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. Jun 2021
    New regionFirst deal in UK & Ireland. Before: 16 first cheques, 14 in MEA, 1 in APAC.
    Source
  2. Jun 2021
    Next Play Ventures backed Poised at Seed
    New regionFirst deal in UK & Ireland. Before: 16 first cheques, 16 in North America.
  3. Jun 2021
    SFC Capital backed 3E Nano at Seed
    New regionFirst deal in CEE. Before: 67 first cheques, 61 in UK & Ireland, 2 in North America.
  4. May 12, 2021
    Alven backed Swarmia at Seed
    New regionFirst deal in Nordics. Before: 49 first cheques, 41 in Benelux & France, 4 in DACH.
    Source
  5. May 11, 2021
    Northstar Ventures backed Onda at Series A
    New regionFirst deal in DACH. Before: 17 first cheques, 14 in UK & Ireland, 1 in North America.
  6. May 5, 2021
    Union Square Ventures backed alt.bank at Series A
    New regionFirst deal in LATAM. Before: 85 first cheques, 69 in North America, 6 in DACH.
    Source
  7. May 2021
    BAM Ventures backed Flyp at Seed
    New regionFirst deal in UK & Ireland. Before: 32 first cheques, 26 in North America, 3 in Benelux & France.
  8. May 2021
    New regionFirst deal in Benelux & France. Before: 16 first cheques, 14 in North America, 1 in DACH.
    Source
  9. May 2021
    J&T Ventures backed Robotiq.ai at Seed
    New regionFirst deal in North America. Before: 17 first cheques, 14 in CEE, 1 in UK & Ireland.
  10. May 2021
    KAE Capital backed Wysa at Series A
    New regionFirst deal in North America. Before: 22 first cheques, 21 in APAC, 1 in Benelux & France.
    Source
  11. May 2021
    Next View Ventures backed Flyp at Seed
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 12 in North America, 2 in DACH.
  12. May 2021
    New regionFirst deal in DACH. Before: 24 first cheques, 20 in North America, 2 in Benelux & France.
  13. May 2021
    Owl Ventures backed morressier at Series A
    New regionFirst deal in DACH. Before: 24 first cheques, 20 in North America, 2 in Benelux & France.
    Source
  14. Apr 26, 2021
    JamJar Investments backed Cuckoo at Seed
    New regionFirst deal in APAC. Before: 21 first cheques, 18 in UK & Ireland, 2 in DACH.
    Source
  15. Apr 21, 2021
    Redpoint eventures backed Deliverect at Series C+
    New regionFirst deal in Benelux & France. Before: 21 first cheques, 21 in LATAM.
    Source
  16. Apr 2021
    New regionFirst deal in MEA. Before: 24 first cheques, 20 in North America, 2 in CEE.
  17. Apr 2021
    Floodgate backed Shipper at Series B
    New regionFirst deal in APAC. Before: 22 first cheques, 18 in North America, 2 in UK & Ireland.
    Source
  18. Apr 2021
    Inovia Capital backed Swyft at Series A
    New regionFirst deal in Benelux & France. Before: 30 first cheques, 27 in North America, 3 in UK & Ireland.
    Source
  19. Apr 2021
    Logos Capital backed GH Research at Series B
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 17 in North America, 1 in DACH.
  20. Apr 2021
    Surveyor Capital backed GH Research at Series B
    New regionFirst deal in UK & Ireland. Before: 19 first cheques, 18 in North America, 1 in DACH.
  21. Apr 2021
    Tesi backed Bob W at Seed
    New regionFirst deal in DACH. Before: 28 first cheques, 25 in Nordics, 1 in North America.
  22. Apr 2021
    Venrock backed GH Research at Series B
    New regionFirst deal in UK & Ireland. Before: 31 first cheques, 26 in North America, 2 in DACH.
  23. Mar 11, 2021
    Bling Capital backed Proper at Seed
    New regionFirst deal in CEE. Before: 32 first cheques, 30 in North America, 1 in UK & Ireland.
    Source
  24. Mar 11, 2021
    MetaProp backed Proper at Seed
    New regionFirst deal in CEE. Before: 26 first cheques, 24 in North America, 1 in UK & Ireland.
    Source
  25. Mar 2021
    .406 Ventures backed Corvus at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 33 first cheques, 18 in Software & Developer Tools, 9 in Healthcare & Life Sciences.
    New regionFirst deal in CEE. Before: 32 first cheques, 28 in North America, 3 in UK & Ireland.
    Source
  26. Mar 2021
    Breega backed Osu at Seed
    New regionFirst deal in UK & Ireland. Before: 22 first cheques, 18 in Benelux & France, 3 in North America.
  27. Mar 2021
    New regionFirst deal in North America. Before: 20 first cheques, 20 in LATAM.
    Source
  28. Mar 2021
    DCVC backed BioPhero at Series A
    New regionFirst deal in Nordics. Before: 78 first cheques, 65 in North America, 6 in UK & Ireland.
    Source
  29. Mar 2021
    New regionFirst deal in Benelux & France. Before: 20 first cheques, 18 in UK & Ireland, 2 in DACH.
  30. Mar 2021
    Redmile backed Agomab Therapeutics at Series B
    New regionFirst deal in Benelux & France. Before: 29 first cheques, 24 in North America, 2 in UK & Ireland.
    Source
  31. Mar 2021
    SFC Capital backed Digital Health at Series C+
    New regionFirst deal in LATAM. Before: 49 first cheques, 44 in UK & Ireland, 2 in North America.
  32. Mar 2021
    New regionFirst deal in DACH. Before: 21 first cheques, 17 in North America, 1 in UK & Ireland.
  33. Feb 17, 2021
    Praetura Ventures backed Peak Games at Series B
    New regionFirst deal in MEA. Before: 21 first cheques, 18 in UK & Ireland, 3 in North America.
  34. Feb 2021
    Episode 1 backed Truid at Seed
    New regionFirst deal in MEA. Before: 30 first cheques, 25 in UK & Ireland, 2 in North America.
  35. Feb 2021
    Monashees backed Vortexa at Series B
    New regionFirst deal in UK & Ireland. Before: 42 first cheques, 38 in LATAM, 2 in North America.
    Source
  36. Feb 2021
    Rheingau Founders backed Lengoo at Series B
    New regionFirst deal in Southern Europe. Before: 21 first cheques, 18 in DACH, 1 in Benelux & France.
  37. Feb 2021
    SV Angel backed Architect at Seed
    New regionFirst deal in Benelux & France. Before: 69 first cheques, 61 in North America, 3 in DACH.
    Source
  38. Jan 28, 2021
    Wing Venture Capital backed Classiq at Series A
    New regionFirst deal in MEA. Before: 47 first cheques, 38 in North America, 3 in UK & Ireland.
    Source
  39. 2021
    9Yards Capital backed ONIQ at Seed
    New regionFirst deal in DACH. Before: 16 first cheques, 13 in North America, 1 in UK & Ireland.
  40. 2021
    Aquiti backed YGO at Pre-seed
    New regionFirst deal in DACH. Before: 19 first cheques, 19 in Benelux & France.