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 2022
    Congruent Ventures backed Planet FWD at Series A
    New regionFirst deal in Benelux & France. Before: 18 first cheques, 17 in North America, 1 in DACH.
    Source
  2. Oct 2022
    Equity Gap backed Oé at Series A
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 16 in UK & Ireland, 1 in North America.
  3. Oct 2022
    Gaingels backed Vermut at Seed
    New regionFirst deal in Southern Europe. Before: 120 first cheques, 97 in North America, 8 in APAC.
    Source
  4. Oct 2022
    NextGen Venture Partners backed Utrechts Moveshelf at Seed
    New regionFirst deal in Benelux & France. Before: 25 first cheques, 20 in North America, 3 in APAC.
  5. Oct 2022
    Voima Ventures backed thtRobotics at Pre-seed
    New regionFirst deal in North America. Before: 27 first cheques, 23 in Nordics, 2 in DACH.
  6. Sep 29, 2022
    Remarkable Ventures backed Tongo at Seed
    New regionFirst deal in MEA. Before: 21 first cheques, 19 in North America, 1 in DACH.
    Source
  7. Sep 28, 2022
    Business angels from the SICTIC network backed Taskbase at Pre-seed
    New regionFirst deal in MEA. Before: 120 first cheques, 114 in DACH, 3 in North America.
    Source
  8. Sep 20, 2022
    APX backed NeuralSpace at Seed
    New regionFirst deal in UK & Ireland. Before: 18 first cheques, 16 in DACH, 1 in APAC.
    Source
  9. Sep 7, 2022
    NewView Capital backed ClearMotion at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 7 in Software & Developer Tools, 5 in Finance & Blockchain.
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 13 in North America, 2 in APAC.
    Source
  10. Sep 2022
    Blackhorn Ventures backed Modulous at Series A
    New regionFirst deal in UK & Ireland. Before: 25 first cheques, 21 in North America, 2 in LATAM.
    Source
  11. Sep 2022
    Clearlake Capital Group backed AMCS
    New regionFirst deal in UK & Ireland. Before: 26 first cheques, 24 in North America, 1 in APAC.
  12. Sep 2022
    Founder Collective backed Pagaleve at Series A
    New regionFirst deal in LATAM. Before: 68 first cheques, 56 in North America, 4 in UK & Ireland.
    Source
  13. Sep 2022
    Gresham House Ventures backed Focalpoint Gps at Series C+
    New regionFirst deal in North America. Before: 20 first cheques, 19 in UK & Ireland, 1 in CEE.
  14. Aug 9, 2022
    Austin Ventures backed Agere at Seed
    New regionFirst deal in CEE. Before: 20 first cheques, 20 in North America.
  15. Aug 2022
    Advisors Fund backed dr.consulta at Series C+
    New regionFirst deal in LATAM. Before: 25 first cheques, 20 in North America, 2 in MEA.
  16. Aug 2022
    Georgian backed Savana at Series A
    New regionFirst deal in Southern Europe. Before: 36 first cheques, 30 in North America, 2 in UK & Ireland.
  17. Aug 2022
    Italian Angels backed Deliveristo at Series B
    New regionFirst deal in DACH. Before: 27 first cheques, 23 in Southern Europe, 2 in UK & Ireland.
    Source
  18. Aug 2022
    MaC Venture Capital backed MEDU Protection at Seed
    New regionFirst deal in LATAM. Before: 64 first cheques, 54 in North America, 3 in DACH.
    Source
  19. Aug 2022
    Rethink Capital Partners backed Roleshare at Seed
    New sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 14 in North America, 1 in LATAM.
    Source
  20. Aug 2022
    Sequoia Capital China backed Dianxiaomi at Series C+
    New regionFirst deal in UK & Ireland. Before: 62 first cheques, 53 in APAC, 6 in North America.
