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. Dec 2, 2021
    Presto Ventures backed Pibox at Pre-seed
    New regionFirst deal in Southern Europe. Before: 15 first cheques, 14 in CEE, 1 in MEA.
    Source
  2. Dec 2021
    ForgePoint Capital backed Ermetic at Series B
    New regionFirst deal in MEA. Before: 19 first cheques, 16 in North America, 2 in DACH.
  3. Dec 2021
    GreatPoint Ventures backed Anagram at Series A
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 12 in North America, 3 in MEA.
  4. Dec 2021
    G Squared backed JOKR at Series B
    New regionFirst deal in UK & Ireland. Before: 35 first cheques, 28 in North America, 4 in DACH.
    Source
  5. Dec 2021
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 12 in North America, 3 in UK & Ireland.
    Source
  6. Dec 2021
    New regionFirst deal in CEE. Before: 41 first cheques, 36 in Nordics, 3 in North America.
  7. Dec 2021
    New regionFirst deal in Nordics. Before: 20 first cheques, 16 in MEA, 1 in North America.
  8. Dec 2021
    Mucker Capital backed Papaya Pay at Series B
    New regionFirst deal in DACH. Before: 45 first cheques, 40 in North America, 3 in LATAM.
  9. Dec 2021
    Samos Investments backed Flair at Seed
    New regionFirst deal in LATAM. Before: 18 first cheques, 16 in UK & Ireland, 1 in North America.
    Source
  10. Dec 2021
    New regionFirst deal in UK & Ireland. Before: 21 first cheques, 17 in LATAM, 3 in North America.
    Source
  11. Dec 2021
    Thoma Bravo backed Figurement at Series C+
    New regionFirst deal in CEE. Before: 18 first cheques, 16 in North America, 2 in UK & Ireland.
  12. Dec 2021
    Uncork Capital backed Goodtrust at Seed
    New regionFirst deal in UK & Ireland. Before: 30 first cheques, 25 in North America, 2 in Benelux & France.
  13. Dec 2021
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 17 in North America, 2 in APAC.
    Source
  14. Dec 2021
    Wamda Capital backed Taptap Send at Series B
    New regionFirst deal in North America. Before: 25 first cheques, 21 in MEA, 2 in APAC.
    Source
  15. Nov 23, 2021
    Civilization Ventures backed Klivo at Series A
    New regionFirst deal in LATAM. Before: 19 first cheques, 16 in North America, 2 in UK & Ireland.
  16. Nov 23, 2021
    TAU Ventures backed Klivo at Series A
    New regionFirst deal in LATAM. Before: 18 first cheques, 15 in North America, 2 in DACH.
  17. Nov 19, 2021
    Leonard Green & Partners backed FLAG at Series C+
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 15 in North America.
  18. Nov 17, 2021
    2AM Ventures backed SalaryBox at Seed
    New regionFirst deal in APAC. Before: 21 first cheques, 17 in North America, 1 in UK & Ireland.
    Source
  19. Nov 17, 2021
    Info Edge backed HyperSpace at Seed
    New regionFirst deal in MEA. Before: 17 first cheques, 15 in APAC, 1 in UK & Ireland.
  20. Nov 14, 2021
    LVenture Group backed Emotiva at Seed
    New regionFirst deal in North America. Before: 25 first cheques, 21 in Southern Europe, 3 in DACH.
    Source
  21. Nov 2021
    Blume Ventures backed Motatos at Series B
    New regionFirst deal in Nordics. Before: 19 first cheques, 18 in APAC, 1 in North America.
    Source
  22. Nov 2021
    New regionFirst deal in North America. Before: 46 first cheques, 43 in Benelux & France, 2 in DACH.
  23. Nov 2021
    Canary backed Doji at Seed
    New regionFirst deal in UK & Ireland. Before: 28 first cheques, 27 in LATAM, 1 in North America.
    Source
  24. Nov 2021
    Capnamic Ventures backed Ocell at Pre-seed
    New regionFirst deal in Nordics. Before: 49 first cheques, 41 in DACH, 4 in UK & Ireland.
  25. Nov 2021
    JMI Equity backed Practice Ignition at Series C+
    New regionFirst deal in APAC. Before: 39 first cheques, 35 in North America, 2 in UK & Ireland.
    Source
  26. Nov 2021
    Karista backed BabySafe at Pre-seed
    New regionFirst deal in North America. Before: 29 first cheques, 29 in Benelux & France.
  27. Nov 2021
    New regionFirst deal in UK & Ireland. Before: 31 first cheques, 26 in CEE, 2 in DACH.
  28. Nov 2021
    Norte Ventures backed Doji at Seed
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 14 in LATAM, 1 in North America.
    Source
  29. Nov 2021
    Oak HC/FT. backed Aplazo at Series A
    New regionFirst deal in LATAM. Before: 45 first cheques, 37 in North America, 2 in UK & Ireland.
    Source
  30. Nov 2021
    Serena Capital backed Neon Labs at Seed
    New regionFirst deal in UK & Ireland. Before: 55 first cheques, 48 in Benelux & France, 3 in North America.
  31. Nov 2021
    Tesi backed Magsort Oy at Series A
    New regionFirst deal in CEE. Before: 32 first cheques, 28 in Nordics, 1 in North America.
  32. Oct 26, 2021
    Redpoint eventures backed Pipefy at Series C+
    New regionFirst deal in North America. Before: 23 first cheques, 22 in LATAM, 1 in Benelux & France.
    Source
  33. Oct 22, 2021
    TTV Capital backed Ando at Seed
    New regionFirst deal in Benelux & France. Before: 18 first cheques, 15 in North America, 1 in UK & Ireland.
  34. Oct 11, 2021
    PMV backed Dripl at Pre-seed
    New regionFirst deal in North America. Before: 24 first cheques, 21 in Benelux & France, 2 in Nordics.
    Source
  35. Oct 11, 2021
    Real Ventures backed YData at Seed
    New regionFirst deal in Southern Europe. Before: 43 first cheques, 39 in North America, 2 in UK & Ireland.
    Source
  36. Oct 5, 2021
    Madrona Venture Group backed Esper at Series C+
    New regionFirst deal in APAC. Before: 39 first cheques, 35 in North America, 2 in UK & Ireland.
    Source
  37. Oct 5, 2021
    Side Capital Partners backed Klara at Pre-seed
    New regionFirst deal in North America. Before: 24 first cheques, 24 in Benelux & France.
    Source
  38. Oct 2021
    New sectorFirst Artificial Intelligence & Data cheque. Before: 38 first cheques, 19 in Software & Developer Tools, 12 in Healthcare & Life Sciences.
    New regionFirst deal in Benelux & France. Before: 37 first cheques, 32 in North America, 3 in UK & Ireland.
  39. Oct 2021
    Atlantic Labs backed vagon at Seed
    New regionFirst deal in MEA. Before: 37 first cheques, 31 in DACH, 3 in Benelux & France.
  40. Oct 2021
    East Ventures backed Qapita at Series A
    New regionFirst deal in UK & Ireland. Before: 21 first cheques, 17 in APAC, 2 in Benelux & France.
    Source