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.

AllNew sectorNew regionEarlier stage2026202520242023202220212020
  1. Sep 2020
    Business angels from the SICTIC network backed Antelope Dx at Series B
    New regionFirst deal in Benelux & France. Before: 39 first cheques, 37 in DACH, 1 in North America.
  2. Sep 2020
    Initialized Capital backed Range at Series A
    New regionFirst deal in Benelux & France. Before: 26 first cheques, 22 in North America, 2 in LATAM.
  3. Sep 2020
    S3 Ventures backed Oyster Financial at Seed
    New regionFirst deal in LATAM. Before: 15 first cheques, 14 in North America, 1 in DACH.
  4. Sep 2020
    Version One Ventures backed Range at Series A
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 13 in North America, 1 in UK & Ireland.
  5. Aug 3, 2020
    NexTech Invest backed PMV Pharma at Series C+
    New regionFirst deal in MEA. Before: 23 first cheques, 22 in North America, 1 in DACH.
    Source
  6. Jul 2020
    Maveron backed FitXR at Series A
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 20 in North America.
    Source
  7. Jul 2020
    Maveron backed Oatly at Series C+
    New regionFirst deal in Nordics. Before: 20 first cheques, 20 in North America.
  8. Jun 2020
    5AM Ventures backed Nodthera at Series B
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 16 in North America, 2 in DACH.
    Source
  9. Jun 2020
    Atlantic Labs backed Agro.club at Seed
    New regionFirst deal in North America. Before: 25 first cheques, 21 in DACH, 2 in Benelux & France.
  10. Jun 2020
    eCAPITAL backed CounterCraft at Seed
    New regionFirst deal in Southern Europe. Before: 32 first cheques, 29 in DACH, 1 in North America.
    Source
  11. Jun 2020
    Flagship Pioneering backed Sana Labs at Series A
    New regionFirst deal in Nordics. Before: 19 first cheques, 17 in North America, 2 in APAC.
  12. Jun 2020
    Italian Angels backed Rentuu at Seed
    New regionFirst deal in UK & Ireland. Before: 21 first cheques, 20 in Southern Europe, 1 in North America.
  13. Jun 2020
    Technologiegründerfonds Sachsen backed WPR at Series A
    New regionFirst deal in North America. Before: 59 first cheques, 59 in DACH.
  14. May 26, 2020
    Baird Capital backed ONCO at Series C+
    New regionFirst deal in APAC. Before: 18 first cheques, 15 in North America, 1 in UK & Ireland.
  15. Apr 21, 2020
    Sorenson Ventures backed Oyster at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 19 first cheques, 13 in Software & Developer Tools, 3 in Finance & Blockchain.
    New regionFirst deal in Southern Europe. Before: 16 first cheques, 14 in North America, 1 in APAC.
  16. Apr 20, 2020
    Innovestor backed PS Audio Design at Pre-seed
    New regionFirst deal in APAC. Before: 16 first cheques, 15 in Nordics, 1 in DACH.
  17. Apr 2020
    Collaborative Fund backed Peak at Series A
    New regionFirst deal in UK & Ireland. Before: 25 first cheques, 20 in North America, 2 in DACH.
  18. Apr 2020
    Sequoia Capital China backed Agile Robots at Series C+
    New regionFirst deal in DACH. Before: 21 first cheques, 20 in APAC, 1 in North America.
  19. Apr 2020
    SHS Capital backed Neuro Event Labs Oy at Series A
    New regionFirst deal in Nordics. Before: 18 first cheques, 17 in DACH, 1 in Benelux & France.
    Source
  20. Mar 2020
    Axilor Ventures backed Change Payments at Seed
    New regionFirst deal in Southern Europe. Before: 34 first cheques, 31 in APAC, 1 in North America.
  21. Mar 2020
    SFC Capital backed Albert at Series B
    New regionFirst deal in North America. Before: 26 first cheques, 23 in UK & Ireland, 2 in DACH.
  22. Feb 13, 2020
    Bloomberg Beta backed Intuition Robotics at Series B
    New regionFirst deal in MEA. Before: 16 first cheques, 13 in North America, 2 in Benelux & France.
  23. Feb 12, 2020
    Acrew Capital backed PredictHQ at Series B
    New regionFirst deal in APAC. Before: 18 first cheques, 15 in North America, 2 in DACH.
  24. Feb 5, 2020
    IBG Beteiligungsgesellschaft backed KUGU at Seed
    New regionFirst deal in MEA. Before: 21 first cheques, 20 in DACH, 1 in UK & Ireland.
    Source
  25. Feb 2020
    .406 Ventures backed Hurdle (Chronomics Ltd.) at Seed
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 19 in North America, 1 in DACH.
  26. Feb 2020
    Business angels from the SICTIC network backed Largo at Pre-seed
    New regionFirst deal in North America. Before: 30 first cheques, 29 in DACH, 1 in APAC.
  27. Feb 2020
    Capnamic Ventures backed Nomagic at Series A
    New regionFirst deal in CEE. Before: 33 first cheques, 27 in DACH, 3 in UK & Ireland.
    Source
  28. Feb 2020
    Elaia Partners backed Ekinnox at Seed
    New regionFirst deal in APAC. Before: 56 first cheques, 45 in Benelux & France, 4 in North America.
  29. Feb 2020
    Georgian backed Tractable at Series B
    New regionFirst deal in UK & Ireland. Before: 19 first cheques, 18 in North America, 1 in APAC.
    Source
  30. 2020
    5AM Ventures backed Neurogastrx, Inc. at Seed
    New regionFirst deal in MEA. Before: 16 first cheques, 13 in North America, 2 in DACH.
  31. 2020
    BNP Paribas Developpement backed Bianca Med at Seed
    New regionFirst deal in MEA. Before: 20 first cheques, 17 in Benelux & France, 2 in North America.
  32. 2020
    Bpifrance backed Eartex Ltd at Series A
    New regionFirst deal in UK & Ireland. Before: 209 first cheques, 193 in Benelux & France, 5 in North America.
  33. 2020
    Collaborative Fund backed Veloz Bio at Series B
    New regionFirst deal in LATAM. Before: 20 first cheques, 18 in North America, 1 in Benelux & France.
  34. 2020
    Collaborative Fund backed Steps at Series B
    New regionFirst deal in DACH. Before: 20 first cheques, 18 in North America, 1 in Benelux & France.
  35. 2020
    Crosslink Capital backed Steps at Series B
    New regionFirst deal in DACH. Before: 24 first cheques, 24 in North America.
  36. 2020
    Elaia Partners backed Dexory at Seed
    New regionFirst deal in UK & Ireland. Before: 52 first cheques, 44 in Benelux & France, 4 in Southern Europe.
  37. 2020
    Golden Gate Ventures backed BABBAR TECH at Seed
    New regionFirst deal in Benelux & France. Before: 21 first cheques, 20 in APAC, 1 in North America.
  38. 2020
    India Quotient. backed Gimi at Pre-seed
    New regionFirst deal in Nordics. Before: 19 first cheques, 19 in APAC.
    Source
  39. 2020
    Kaszek backed Internxt at Seed
    New regionFirst deal in Southern Europe. Before: 18 first cheques, 17 in LATAM, 1 in North America.
  40. 2020
    MMC Ventures backed Recycla at Seed
    New regionFirst deal in CEE. Before: 28 first cheques, 23 in UK & Ireland, 3 in DACH.