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. 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
  2. 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
  3. Mar 30, 2022
    Entrepreneur Venture backed Collectors Club at Series C+
    New regionFirst deal in DACH. Before: 17 first cheques, 17 in Benelux & France.
  4. 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
  5. 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.
  6. Mar 2022
    E14 backed Videm at Seed
    New regionFirst deal in DACH. Before: 22 first cheques, 19 in North America, 1 in UK & Ireland.
  7. 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.
  8. Mar 2022
    MetaProp backed Acasa at Seed
    New regionFirst deal in LATAM. Before: 42 first cheques, 35 in North America, 3 in APAC.
    Source
  9. 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.
  10. 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.
  11. 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.
  12. 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
  13. 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.
  14. 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
  15. 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
  16. 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.
  17. 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
  18. Feb 2022
    Presto Ventures backed Intiaro at Seed
    New regionFirst deal in North America. Before: 17 first cheques, 14 in CEE, 1 in DACH.
  19. 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.
  20. Feb 2022
    Vista Equity Partners backed Stämm Biotech at Series A
    New regionFirst deal in LATAM. Before: 46 first cheques, 40 in North America, 5 in UK & Ireland.
    Source
  21. Jan 20, 2022
    Deepbridge Capital backed Aegiq at Seed
    New regionFirst deal in DACH. Before: 31 first cheques, 29 in UK & Ireland, 1 in Southern Europe.
    Source
  22. Jan 18, 2022
    Volition Capital backed Bennie at Series B
    New regionFirst deal in Benelux & France. Before: 27 first cheques, 25 in North America, 1 in DACH.
  23. 2022
    24 Haymarket backed Smartia at Pre-seed
    New regionFirst deal in LATAM. Before: 29 first cheques, 24 in UK & Ireland, 2 in North America.
  24. 2022
    .406 Ventures backed Nomad at Series C+
    New sectorFirst Finance & Blockchain cheque. Before: 41 first cheques, 20 in Software & Developer Tools, 13 in Healthcare & Life Sciences.
    New regionFirst deal in LATAM. Before: 40 first cheques, 34 in North America, 3 in UK & Ireland.
  25. 2022
    50partners backed Lixo at Seed
    New regionFirst deal in DACH. Before: 29 first cheques, 28 in Benelux & France, 1 in UK & Ireland.
  26. 2022
    Accomplice Ventures backed Flume at Series A
    New regionFirst deal in DACH. Before: 37 first cheques, 31 in North America, 4 in UK & Ireland.
    Source
  27. 2022
    Astella Investimentos backed Birdi at Series A
    New regionFirst deal in APAC. Before: 18 first cheques, 18 in LATAM.
  28. 2022
    Astella Investimentos backed Birdie at Series A
    New regionFirst deal in UK & Ireland. Before: 18 first cheques, 18 in LATAM.
  29. 2022
    Baird Capital backed Upfront Digital Media at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 32 first cheques, 16 in Healthcare & Life Sciences, 10 in Software & Developer Tools.
    New regionFirst deal in CEE. Before: 29 first cheques, 24 in North America, 2 in UK & Ireland.
  30. 2022
    Baird Capital backed HSP Group at Series B
    New regionFirst deal in MEA. Before: 29 first cheques, 24 in North America, 2 in UK & Ireland.
    Source
  31. 2022
    BDC Capital backed Talent Class at Series B
    New regionFirst deal in Southern Europe. Before: 50 first cheques, 46 in North America, 2 in APAC.
  32. 2022
    BDC Capital backed neo2 at Series C+
    New regionFirst deal in DACH. Before: 50 first cheques, 46 in North America, 2 in APAC.
  33. 2022
    BDC Capital backed Quanteq at Seed
    New regionFirst deal in DACH. Before: 50 first cheques, 46 in North America, 2 in APAC.
  34. 2022
    BeeNext backed SOSav at Seed
    New regionFirst deal in Benelux & France. Before: 33 first cheques, 30 in APAC, 3 in UK & Ireland.
  35. 2022
    BeeNext backed Trueplatform at Seed
    New regionFirst deal in North America. Before: 33 first cheques, 30 in APAC, 3 in UK & Ireland.
  36. 2022
    BeeNext backed PriceOye Technologies at Seed
    New regionFirst deal in North America. Before: 33 first cheques, 30 in APAC, 3 in UK & Ireland.
  37. 2022
    Bloomberg Beta backed Black Crows at Series A
    New regionFirst deal in DACH. Before: 27 first cheques, 22 in North America, 3 in Benelux & France.
  38. 2022
    BOM Brabant Ventures backed VitalFluid at Seed
    New regionFirst deal in APAC. Before: 49 first cheques, 45 in Benelux & France, 2 in DACH.
    Source
  39. 2022
    Bonfire Ventures backed Bransch at Series C+
    New regionFirst deal in DACH. Before: 37 first cheques, 33 in North America, 3 in Benelux & France.
  40. 2022
    Business angels from the SICTIC network backed Orama at Seed
    New regionFirst deal in UK & Ireland. Before: 82 first cheques, 78 in DACH, 2 in North America.