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. Oct 2021
    Learn Capital backed Techmint at Series B
    New regionFirst deal in APAC. Before: 20 first cheques, 18 in North America, 2 in MEA.
  2. Oct 2021
    Monashees backed Inventa at Series B
    New regionFirst deal in Southern Europe. Before: 56 first cheques, 50 in LATAM, 2 in North America.
    Source
  3. Oct 2021
    Ridge Ventures backed Volocopter at Series C+
    New regionFirst deal in DACH. Before: 17 first cheques, 15 in North America, 1 in Benelux & France.
    Source
  4. Oct 2021
    TAU Ventures backed Futora at Seed
    New regionFirst deal in MEA. Before: 17 first cheques, 15 in North America, 2 in DACH.
    Source
  5. Oct 2021
    New regionFirst deal in DACH. Before: 16 first cheques, 14 in North America, 1 in UK & Ireland.
    Source
  6. Sep 28, 2021
    Trinity Ventures backed Arize at Series A
    New regionFirst deal in UK & Ireland. Before: 52 first cheques, 46 in North America, 2 in DACH.
    Source
  7. Sep 21, 2021
    New regionFirst deal in DACH. Before: 15 first cheques, 13 in North America, 1 in UK & Ireland.
  8. Sep 21, 2021
    Sorenson Ventures backed Cloudsmith at Series A
    New regionFirst deal in UK & Ireland. Before: 28 first cheques, 24 in North America, 1 in DACH.
    Source
  9. Sep 17, 2021
    YFM Equity Partners backed Antser at Series A
    New regionFirst deal in APAC. Before: 15 first cheques, 13 in UK & Ireland, 2 in North America.
  10. Sep 2021
    Alven backed Angle Labs at Seed
    New regionFirst deal in UK & Ireland. Before: 50 first cheques, 41 in Benelux & France, 4 in DACH.
  11. Sep 2021
    DCVC backed Micreos at Series C+
    New regionFirst deal in Benelux & France. Before: 93 first cheques, 76 in North America, 7 in UK & Ireland.
  12. Sep 2021
    New regionFirst deal in DACH. Before: 28 first cheques, 25 in CEE, 1 in North America.
    Source
  13. Sep 2021
    New regionFirst deal in North America. Before: 18 first cheques, 15 in MEA, 1 in UK & Ireland.
    Source
  14. Sep 2021
    NexTech Invest backed Hexagon Bio at Series B
    New regionFirst deal in UK & Ireland. Before: 33 first cheques, 30 in North America, 2 in MEA.
    Source
  15. Sep 2021
    Next View Ventures backed Carrot at Seed
    New regionFirst deal in LATAM. Before: 21 first cheques, 17 in North America, 2 in DACH.
  16. Sep 2021
    RiverPark Ventures backed Carrot at Seed
    New regionFirst deal in LATAM. Before: 40 first cheques, 32 in North America, 4 in Benelux & France.
  17. Sep 2021
    Threshold Ventures backed vital at Series A
    New regionFirst deal in DACH. Before: 15 first cheques, 13 in North America, 2 in Benelux & France.
  18. Sep 2021
    Valor Equity Partners backed Pangaia at Series B
    New regionFirst deal in UK & Ireland. Before: 38 first cheques, 33 in North America, 4 in Benelux & France.
    Source
  19. Sep 2021
    New regionFirst deal in DACH. Before: 15 first cheques, 14 in Nordics, 1 in Benelux & France.
    Source
  20. Aug 19, 2021
    Almi Invest backed Strivr at Series B
    New regionFirst deal in North America. Before: 57 first cheques, 51 in Nordics, 3 in DACH.
    Source
  21. Aug 19, 2021
    Cota Capital backed Webiny at Seed
    New regionFirst deal in UK & Ireland. Before: 32 first cheques, 29 in North America, 1 in DACH.
    Source
  22. Aug 2021
    New regionFirst deal in DACH. Before: 42 first cheques, 41 in Benelux & France, 1 in UK & Ireland.
    Source
  23. Aug 2021
    New regionFirst deal in APAC. Before: 57 first cheques, 48 in North America, 3 in DACH.
  24. Aug 2021
    India Quotient. backed Creo at Seed
    New regionFirst deal in UK & Ireland. Before: 25 first cheques, 24 in APAC, 1 in Nordics.
  25. Aug 2021
    Maveron backed C Wire AG at Pre-seed
    New regionFirst deal in DACH. Before: 32 first cheques, 29 in North America, 1 in UK & Ireland.
  26. Jul 30, 2021
    Version One Ventures backed Tenderly at Series A
    New regionFirst deal in CEE. Before: 27 first cheques, 22 in North America, 1 in UK & Ireland.
    Source
  27. Jul 20, 2021
    Kaszek backed JOKR at Series A
    New regionFirst deal in UK & Ireland. Before: 47 first cheques, 45 in LATAM, 1 in North America.
    Source
  28. Jul 20, 2021
    New regionFirst deal in MEA. Before: 19 first cheques, 18 in North America, 1 in APAC.
  29. Jul 14, 2021
    New regionFirst deal in Southern Europe. Before: 21 first cheques, 17 in CEE, 1 in UK & Ireland.
  30. Jul 8, 2021
    New regionFirst deal in DACH. Before: 20 first cheques, 16 in UK & Ireland, 3 in North America.
  31. Jul 2021
    New regionFirst deal in CEE. Before: 22 first cheques, 21 in UK & Ireland, 1 in Southern Europe.
  32. Jul 2021
    New regionFirst deal in DACH. Before: 17 first cheques, 14 in APAC, 2 in Benelux & France.
  33. Jul 2021
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 16 in North America, 1 in UK & Ireland.
    Source
  34. Jul 2021
    Serra Ventures backed Leo Cancer Care at Series B
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 13 in North America, 1 in Benelux & France.
  35. Jun 25, 2021
    New regionFirst deal in DACH. Before: 17 first cheques, 15 in North America, 1 in UK & Ireland.
  36. Jun 2, 2021
    Wamda Capital backed LambdaTest at Series B
    New regionFirst deal in APAC. Before: 21 first cheques, 19 in MEA, 1 in UK & Ireland.
    Source
  37. Jun 2021
    3one4 Capital backed Loco at Seed
    New regionFirst deal in UK & Ireland. Before: 21 first cheques, 19 in APAC, 1 in North America.
  38. Jun 2021
    New regionFirst deal in APAC. Before: 17 first cheques, 15 in North America, 1 in DACH.
  39. Jun 2021
    Courtside Ventures backed Paceline at Series B
    New sectorFirst Healthcare & Life Sciences cheque. Before: 17 first cheques, 12 in Consumer, Lifestyle & Services, 3 in Software & Developer Tools.
    New regionFirst deal in MEA. Before: 17 first cheques, 14 in North America, 1 in DACH.
    Source
  40. Jun 2021
    New regionFirst deal in MEA. Before: 26 first cheques, 24 in CEE, 1 in North America.