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. Oct 2023
    GreatPoint Ventures backed Harmonic at Seed
    New regionFirst deal in DACH. Before: 30 first cheques, 24 in North America, 5 in MEA.
  2. Oct 2023
    Serena Capital backed Carbonfarm Technology at Seed
    New regionFirst deal in APAC. Before: 66 first cheques, 54 in Benelux & France, 6 in North America.
    Source
  3. Oct 2023
    Turenne Capital backed Nexus at Series B
    New regionFirst deal in UK & Ireland. Before: 49 first cheques, 42 in Benelux & France, 5 in DACH.
  4. Sep 5, 2023
    UK Innovation & Science backed Opna at Seed
    New regionFirst deal in APAC. Before: 19 first cheques, 16 in UK & Ireland, 1 in North America.
  5. Sep 5, 2023
    Westtech Ventures backed Opna at Seed
    New regionFirst deal in APAC. Before: 17 first cheques, 15 in DACH, 2 in North America.
  6. Sep 2023
    ACF Investors backed Oneid at Seed
    New regionFirst deal in North America. Before: 45 first cheques, 43 in UK & Ireland, 1 in DACH.
    Source
  7. Sep 2023
    Aquiti backed Field at Seed
    New regionFirst deal in UK & Ireland. Before: 40 first cheques, 39 in Benelux & France, 1 in DACH.
  8. Sep 2023
    PreSeed Ventures backed Woba
    New regionFirst deal in LATAM. Before: 22 first cheques, 18 in Nordics, 1 in North America.
    Source
  9. Sep 2023
    Sting backed Quack at Seed
    New regionFirst deal in MEA. Before: 169 first cheques, 139 in Nordics, 14 in DACH.
  10. Aug 30, 2023
    Chalmers Ventures backed AquaFood at Pre-seed
    New regionFirst deal in UK & Ireland. Before: 38 first cheques, 33 in Nordics, 5 in North America.
  11. Aug 17, 2023
    Spicehaus Partners backed Tinamu at Pre-seed
    New regionFirst deal in CEE. Before: 18 first cheques, 16 in DACH, 2 in North America.
  12. Aug 2, 2023
    Resolute Ventures backed Forecast at Seed
    New regionFirst deal in UK & Ireland. Before: 43 first cheques, 39 in North America, 2 in MEA.
  13. Aug 2023
    BaltCap backed IGLU at Series C+
    New regionFirst deal in APAC. Before: 34 first cheques, 28 in CEE, 1 in UK & Ireland.
  14. Aug 2023
    Playground Global backed Phasecraft at Series A
    New regionFirst deal in UK & Ireland. Before: 27 first cheques, 22 in North America, 2 in MEA.
    Source
  15. Jul 17, 2023
    ACF Investors backed Huq at Series A
    New regionFirst deal in APAC. Before: 44 first cheques, 43 in UK & Ireland, 1 in DACH.
  16. Jul 17, 2023
    Avidity Partners backed OrganOx Limited at Series C+
    New regionFirst deal in UK & Ireland. Before: 21 first cheques, 19 in North America, 1 in Benelux & France.
  17. Jul 2023
    Blackhorn Ventures backed ecoworks
    New regionFirst deal in DACH. Before: 30 first cheques, 25 in North America, 2 in LATAM.
    Source
  18. Jul 2023
    Chiratae Ventures backed Nexus Global Ventures at Series B
    New regionFirst deal in MEA. Before: 52 first cheques, 43 in APAC, 7 in North America.
  19. Jul 2023
    Companisto backed Ivy at Series A
    New regionFirst deal in Nordics. Before: 44 first cheques, 41 in DACH, 2 in Benelux & France.
  20. Jul 2023
    PLUS Capital backed Wellxai at Seed
    New regionFirst deal in MEA. Before: 18 first cheques, 16 in North America, 1 in APAC.
  21. 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
  22. 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.
  23. 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
  24. 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
  25. 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.
  26. 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
  27. 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
  28. 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.
  29. May 2023
    BaltCap backed AdoroCinema at Pre-seed
    New regionFirst deal in LATAM. Before: 30 first cheques, 25 in CEE, 1 in UK & Ireland.
  30. May 2023
    Companisto backed Boomerang at Seed
    New regionFirst deal in CEE. Before: 40 first cheques, 39 in DACH, 1 in Benelux & France.
  31. 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.
  32. 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
  33. 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.
  34. 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
  35. 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
  36. 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
  37. 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
  38. 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
  39. 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
  40. 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