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. 2026
    Angels Capital backed solved.ac at Series A
    New regionFirst deal in APAC. Before: 19 first cheques, 17 in Southern Europe, 1 in MEA.
  2. 2026
    AQC Capital backed Pricer at Seed
    New regionFirst deal in CEE. Before: 32 first cheques, 28 in North America, 3 in DACH.
  3. 2026
    New regionFirst deal in APAC. Before: 38 first cheques, 34 in North America, 1 in Benelux & France.
  4. 2026
    Arrowmark Partners backed Pharma Latch at Series C+
    New regionFirst deal in UK & Ireland. Before: 18 first cheques, 17 in North America, 1 in MEA.
  5. 2026
    Artis Capital Management backed H4D at Series B
    New regionFirst deal in Benelux & France. Before: 40 first cheques, 32 in North America, 4 in UK & Ireland.
  6. 2026
    New regionFirst deal in APAC. Before: 40 first cheques, 32 in North America, 4 in UK & Ireland.
  7. 2026
    New regionFirst deal in Nordics. Before: 15 first cheques, 14 in Benelux & France, 1 in DACH.
  8. 2026
    Bandon Partners backed ATG at Pre-seed
    New regionFirst deal in UK & Ireland. Before: 19 first cheques, 18 in North America, 1 in Nordics.
  9. 2026
    New regionFirst deal in APAC. Before: 18 first cheques, 17 in DACH, 1 in Benelux & France.
  10. 2026
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 15 in DACH, 1 in UK & Ireland.
    Source
  11. 2026
    Boston Seed Capital backed Founders at Series C+
    New regionFirst deal in DACH. Before: 17 first cheques, 16 in North America, 1 in UK & Ireland.
  12. 2026
    New regionFirst deal in DACH. Before: 17 first cheques, 16 in UK & Ireland, 1 in MEA.
  13. 2026
    Better Ventures backed Brainjo at Seed
    New regionFirst deal in APAC. Before: 17 first cheques, 16 in DACH, 1 in North America.
    Source
  14. 2026
    New regionFirst deal in North America. Before: 29 first cheques, 25 in Nordics, 3 in CEE.
    Source
  15. 2026
    Caffeinated Capital backed Nevion at Series A
    New regionFirst deal in Nordics. Before: 42 first cheques, 36 in North America, 3 in Benelux & France.
  16. 2026
    Calibrate Ventures backed Nflux at Seed
    New regionFirst deal in LATAM. Before: 17 first cheques, 14 in North America, 1 in UK & Ireland.
  17. 2026
    New regionFirst deal in Southern Europe. Before: 51 first cheques, 41 in UK & Ireland, 6 in North America.
  18. 2026
    Canary backed Telepatia AI at Series A
    New regionFirst deal in MEA. Before: 56 first cheques, 46 in LATAM, 6 in North America.
    Source
  19. 2026
    New regionFirst deal in APAC. Before: 17 first cheques, 17 in North America.
  20. 2026
    New regionFirst deal in MEA. Before: 27 first cheques, 25 in North America, 2 in Benelux & France.
  21. 2026
    New regionFirst deal in Southern Europe. Before: 42 first cheques, 36 in North America, 2 in DACH.
  22. 2026
    Congruent Ventures backed Zenos at Series A
    New regionFirst deal in CEE. Before: 42 first cheques, 36 in North America, 2 in DACH.
  23. 2026
    Euclidean Capital backed nura at Series C+
    New regionFirst deal in APAC. Before: 18 first cheques, 15 in North America, 2 in UK & Ireland.
    Source
  24. 2026
    FINTOP Capital backed Deale at Seed
    New sectorFirst Commerce & Marketing cheque. Before: 34 first cheques, 22 in Finance & Blockchain, 10 in Software & Developer Tools.
    New regionFirst deal in Southern Europe. Before: 33 first cheques, 27 in North America, 4 in UK & Ireland.
  25. 2026
    New regionFirst deal in CEE. Before: 24 first cheques, 21 in APAC, 3 in North America.
  26. 2026
    Flare backed Upside Capital Ltd at Series A
    New regionFirst deal in UK & Ireland. Before: 25 first cheques, 20 in North America, 3 in Benelux & France.
  27. 2026
    Flare backed Current Health at Series C+
    New regionFirst deal in UK & Ireland. Before: 25 first cheques, 20 in North America, 3 in Benelux & France.
  28. 2026
    Flare backed Logical Safety at Seed
    New regionFirst deal in Southern Europe. Before: 25 first cheques, 20 in North America, 3 in Benelux & France.
  29. 2026
    Flare backed Upsider at Series A
    New regionFirst deal in APAC. Before: 25 first cheques, 20 in North America, 3 in Benelux & France.
  30. 2026
    Cressey Ventures backed Current Health at Series C+
    New regionFirst deal in UK & Ireland. Before: 18 first cheques, 15 in North America, 1 in APAC.
  31. 2026
    Cressey Ventures backed Quality Match at Pre-seed
    New regionFirst deal in DACH. Before: 18 first cheques, 15 in North America, 1 in APAC.
  32. 2026
    New regionFirst deal in DACH. Before: 22 first cheques, 20 in Benelux & France, 2 in North America.
  33. 2026
    New sectorFirst Industry & Hardware cheque. Before: 24 first cheques, 18 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
    New regionFirst deal in Benelux & France. Before: 24 first cheques, 23 in UK & Ireland, 1 in North America.
  34. 2026
    ISAI backed Procure AI at Series A
    New regionFirst deal in MEA. Before: 117 first cheques, 95 in Benelux & France, 12 in North America.
  35. 2026
    iSelect backed MIRATERRA at Series A
    New regionFirst deal in DACH. Before: 18 first cheques, 15 in North America, 2 in Benelux & France.
    Source
  36. 2026
    Jungle Ventures backed Exit Plan Games at Series A
    New regionFirst deal in CEE. Before: 61 first cheques, 50 in APAC, 6 in North America.
  37. 2026
    Lanai Partners backed Temos at Series B
    New regionFirst deal in LATAM. Before: 17 first cheques, 15 in Southern Europe, 1 in North America.
  38. 2026
    Lanai Partners backed Clipso at Seed
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 15 in Southern Europe, 1 in North America.
    Source
  39. 2026
    Leaders Fund backed trace 21 at Series A
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 13 in North America, 1 in DACH.
  40. 2026
    LetsVenture backed B LIVE at Series A
    New regionFirst deal in DACH. Before: 44 first cheques, 38 in APAC, 2 in North America.