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.

  1. Mar 2025
    New regionFirst deal in LATAM. Before: 21 first cheques, 19 in Southern Europe, 1 in UK & Ireland.
    Source
  2. Mar 2025
    Target Partners backed TIS at Series B
    New regionFirst deal in APAC. Before: 17 first cheques, 15 in DACH, 2 in North America.
  3. Feb 26, 2025
    New regionFirst deal in Nordics. Before: 155 first cheques, 131 in North America, 8 in UK & Ireland.
  4. Feb 2025
    New regionFirst deal in DACH. Before: 31 first cheques, 27 in North America, 2 in UK & Ireland.
  5. Feb 2025
    New regionFirst deal in DACH. Before: 39 first cheques, 35 in North America, 1 in UK & Ireland.
  6. Feb 2025
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 13 in North America, 2 in MEA.
  7. Feb 2025
    New regionFirst deal in DACH. Before: 55 first cheques, 50 in North America, 2 in UK & Ireland.
  8. Feb 2025
    SFC Capital backed Gröna Lund at Seed
    New regionFirst deal in Nordics. Before: 376 first cheques, 346 in UK & Ireland, 12 in North America.
  9. Jan 28, 2025
    New regionFirst deal in UK & Ireland. Before: 27 first cheques, 22 in Nordics, 1 in North America.
    Source
  10. Jan 23, 2025
    ABAC Nest Ventures backed Xnova at Pre-seed
    New regionFirst deal in MEA. Before: 16 first cheques, 13 in Southern Europe, 1 in North America.
    Source
  11. Jan 2, 2025
    New regionFirst deal in LATAM. Before: 34 first cheques, 30 in APAC, 2 in North America.
    Source
  12. 2025
    4DX Ventures backed Zoie at Series B
    New regionFirst deal in APAC. Before: 27 first cheques, 22 in MEA, 2 in Benelux & France.
  13. 2025
    50partners backed Ewake at Pre-seed
    New regionFirst deal in APAC. Before: 57 first cheques, 55 in Benelux & France, 1 in UK & Ireland.
    Source
  14. 2025
    Agent Capital backed One Health at Series A
    New regionFirst deal in MEA. Before: 22 first cheques, 18 in North America, 2 in Benelux & France.
  15. 2025
    Angels Den backed AAZZUR at Seed
    New regionFirst deal in DACH. Before: 17 first cheques, 14 in UK & Ireland, 2 in Southern Europe.
  16. 2025
    Ankur Capital backed Offgrid.Finance at Series A
    New regionFirst deal in UK & Ireland. Before: 26 first cheques, 23 in APAC, 2 in North America.
  17. 2025
    New regionFirst deal in Southern Europe. Before: 26 first cheques, 23 in APAC, 2 in North America.
  18. 2025
    Arboretum Ventures backed Francis at Series C+
    New regionFirst deal in Nordics. Before: 32 first cheques, 29 in North America, 1 in Benelux & France.
  19. 2025
    New regionFirst deal in Nordics. Before: 56 first cheques, 45 in North America, 4 in Benelux & France.
  20. 2025
    BDC Capital backed Pickit at Series A
    New regionFirst deal in Nordics. Before: 79 first cheques, 64 in North America, 6 in UK & Ireland.
  21. 2025
    BDC Capital backed JCK at Seed
    New regionFirst deal in Benelux & France. Before: 79 first cheques, 64 in North America, 6 in UK & Ireland.
  22. 2025
    BDC Capital backed Puzzlr at Series A
    New regionFirst deal in Nordics. Before: 79 first cheques, 64 in North America, 6 in UK & Ireland.
  23. 2025
    BDC Capital backed 4ag at Series B
    New regionFirst deal in Benelux & France. Before: 79 first cheques, 64 in North America, 6 in UK & Ireland.
    Source
  24. 2025
    BioImpact Capital backed Protegor at Series B
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 12 in North America, 2 in UK & Ireland.
  25. 2025
    Blackfinch backed Spaceflux at Seed
    New regionFirst deal in APAC. Before: 31 first cheques, 27 in UK & Ireland, 2 in North America.
  26. 2025
    Bloomberg Beta backed Sabant at Series A
    New regionFirst deal in CEE. Before: 42 first cheques, 34 in North America, 4 in Benelux & France.
  27. 2025
    New regionFirst deal in CEE. Before: 42 first cheques, 34 in North America, 4 in Benelux & France.
  28. 2025
    Builders VC backed Premier Digital at Series A
    New regionFirst deal in DACH. Before: 24 first cheques, 21 in North America, 2 in UK & Ireland.
  29. 2025
    New regionFirst deal in Nordics. Before: 217 first cheques, 204 in DACH, 5 in North America.
  30. 2025
    Caffeinated Capital backed GravitHy at Series A
    New regionFirst deal in DACH. Before: 30 first cheques, 28 in North America, 1 in APAC.
  31. 2025
    Caffeinated Capital backed Unified at Series C+
    New regionFirst deal in Benelux & France. Before: 30 first cheques, 28 in North America, 1 in APAC.
  32. 2025
    New regionFirst deal in Benelux & France. Before: 30 first cheques, 28 in North America, 1 in APAC.
  33. 2025
    CDTI backed Azae at Seed
    New regionFirst deal in Benelux & France. Before: 33 first cheques, 31 in Southern Europe, 1 in DACH.
  34. 2025
    New regionFirst deal in DACH. Before: 16 first cheques, 13 in North America, 1 in UK & Ireland.
  35. 2025
    Cervin Ventures backed Datumprikker at Series A
    New regionFirst deal in Benelux & France. Before: 43 first cheques, 36 in North America, 3 in UK & Ireland.
  36. 2025
    Cervin Ventures backed Dedem at Series C+
    New regionFirst deal in Southern Europe. Before: 43 first cheques, 36 in North America, 3 in UK & Ireland.
  37. 2025
    Chalmers Ventures backed MELT-Ing GmbH at Series A
    New regionFirst deal in DACH. Before: 46 first cheques, 39 in Nordics, 6 in North America.
  38. 2025
    Chalmers Ventures backed MeLoot at Series A
    New regionFirst deal in Benelux & France. Before: 46 first cheques, 39 in Nordics, 6 in North America.
  39. 2025
    Chalmers Ventures backed MELT Group at Series A
    New regionFirst deal in Benelux & France. Before: 46 first cheques, 39 in Nordics, 6 in North America.
  40. 2025
    New regionFirst deal in LATAM. Before: 67 first cheques, 55 in APAC, 9 in North America.