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. 2023
    Praetura Ventures backed STIKI at Seed
    New regionFirst deal in APAC. Before: 51 first cheques, 47 in UK & Ireland, 3 in North America.
  2. 2023
    Prime Movers Labs backed Robuste at Series A
    New regionFirst deal in LATAM. Before: 20 first cheques, 16 in North America, 2 in UK & Ireland.
  3. 2023
    QBIC fund backed Animob at Series B
    New regionFirst deal in Southern Europe. Before: 21 first cheques, 17 in Benelux & France, 3 in DACH.
  4. 2023
    QBIC fund backed CDotBio at Seed
    New regionFirst deal in UK & Ireland. Before: 21 first cheques, 17 in Benelux & France, 3 in DACH.
  5. 2023
    QBIC fund backed Bugbiome at Seed
    New regionFirst deal in UK & Ireland. Before: 21 first cheques, 17 in Benelux & France, 3 in DACH.
  6. 2023
    QBIC fund backed PFx Biotech at Seed
    New regionFirst deal in Southern Europe. Before: 21 first cheques, 17 in Benelux & France, 3 in DACH.
  7. 2023
    Reach Capital backed Clayful at Seed
    New regionFirst deal in APAC. Before: 20 first cheques, 16 in North America, 1 in UK & Ireland.
    Source
  8. 2023
    Reach Capital backed Swing at Series B
    New regionFirst deal in DACH. Before: 20 first cheques, 16 in North America, 1 in UK & Ireland.
  9. 2023
    Real Ventures backed Tenstorrent at Series C+
    New regionFirst deal in MEA. Before: 52 first cheques, 45 in North America, 3 in DACH.
    Source
  10. 2023
    S3 Ventures backed Sipera at Seed
    New regionFirst deal in APAC. Before: 26 first cheques, 24 in North America, 1 in DACH.
  11. 2023
    Seeds Capital backed Vannadium at Series A
    New regionFirst deal in North America. Before: 19 first cheques, 16 in APAC, 1 in UK & Ireland.
  12. 2023
    Slow Ventures backed Mecho Autotech at Seed
    New regionFirst deal in APAC. Before: 31 first cheques, 25 in North America, 2 in UK & Ireland.
  13. 2023
    Specialist VC backed AgileDD at Series A
    New regionFirst deal in North America. Before: 15 first cheques, 12 in CEE, 1 in UK & Ireland.
  14. 2023
    Ulu Ventures backed Banyan Nation at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 12 in Software & Developer Tools, 5 in Finance & Blockchain.
    New regionFirst deal in APAC. Before: 21 first cheques, 18 in North America, 1 in UK & Ireland.
  15. 2023
    Ulu Ventures backed Cenoa at Seed
    New regionFirst deal in MEA. Before: 21 first cheques, 18 in North America, 1 in UK & Ireland.
    Source
  16. 2023
    Underscore VC backed Cenoa at Seed
    New regionFirst deal in MEA. Before: 23 first cheques, 22 in North America, 1 in DACH.
    Source
  17. 2023
    Underscore VC backed Kard at Series A
    New regionFirst deal in Benelux & France. Before: 23 first cheques, 22 in North America, 1 in DACH.
  18. 2023
    Vertis Venture Capital backed Sibylla at Series A
    New regionFirst deal in Nordics. Before: 21 first cheques, 19 in Southern Europe, 2 in DACH.
  19. 2023
    Vida Ventures backed Asklepios BioPharmaceutical, Inc. (AskBio) at Series C+
    New regionFirst deal in Southern Europe. Before: 16 first cheques, 14 in North America, 1 in UK & Ireland.
  20. 2023
    Voima Ventures backed ALBA at Seed
    New regionFirst deal in Southern Europe. Before: 29 first cheques, 24 in Nordics, 2 in DACH.
  21. 2023
    Volition Capital backed Xenerate AB at Series A
    New regionFirst deal in Nordics. Before: 28 first cheques, 25 in North America, 1 in DACH.
  22. Dec 14, 2022
    British Patient Capital backed Pragmatic at Series C+
    New regionFirst deal in North America. Before: 15 first cheques, 13 in UK & Ireland, 1 in APAC.
    Source
  23. Dec 14, 2022
    Navitas Capital backed Oda at Seed
    New regionFirst deal in Nordics. Before: 19 first cheques, 17 in North America, 1 in UK & Ireland.
  24. Dec 6, 2022
    CV VC backed Leto at Seed
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 15 in DACH, 1 in North America.
  25. Dec 5, 2022
    Garage Capital backed Lancey at Seed
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 14 in North America, 2 in DACH.
    Source
  26. Dec 5, 2022
    Panache Ventures backed Lancey at Seed
    New regionFirst deal in Benelux & France. Before: 30 first cheques, 28 in North America, 1 in UK & Ireland.
    Source
  27. Dec 2022
    Anzu Partners backed Arduino at Series B
    New regionFirst deal in Southern Europe. Before: 27 first cheques, 25 in North America, 2 in APAC.
  28. Dec 2022
    Bonfire Ventures backed Operative Intelligence at Seed
    New regionFirst deal in MEA. Before: 44 first cheques, 38 in North America, 4 in Benelux & France.
  29. Dec 2022
    Inovia Capital backed commercebear at Seed
    New regionFirst deal in DACH. Before: 53 first cheques, 46 in North America, 4 in UK & Ireland.
    Source
  30. Dec 2022
    Inovia Capital backed vital at Series B
    New regionFirst deal in DACH. Before: 53 first cheques, 46 in North America, 4 in UK & Ireland.
  31. Dec 2022
    Resolute Ventures backed .lumen at Series C+
    New regionFirst deal in CEE. Before: 37 first cheques, 34 in North America, 2 in MEA.
  32. Nov 28, 2022
    Radical Ventures backed V7 at Series A
    New regionFirst deal in UK & Ireland. Before: 17 first cheques, 14 in North America, 2 in MEA.
    Source
  33. Nov 4, 2022
    Bling Capital backed Tagado at Seed
    New regionFirst deal in MEA. Before: 45 first cheques, 40 in North America, 2 in UK & Ireland.
  34. Nov 2022
    BOLD Capital Partners backed Bionaut Labs at Series B
    New regionFirst deal in Benelux & France. Before: 20 first cheques, 20 in North America.
    Source
  35. Nov 2022
    High-Tech Gründerfonds backed UrbanSolutions at Seed
    New regionFirst deal in APAC. Before: 301 first cheques, 256 in DACH, 19 in Benelux & France.
  36. Nov 2022
    Pontifax AgTech backed Agriconomie at Series B
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 13 in North America, 1 in UK & Ireland.
    Source
  37. Nov 2022
    Tesi backed VoltAero at Series B
    New regionFirst deal in Benelux & France. Before: 47 first cheques, 40 in Nordics, 3 in CEE.
    Source
  38. Oct 27, 2022
    TTV Capital backed Onward at Series A
    New regionFirst deal in APAC. Before: 27 first cheques, 22 in North America, 1 in UK & Ireland.
  39. Oct 10, 2022
    Chiratae Ventures backed Aritum at Seed
    New regionFirst deal in Southern Europe. Before: 45 first cheques, 37 in APAC, 7 in North America.
  40. Oct 2022
    Calculus Capital backed Oé at Series A
    New regionFirst deal in Benelux & France. Before: 26 first cheques, 23 in UK & Ireland, 3 in North America.