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. Jun 2022
    Industrifonden backed Telness at Series A
    New regionFirst deal in DACH. Before: 44 first cheques, 38 in Nordics, 3 in North America.
    Source
  2. Jun 2022
    Inovia Capital backed Flare
    New regionFirst deal in Nordics. Before: 51 first cheques, 45 in North America, 4 in UK & Ireland.
  3. Jun 2022
    Karista backed Kranus Health at Series A
    New regionFirst deal in DACH. Before: 35 first cheques, 34 in Benelux & France, 1 in North America.
    Source
  4. Jun 2022
    OCA Ventures backed Roq.ad at Series A
    New regionFirst deal in DACH. Before: 27 first cheques, 23 in North America, 3 in UK & Ireland.
    Source
  5. Jun 2022
    Pillar VC backed Jobset at Series B
    New regionFirst deal in DACH. Before: 15 first cheques, 13 in North America, 1 in UK & Ireland.
  6. Jun 2022
    SAIF Partners. backed AI Prime at Series A
    New regionFirst deal in DACH. Before: 33 first cheques, 29 in APAC, 3 in North America.
  7. Jun 2022
    Source Code Capital backed Hai Robotics at Series C+
    New regionFirst deal in DACH. Before: 22 first cheques, 19 in APAC, 1 in North America.
  8. May 25, 2022
    Info Edge backed WSO2 at Series C+
    New regionFirst deal in North America. Before: 20 first cheques, 17 in APAC, 1 in UK & Ireland.
    Source
  9. May 11, 2022
    YFM Equity Partners backed Elucidate at Series A
    New regionFirst deal in DACH. Before: 20 first cheques, 16 in UK & Ireland, 3 in North America.
  10. May 2022
    Companisto backed LIVY at Seed
    New regionFirst deal in Benelux & France. Before: 21 first cheques, 21 in DACH.
    Source
  11. May 2022
    JME Ventures backed Altan at Series A
    New regionFirst deal in North America. Before: 19 first cheques, 17 in Southern Europe, 2 in Benelux & France.
  12. May 2022
    Magma Partners backed Philippo at Pre-seed
    New regionFirst deal in APAC. Before: 29 first cheques, 25 in LATAM, 3 in North America.
    Source
  13. May 2022
    Panache Ventures backed Moves at Seed
    New regionFirst deal in UK & Ireland. Before: 26 first cheques, 25 in North America, 1 in MEA.
  14. Apr 28, 2022
    Ulu Ventures backed Prixz at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 20 first cheques, 12 in Software & Developer Tools, 5 in Finance & Blockchain.
    New regionFirst deal in LATAM. Before: 20 first cheques, 18 in North America, 1 in UK & Ireland.
    Source
  15. Apr 11, 2022
    Third Rock Ventures backed Ambys at Series A
    New regionFirst deal in LATAM. Before: 23 first cheques, 19 in North America, 3 in APAC.
  16. Apr 6, 2022
    Third Prime backed Wayleadr at Seed
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 12 in North America, 1 in Benelux & France.
    Source
  17. Apr 5, 2022
    Hack VC backed Boba at Series A
    New regionFirst deal in APAC. Before: 25 first cheques, 20 in North America, 2 in UK & Ireland.
  18. Apr 2022
    Anaxago backed Lincoln Electric System at Seed
    New regionFirst deal in North America. Before: 24 first cheques, 23 in Benelux & France, 1 in DACH.
  19. Apr 2022
    Floodgate backed Loris at Series A
    New regionFirst deal in MEA. Before: 28 first cheques, 23 in North America, 2 in UK & Ireland.
  20. Apr 2022
    MicroVentures backed Buddy at Seed
    New regionFirst deal in APAC. Before: 15 first cheques, 13 in North America, 1 in Southern Europe.
  21. Apr 2022
    OCA Ventures backed Buddy at Seed
    New regionFirst deal in APAC. Before: 25 first cheques, 23 in North America, 2 in UK & Ireland.
  22. Apr 2022
    Rockaway Ventures backed Spotawheel at Series B
    New regionFirst deal in Southern Europe. Before: 16 first cheques, 13 in CEE, 2 in DACH.
    Source
  23. Apr 2022
    Thoma Bravo backed NextGen at Series C+
    New regionFirst deal in APAC. Before: 22 first cheques, 18 in North America, 2 in UK & Ireland.
    Source
  24. Mar 30, 2022
    Entrepreneur Venture backed Collectors Club at Series C+
    New regionFirst deal in DACH. Before: 17 first cheques, 17 in Benelux & France.
  25. Mar 22, 2022
    Sabadell backed Livelink at Series A
    New regionFirst deal in APAC. Before: 20 first cheques, 18 in Southern Europe, 1 in Benelux & France.
    Source
  26. Mar 2022
    4Founders Capital backed Zerod at Seed
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 14 in Southern Europe, 1 in UK & Ireland.
  27. Mar 2022
    E14 backed Videm at Seed
    New regionFirst deal in DACH. Before: 22 first cheques, 19 in North America, 1 in UK & Ireland.
  28. Mar 2022
    Founder Collective backed Decipad at Seed
    New regionFirst deal in DACH. Before: 63 first cheques, 54 in North America, 3 in UK & Ireland.
  29. Mar 2022
    MetaProp backed Acasa at Seed
    New regionFirst deal in LATAM. Before: 42 first cheques, 35 in North America, 3 in APAC.
    Source
  30. Mar 2022
    Ring Capital backed BLOK at Seed
    New regionFirst deal in UK & Ireland. Before: 16 first cheques, 13 in Benelux & France, 2 in North America.
  31. Mar 2022
    Spectrum Equity backed Customer360 at Series A
    New regionFirst deal in APAC. Before: 34 first cheques, 29 in North America, 2 in DACH.
  32. Mar 2022
    Vista Equity Partners backed Flash at Series C+
    New regionFirst deal in APAC. Before: 47 first cheques, 40 in North America, 5 in UK & Ireland.
  33. Feb 28, 2022
    Hack VC backed BetDEX at Seed
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 17 in North America, 1 in Benelux & France.
    Source
  34. Feb 16, 2022
    PreSeed Ventures backed Yaak Technologies at Series A
    New regionFirst deal in DACH. Before: 15 first cheques, 12 in Nordics, 1 in North America.
  35. Feb 4, 2022
    Lighthouse Ventures backed Workee at Pre-seed
    New regionFirst deal in Nordics. Before: 35 first cheques, 29 in CEE, 2 in DACH.
    Source
  36. Feb 2022
    24 Haymarket backed Kelda at Pre-seed
    New regionFirst deal in Nordics. Before: 31 first cheques, 25 in UK & Ireland, 2 in North America.
    Source
  37. Feb 2022
    Chicago Ventures backed Entegrata at Seed
    New regionFirst deal in UK & Ireland. Before: 40 first cheques, 34 in North America, 2 in APAC.
  38. Feb 2022
    Daphni backed Starton at Seed
    New regionFirst deal in Southern Europe. Before: 30 first cheques, 24 in Benelux & France, 3 in North America.
    Source
  39. Feb 2022
    Presto Ventures backed Intiaro at Seed
    New regionFirst deal in North America. Before: 17 first cheques, 14 in CEE, 1 in DACH.
  40. Feb 2022
    Upfront Ventures backed Endgame at Series B
    New regionFirst deal in DACH. Before: 46 first cheques, 39 in North America, 3 in UK & Ireland.