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. 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.
  2. 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
  3. 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
  4. 2021
    9Yards Capital backed ONIQ at Seed
    New regionFirst deal in DACH. Before: 16 first cheques, 13 in North America, 1 in UK & Ireland.
  5. 2021
    Aquiti backed YGO at Pre-seed
    New regionFirst deal in DACH. Before: 19 first cheques, 19 in Benelux & France.
  6. 2021
    Ascension backed GDevelop at Pre-seed
    New regionFirst deal in Benelux & France. Before: 32 first cheques, 27 in UK & Ireland, 3 in North America.
  7. 2021
    Atlantic.vc backed Sendify at Series A
    New regionFirst deal in Nordics. Before: 15 first cheques, 12 in DACH, 1 in North America.
    Source
  8. 2021
    Atlantic.vc backed Krate at Seed
    New regionFirst deal in APAC. Before: 15 first cheques, 12 in DACH, 1 in North America.
  9. 2021
    Audacia backed Orbify at Seed
    New regionFirst deal in CEE. Before: 18 first cheques, 16 in Benelux & France, 1 in DACH.
  10. 2021
    Axeleo Ventures backed Seedata at Pre-seed
    New regionFirst deal in UK & Ireland. Before: 24 first cheques, 21 in Benelux & France, 2 in North America.
  11. 2021
    Axeleo Ventures backed Bifrost at Pre-seed
    New regionFirst deal in Nordics. Before: 24 first cheques, 21 in Benelux & France, 2 in North America.
  12. 2021
    BDC Capital backed Ellie Care at Series A
    New regionFirst deal in LATAM. Before: 27 first cheques, 25 in North America, 2 in APAC.
  13. 2021
    New regionFirst deal in UK & Ireland. Before: 25 first cheques, 24 in North America, 1 in LATAM.
  14. 2021
    Bullpen Capital backed Cyrus at Series A
    New regionFirst deal in MEA. Before: 30 first cheques, 24 in North America, 4 in UK & Ireland.
  15. 2021
    Casdin Capital backed Komodor at Series C+
    New sectorFirst Software & Developer Tools cheque. Before: 20 first cheques, 19 in Healthcare & Life Sciences, 1 in Energy, Environment & Mobility.
    New regionFirst deal in MEA. Before: 20 first cheques, 17 in North America, 1 in UK & Ireland.
  16. 2021
    Chicago Ventures backed Menda at Series A
    New regionFirst deal in CEE. Before: 24 first cheques, 21 in North America, 1 in APAC.
  17. 2021
    Costanoa Ventures backed Vinaver at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 23 first cheques, 16 in Software & Developer Tools, 3 in Finance & Blockchain.
    New regionFirst deal in CEE. Before: 22 first cheques, 20 in North America, 1 in UK & Ireland.
  18. 2021
    Cota Capital backed Fortify Ai at Series B
    New regionFirst deal in DACH. Before: 25 first cheques, 23 in North America, 1 in APAC.
  19. 2021
    Cultivation Capital backed POD FOODS at Series A
    New regionFirst deal in LATAM. Before: 25 first cheques, 22 in North America, 1 in UK & Ireland.
  20. 2021
    DCVC backed Halter at Series B
    New regionFirst deal in APAC. Before: 70 first cheques, 59 in North America, 6 in UK & Ireland.
  21. 2021
    New regionFirst deal in Southern Europe. Before: 17 first cheques, 17 in UK & Ireland.
  22. 2021
    New regionFirst deal in MEA. Before: 22 first cheques, 21 in North America, 1 in Southern Europe.
  23. 2021
    First Round Capital backed Merlynn at Series A
    New regionFirst deal in MEA. Before: 43 first cheques, 36 in North America, 3 in DACH.
  24. 2021
    First Round Capital backed Pinwheel at Series A
    New regionFirst deal in UK & Ireland. Before: 43 first cheques, 36 in North America, 3 in DACH.
    Source
  25. 2021
    Georgian backed Noma Security at Series B
    New regionFirst deal in DACH. Before: 23 first cheques, 21 in North America, 1 in UK & Ireland.
  26. 2021
    Iconiq backed Monte Carlo Data at Series C+
    New regionFirst deal in UK & Ireland. Before: 45 first cheques, 38 in North America, 2 in Benelux & France.
  27. 2021
    Icon Ventures backed Bay Security at Series C+
    New regionFirst deal in APAC. Before: 24 first cheques, 20 in North America, 1 in UK & Ireland.
  28. 2021
    Icon Ventures backed Fuzzie at Series C+
    New regionFirst deal in APAC. Before: 24 first cheques, 20 in North America, 1 in UK & Ireland.
  29. 2021
    New regionFirst deal in North America. Before: 39 first cheques, 39 in APAC.
  30. 2021
    KAE Capital backed Anonyme at Seed
    New regionFirst deal in Benelux & France. Before: 21 first cheques, 21 in APAC.
  31. 2021
    MaC Venture Capital backed Ajua at Seed
    New regionFirst deal in MEA. Before: 18 first cheques, 15 in North America, 2 in DACH.
  32. 2021
    Madrona Venture Group backed Valtech at Series B
    New regionFirst deal in Benelux & France. Before: 25 first cheques, 23 in North America, 1 in UK & Ireland.
  33. 2021
    Maveron backed Parade at Series B
    New regionFirst deal in Benelux & France. Before: 27 first cheques, 25 in North America, 1 in UK & Ireland.
  34. 2021
    Mercia Ventures backed Zemble at Series C+
    New regionFirst deal in North America. Before: 19 first cheques, 16 in UK & Ireland, 2 in APAC.
  35. 2021
    Mercia Ventures backed Surgical Theater at Series C+
    New regionFirst deal in North America. Before: 19 first cheques, 16 in UK & Ireland, 2 in APAC.
  36. 2021
    Miton backed Marinade at Pre-seed
    New regionFirst deal in North America. Before: 27 first cheques, 26 in CEE, 1 in UK & Ireland.
  37. 2021
    Mucker Capital backed Papaya Gaming at Series B
    New regionFirst deal in Southern Europe. Before: 23 first cheques, 21 in North America, 1 in APAC.
  38. 2021
    Next47 backed Aforza at Series A
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 17 in North America, 2 in DACH.
    Source
  39. 2021
    OpenView backed Conet at Series B
    New regionFirst deal in DACH. Before: 36 first cheques, 30 in North America, 2 in UK & Ireland.
  40. 2021
    New regionFirst deal in APAC. Before: 64 first cheques, 55 in North America, 5 in UK & Ireland.
    Source