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. May 2024
    Shunwei Capital backed Cloudwalk at Series C+
    New regionFirst deal in DACH. Before: 25 first cheques, 22 in APAC, 2 in North America.
    Source
  2. May 2024
    New regionFirst deal in Benelux & France. Before: 16 first cheques, 13 in Southern Europe, 2 in DACH.
  3. Apr 3, 2024
    Innovestor backed Vaalia Health at Pre-seed
    New regionFirst deal in Benelux & France. Before: 67 first cheques, 55 in Nordics, 7 in DACH.
  4. Apr 2024
    Anzu Partners backed Framework at Series A
    New regionFirst deal in UK & Ireland. Before: 41 first cheques, 36 in North America, 3 in APAC.
  5. Apr 2024
    Karista backed 10Lines at Series A
    New regionFirst deal in CEE. Before: 54 first cheques, 48 in Benelux & France, 4 in DACH.
    Source
  6. Apr 2024
    NextLeap Ventures backed Carrar at Series A
    New regionFirst deal in UK & Ireland. Before: 16 first cheques, 13 in MEA, 2 in DACH.
    Source
  7. Apr 2024
    New regionFirst deal in DACH. Before: 46 first cheques, 39 in UK & Ireland, 4 in North America.
  8. Apr 2024
    New regionFirst deal in MEA. Before: 22 first cheques, 18 in North America, 1 in UK & Ireland.
    Source
  9. Mar 11, 2024
    New regionFirst deal in MEA. Before: 29 first cheques, 24 in North America, 2 in APAC.
    Source
  10. Mar 2024
    New regionFirst deal in Nordics. Before: 52 first cheques, 42 in North America, 3 in UK & Ireland.
    Source
  11. Mar 2024
    New regionFirst deal in Nordics. Before: 21 first cheques, 18 in North America, 2 in UK & Ireland.
    Source
  12. Mar 2024
    Collab Capital backed SOARC at Seed
    New regionFirst deal in DACH. Before: 15 first cheques, 14 in North America, 1 in Benelux & France.
  13. Mar 2024
    EnjoyVenture backed UpHill at Series A
    New regionFirst deal in North America. Before: 30 first cheques, 27 in DACH, 1 in UK & Ireland.
  14. Mar 2024
    New regionFirst deal in APAC. Before: 64 first cheques, 59 in Benelux & France, 2 in DACH.
    Source
  15. Feb 20, 2024
    New regionFirst deal in UK & Ireland. Before: 21 first cheques, 17 in North America, 1 in DACH.
  16. Feb 2024
    Alteria backed La Fourche at Series B
    New regionFirst deal in Benelux & France. Before: 24 first cheques, 20 in APAC, 2 in North America.
  17. Feb 2024
    New regionFirst deal in Benelux & France. Before: 24 first cheques, 23 in North America, 1 in CEE.
  18. Feb 2024
    Cibc Innovation Banking backed Denmark at Series A
    New regionFirst deal in DACH. Before: 20 first cheques, 18 in North America, 2 in UK & Ireland.
  19. Feb 2024
    New regionFirst deal in APAC. Before: 99 first cheques, 83 in North America, 7 in UK & Ireland.
  20. Feb 2024
    Ridge Ventures backed Go Autonomous at Series A
    New regionFirst deal in Nordics. Before: 28 first cheques, 23 in North America, 2 in Benelux & France.
    Source
  21. Jan 23, 2024
    Forward Partners backed OctaiPipe at Series A
    New regionFirst deal in APAC. Before: 20 first cheques, 16 in UK & Ireland, 3 in North America.
    Source
  22. Jan 17, 2024
    Column Group backed Tr1X at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 18 first cheques, 15 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    New regionFirst deal in Southern Europe. Before: 17 first cheques, 15 in North America, 1 in UK & Ireland.
    Source
  23. Jan 11, 2024
    New regionFirst deal in DACH. Before: 30 first cheques, 26 in North America, 3 in Benelux & France.
  24. 2024
    7wireVentures backed SameSky Health at Series B
    New regionFirst deal in UK & Ireland. Before: 18 first cheques, 17 in North America, 1 in Benelux & France.
  25. 2024
    Able Partners backed FINDS at Seed
    New regionFirst deal in UK & Ireland. Before: 19 first cheques, 17 in North America, 1 in Benelux & France.
  26. 2024
    Accomplice Ventures backed Monkey Tilt at Series A
    New regionFirst deal in LATAM. Before: 52 first cheques, 43 in North America, 6 in UK & Ireland.
  27. 2024
    Accomplice Ventures backed Monkey at Series A
    New regionFirst deal in LATAM. Before: 52 first cheques, 43 in North America, 6 in UK & Ireland.
  28. 2024
    Accomplice Ventures backed Monkee at Series A
    New regionFirst deal in APAC. Before: 52 first cheques, 43 in North America, 6 in UK & Ireland.
  29. 2024
    Algebra Ventures backed Coinnect at Series A
    New regionFirst deal in North America. Before: 17 first cheques, 17 in MEA.
  30. 2024
    Aquiti backed Atman at Series C+
    New regionFirst deal in Southern Europe. Before: 43 first cheques, 41 in Benelux & France, 1 in UK & Ireland.
  31. 2024
    Avidity Partners backed Sirona Medical at Series C+
    New regionFirst deal in MEA. Before: 24 first cheques, 20 in North America, 2 in Benelux & France.
    Source
  32. 2024
    Avidity Partners backed Syrona Health at Series B
    New regionFirst deal in Nordics. Before: 24 first cheques, 20 in North America, 2 in Benelux & France.
  33. 2024
    BAM Ventures backed DAPS at Series C+
    New regionFirst deal in LATAM. Before: 53 first cheques, 44 in North America, 4 in Benelux & France.
  34. 2024
    New regionFirst deal in UK & Ireland. Before: 34 first cheques, 29 in Benelux & France, 2 in North America.
  35. 2024
    Canary backed Prima Solutions SA at Series A
    New regionFirst deal in Benelux & France. Before: 46 first cheques, 41 in LATAM, 2 in North America.
  36. 2024
    Canvas Ventures backed Parakey at Seed
    New regionFirst deal in Nordics. Before: 30 first cheques, 24 in North America, 2 in APAC.
  37. 2024
    Congruent Ventures backed Camus at Series A
    New regionFirst deal in LATAM. Before: 24 first cheques, 21 in North America, 1 in DACH.
  38. 2024
    Courtin Investment backed Miuros at Seed
    New regionFirst deal in Nordics. Before: 25 first cheques, 23 in Benelux & France, 1 in North America.
  39. 2024
    Cultivation Capital backed Satim at Series A
    New regionFirst deal in CEE. Before: 50 first cheques, 41 in North America, 3 in UK & Ireland.
    Source
  40. 2024
    Duro Ventures backed Leon & George at Series B
    New regionFirst deal in DACH. Before: 25 first cheques, 20 in North America, 2 in MEA.