    Source
  21. Jul 11, 2022
    Sabadell Venture Capital backed Caravelo at Series A
    New regionFirst deal in UK & Ireland. Before: 16 first cheques, 15 in Southern Europe, 1 in Benelux & France.
    Source
  22. Jul 4, 2022
    FINTOP Capital backed Xelix at Series A
    New regionFirst deal in UK & Ireland. Before: 17 first cheques, 16 in North America, 1 in MEA.
    Source
  23. Jul 2022
    bmp Ventures backed Imero at Pre-seed
    New regionFirst deal in Benelux & France. Before: 33 first cheques, 31 in DACH, 2 in North America.
  24. Jul 2022
    Breakthrough Energy Ventures-Europe backed H2SITE at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 17 first cheques, 15 in Energy, Environment & Mobility, 1 in Industry & Hardware.
    New regionFirst deal in Southern Europe. Before: 17 first cheques, 15 in North America, 1 in UK & Ireland.
    Source
  25. Jul 2022
    Navitas Capital backed Morgen at Pre-seed
    New regionFirst deal in DACH. Before: 18 first cheques, 17 in North America, 1 in UK & Ireland.
  26. Jul 2022
    Next Play Ventures backed Kitopi at Series C+
    New regionFirst deal in MEA. Before: 22 first cheques, 19 in North America, 2 in UK & Ireland.
    Source
  27. Jul 2022
    Scout Ventures backed Arrenda at Pre-seed
    New regionFirst deal in LATAM. Before: 18 first cheques, 15 in North America, 2 in APAC.
    Source
  28. Jun 30, 2022
    Luminar Ventures backed Vibrant works at Seed
    New regionFirst deal in DACH. Before: 19 first cheques, 18 in Nordics, 1 in North America.
  29. Jun 22, 2022
    Silversmith Capital Partners backed Gearset at Series C+
    New regionFirst deal in UK & Ireland. Before: 23 first cheques, 19 in North America, 2 in DACH.
    Source
  30. Jun 17, 2022
    IDG Capital backed Crema at Seed
    New regionFirst deal in LATAM. Before: 53 first cheques, 43 in APAC, 5 in North America.
  31. Jun 13, 2022
    MicroVentures backed just at Series A
    New regionFirst deal in DACH. Before: 16 first cheques, 13 in North America, 1 in APAC.
  32. Jun 9, 2022
    100X.VC backed Redbasil at Seed
    New regionFirst deal in MEA. Before: 17 first cheques, 14 in APAC, 2 in North America.
    Source
  33. Jun 2022
    Athyrium backed uMotif at Series B
    New regionFirst deal in UK & Ireland. Before: 17 first cheques, 16 in North America, 1 in Benelux & France.
    Source
  34. Jun 2022
    BOM Brabant Ventures backed Relement at Seed
    New regionFirst deal in LATAM. Before: 56 first cheques, 50 in Benelux & France, 2 in DACH.
    Source
  35. Jun 2022
    Canvas Ventures backed Anyone AI at Pre-seed
    New regionFirst deal in LATAM. Before: 25 first cheques, 22 in North America, 1 in UK & Ireland.
    Source
  36. Jun 2022
    EMV Capital backed QuantalX Neuroscience at Seed
    New regionFirst deal in North America. Before: 17 first cheques, 15 in UK & Ireland, 1 in DACH.
  37. Jun 2022
    Faraday Venture Partners backed Axomove at Seed
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 14 in Southern Europe, 1 in North America.
    Source
  38. Jun 2022
    Fika Ventures backed AKKO at Series A
    New regionFirst deal in APAC. Before: 16 first cheques, 13 in North America, 1 in DACH.
  39. Jun 2022
    Foundry Group backed The Regard Partnership at Series A
    New regionFirst deal in UK & Ireland. Before: 44 first cheques, 39 in North America, 2 in APAC.
  40. Jun 2022
    Georgian backed Trinsic at Seed
    New regionFirst deal in Benelux & France. Before: 34 first cheques, 30 in North America, 2 in DACH.
    Source