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
    Luminar Ventures backed Vibrant at Series C+
    New regionFirst deal in CEE. Before: 43 first cheques, 35 in Nordics, 4 in North America.
  2. 2026
    Madrona Venture Group backed Gradiali at Series C+
    New regionFirst deal in CEE. Before: 88 first cheques, 73 in North America, 5 in UK & Ireland.
    Source
  3. 2026
    Mercury Fund backed Venus Aero at Series B
    New regionFirst deal in DACH. Before: 27 first cheques, 22 in North America, 3 in APAC.
  4. 2026
    Montefiore Investment backed EXA.Group at Series C+
    New regionFirst deal in Southern Europe. Before: 15 first cheques, 12 in Benelux & France, 2 in DACH.
  5. 2026
    Montefiore Investment backed Karavela at Pre-seed
    New regionFirst deal in CEE. Before: 15 first cheques, 12 in Benelux & France, 2 in DACH.
  6. 2026
    New regionFirst deal in UK & Ireland. Before: 19 first cheques, 16 in North America, 2 in Southern Europe.
  7. 2026
    New regionFirst deal in UK & Ireland. Before: 19 first cheques, 16 in North America, 2 in Southern Europe.
  8. 2026
    NBI Investors backed GreenA at Series B
    New regionFirst deal in DACH. Before: 28 first cheques, 24 in Benelux & France, 2 in North America.
  9. 2026
    OHA BTG backed IQONIC.AI at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 16 first cheques, 13 in Healthcare & Life Sciences, 2 in Industry & Hardware.
    New regionFirst deal in Nordics. Before: 16 first cheques, 13 in DACH, 2 in North America.
  10. 2026
    OVNI Capital backed Kaiber at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 18 first cheques, 13 in Software & Developer Tools, 2 in Finance & Blockchain.
    New regionFirst deal in North America. Before: 17 first cheques, 14 in Benelux & France, 2 in UK & Ireland.
  11. 2026
    OVNI Capital backed Lytho at Seed
    New regionFirst deal in North America. Before: 17 first cheques, 14 in Benelux & France, 2 in UK & Ireland.
  12. 2026
    New sectorFirst Commerce & Marketing cheque. Before: 18 first cheques, 13 in Software & Developer Tools, 2 in Finance & Blockchain.
    New regionFirst deal in MEA. Before: 17 first cheques, 14 in Benelux & France, 2 in UK & Ireland.
  13. 2026
    New regionFirst deal in Nordics. Before: 90 first cheques, 76 in UK & Ireland, 10 in North America.
  14. 2026
    P101 backed COSIMCO at Series B
    New regionFirst deal in MEA. Before: 62 first cheques, 51 in Southern Europe, 7 in North America.
  15. 2026
    Pelion Venture Partners backed Mojo at Series B
    New regionFirst deal in Nordics. Before: 34 first cheques, 30 in North America, 2 in UK & Ireland.
  16. 2026
    Pine Ventures backed Mojo at Series B
    New regionFirst deal in Nordics. Before: 65 first cheques, 53 in UK & Ireland, 6 in North America.
  17. 2026
    PLUS Capital backed Pomelo at Series C+
    New regionFirst deal in LATAM. Before: 25 first cheques, 22 in North America, 1 in APAC.
    Source
  18. 2026
    Prime Movers Labs backed ALDOCK at Series A
    New regionFirst deal in APAC. Before: 32 first cheques, 26 in North America, 2 in UK & Ireland.
  19. 2026
    Prime Movers Labs backed HRobots at Series A
    New regionFirst deal in CEE. Before: 32 first cheques, 26 in North America, 2 in UK & Ireland.
  20. 2026
    New regionFirst deal in MEA. Before: 32 first cheques, 26 in North America, 2 in UK & Ireland.
  21. 2026
    New regionFirst deal in APAC. Before: 32 first cheques, 26 in North America, 2 in UK & Ireland.
  22. 2026
    Prime Movers Labs backed Robo at Series A
    New regionFirst deal in CEE. Before: 32 first cheques, 26 in North America, 2 in UK & Ireland.
  23. 2026
    Prologis backed Anori Tech at Series A
    New regionFirst deal in DACH. Before: 17 first cheques, 15 in North America, 1 in Benelux & France.
  24. 2026
    Redmile backed Ambrosia Bio at Series B
    New regionFirst deal in MEA. Before: 45 first cheques, 36 in North America, 3 in UK & Ireland.
  25. 2026
    Resolute Ventures backed FirstTouch at Series C+
    New regionFirst deal in APAC. Before: 60 first cheques, 51 in North America, 3 in Benelux & France.
  26. 2026
    S3 Ventures backed Automaise at Series C+
    New regionFirst deal in Southern Europe. Before: 45 first cheques, 37 in North America, 3 in DACH.
  27. 2026
    S3 Ventures backed Frekuent at Series A
    New regionFirst deal in Southern Europe. Before: 45 first cheques, 37 in North America, 3 in DACH.
  28. 2026
    S3 Ventures backed Avatel at Series B
    New regionFirst deal in Southern Europe. Before: 45 first cheques, 37 in North America, 3 in DACH.
  29. 2026
    Scout Ventures backed Citira at Series A
    New regionFirst deal in CEE. Before: 32 first cheques, 26 in North America, 2 in UK & Ireland.
  30. 2026
    Scrum Ventures backed Seequent at Seed
    New regionFirst deal in APAC. Before: 15 first cheques, 14 in North America, 1 in UK & Ireland.
  31. 2026
    Shrug backed Project Six at Seed
    New regionFirst deal in UK & Ireland. Before: 16 first cheques, 13 in North America, 2 in Benelux & France.
  32. 2026
    Shrug backed Art Wind Sp. z o.o. at Seed
    New regionFirst deal in CEE. Before: 16 first cheques, 13 in North America, 2 in Benelux & France.
  33. 2026
    SJF Ventures backed ZERO/3 at Series A
    New regionFirst deal in DACH. Before: 15 first cheques, 13 in North America, 1 in UK & Ireland.
  34. 2026
    New regionFirst deal in MEA. Before: 29 first cheques, 28 in Benelux & France, 1 in DACH.
  35. 2026
    Sumeru Equity Partners backed CENTA at Series C+
    New regionFirst deal in APAC. Before: 19 first cheques, 16 in North America, 2 in UK & Ireland.
  36. 2026
    New regionFirst deal in Benelux & France. Before: 130 first cheques, 127 in DACH, 2 in North America.
  37. 2026
    New regionFirst deal in Southern Europe. Before: 130 first cheques, 127 in DACH, 2 in North America.
  38. 2026
    New regionFirst deal in Benelux & France. Before: 130 first cheques, 127 in DACH, 2 in North America.
  39. 2026
    The Conduit Impact Fund backed Infyos at Series B
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 14 in UK & Ireland, 1 in North America.
  40. 2026
    The Trendlines Group backed Agwa at Series A
    New regionFirst deal in North America. Before: 17 first cheques, 14 in MEA, 2 in APAC.