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. Apr 15, 2026
    Third Rock Ventures backed Terremotto at Series C+
    New regionFirst deal in Southern Europe. Before: 48 first cheques, 40 in North America, 4 in APAC.
  2. Apr 2026
    ABS Capital Partners backed HSP Group at Series B
    New regionFirst deal in MEA. Before: 25 first cheques, 24 in North America, 1 in LATAM.
    Source
  3. Apr 2026
    New regionFirst deal in UK & Ireland. Before: 17 first cheques, 14 in Benelux & France, 2 in DACH.
    Source
  4. Apr 2026
    Gimic Ventures backed Phone 4 at Series B
    New regionFirst deal in Nordics. Before: 24 first cheques, 22 in DACH, 1 in Benelux & France.
  5. Apr 2026
    New regionFirst deal in MEA. Before: 23 first cheques, 19 in North America, 1 in UK & Ireland.
    Source
  6. Apr 2026
    New regionFirst deal in Southern Europe. Before: 17 first cheques, 15 in Benelux & France, 1 in North America.
  7. Apr 2026
    IvyCap Ventures backed TraqCheck at Series A
    New regionFirst deal in UK & Ireland. Before: 22 first cheques, 19 in APAC, 2 in North America.
    Source
  8. Apr 2026
    Super Angels backed OTee at Seed
    New regionFirst deal in Nordics. Before: 23 first cheques, 19 in DACH, 1 in UK & Ireland.
    Source
  9. Mar 30, 2026
    New regionFirst deal in DACH. Before: 47 first cheques, 38 in UK & Ireland, 3 in North America.
  10. Mar 23, 2026
    New regionFirst deal in DACH. Before: 50 first cheques, 42 in APAC, 6 in North America.
    Source
  11. Mar 13, 2026
    New regionFirst deal in APAC. Before: 15 first cheques, 12 in North America, 1 in DACH.
  12. Mar 6, 2026
    Golden Seeds backed HOM at Seed
    New regionFirst deal in Benelux & France. Before: 32 first cheques, 28 in North America, 2 in UK & Ireland.
  13. Mar 2, 2026
    Pleiade Venture backed Calistair at Series C+
    New regionFirst deal in DACH. Before: 21 first cheques, 19 in Benelux & France, 1 in North America.
  14. Mar 2026
    Active Impact Investments backed Zeno at Series A
    New regionFirst deal in MEA. Before: 16 first cheques, 13 in North America, 1 in DACH.
    Source
  15. Mar 2026
    Athyrium backed Galenica at Series B
    New regionFirst deal in DACH. Before: 38 first cheques, 33 in North America, 3 in UK & Ireland.
  16. Mar 2026
    Bandon Partners backed ISAAC at Series B
    New regionFirst deal in Southern Europe. Before: 21 first cheques, 19 in North America, 1 in UK & Ireland.
  17. Mar 2026
    Cibc Innovation Banking backed Qover at Series C+
    New regionFirst deal in Benelux & France. Before: 28 first cheques, 23 in North America, 2 in UK & Ireland.
    Source
  18. Mar 2026
    Congruent Ventures backed Zeno at Series A
    New regionFirst deal in MEA. Before: 48 first cheques, 40 in North America, 2 in DACH.
    Source
  19. Mar 2026
    New regionFirst deal in UK & Ireland. Before: 54 first cheques, 47 in North America, 2 in APAC.
    Source
  20. Mar 2026
    New regionFirst deal in CEE. Before: 35 first cheques, 28 in LATAM, 4 in North America.
    Source
  21. Mar 2026
    New regionFirst deal in Nordics. Before: 39 first cheques, 34 in DACH, 3 in Benelux & France.
    Source
  22. Mar 2026
    Trifecta Capital backed Zeno at Series A
    New regionFirst deal in MEA. Before: 17 first cheques, 15 in APAC, 1 in North America.
    Source
  23. Feb 13, 2026
    NBank backed Simmetry.ai at Seed
    New regionFirst deal in North America. Before: 43 first cheques, 43 in DACH.
    Source
  24. Feb 5, 2026
    BonVenture backed R3 Robotics at Series A
    New regionFirst deal in Benelux & France. Before: 18 first cheques, 17 in DACH, 1 in Southern Europe.
  25. Feb 2, 2026
    New regionFirst deal in DACH. Before: 18 first cheques, 15 in North America, 2 in MEA.
  26. Feb 2026
    Ah! Ventures backed Mitra at Series B
    New regionFirst deal in DACH. Before: 15 first cheques, 13 in APAC, 1 in Southern Europe.
    Source
  27. Feb 2026
    Anges Québec backed Arrow Custom at Series B
    New regionFirst deal in Southern Europe. Before: 24 first cheques, 20 in North America, 1 in DACH.
  28. Feb 2026
    Bonventure Gruppe backed R3 Robotics at Series A
    New regionFirst deal in Benelux & France. Before: 16 first cheques, 14 in DACH, 1 in North America.
  29. Feb 2026
    Correlation Ventures backed Union at Series B
    New regionFirst deal in DACH. Before: 53 first cheques, 47 in North America, 2 in APAC.
  30. Feb 2026
    CVS Health Ventures backed Big Health at Series C+
    New regionFirst deal in UK & Ireland. Before: 21 first cheques, 17 in North America, 2 in MEA.
    Source
  31. Feb 2026
    Czech Founders VC backed Float (Electronics)
    New regionFirst deal in Nordics. Before: 28 first cheques, 23 in CEE, 3 in North America.
  32. Feb 2026
    Wellstreet backed Berget AI at Seed
    New regionFirst deal in APAC. Before: 35 first cheques, 30 in Nordics, 3 in DACH.
    Source
  33. 2026
    Able Partners backed Kimba at Seed
    New regionFirst deal in MEA. Before: 38 first cheques, 32 in North America, 2 in UK & Ireland.
    Source
  34. 2026
    Accelerace backed Userlens at Seed
    New regionFirst deal in CEE. Before: 26 first cheques, 21 in Nordics, 2 in North America.
  35. 2026
    New regionFirst deal in DACH. Before: 55 first cheques, 48 in North America, 3 in Benelux & France.
  36. 2026
    Algebra Ventures backed Al Baraka Bank at Series A
    New regionFirst deal in APAC. Before: 25 first cheques, 24 in MEA, 1 in North America.
  37. 2026
    Align Capital backed Robin Radar at Series B
    New regionFirst deal in Benelux & France. Before: 22 first cheques, 19 in North America, 1 in UK & Ireland.
  38. 2026
    Align Capital backed ALDOCK at Series A
    New regionFirst deal in APAC. Before: 22 first cheques, 19 in North America, 1 in UK & Ireland.
  39. 2026
    New regionFirst deal in APAC. Before: 22 first cheques, 18 in North America, 2 in DACH.
  40. 2026
    Anaxago backed e(ye)BRAIN at Seed
    New regionFirst deal in APAC. Before: 36 first cheques, 32 in Benelux & France, 2 in North America.