.