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. 2023
    New regionFirst deal in DACH. Before: 31 first cheques, 29 in APAC, 1 in UK & Ireland.
  2. 2023
    New regionFirst deal in North America. Before: 31 first cheques, 29 in APAC, 1 in UK & Ireland.
  3. 2023
    India Quotient. backed Distill at Series A
    New regionFirst deal in North America. Before: 31 first cheques, 29 in APAC, 1 in UK & Ireland.
  4. 2023
    Inovia Capital backed SonarHome at Series C+
    New regionFirst deal in CEE. Before: 56 first cheques, 47 in North America, 4 in UK & Ireland.
  5. 2023
    JME Ventures backed Una Health at Seed
    New regionFirst deal in DACH. Before: 21 first cheques, 18 in Southern Europe, 2 in Benelux & France.
  6. 2023
    JMI Equity backed Soci.Bike at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 46 first cheques, 33 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
    New regionFirst deal in Benelux & France. Before: 46 first cheques, 40 in North America, 2 in UK & Ireland.
  7. 2023
    Jungle Ventures backed Chainstack at Series A
    New regionFirst deal in DACH. Before: 41 first cheques, 36 in APAC, 4 in North America.
    Source
  8. 2023
    Kapor Capital backed Puzzle at Series B
    New regionFirst deal in Nordics. Before: 27 first cheques, 23 in North America, 2 in MEA.
  9. 2023
    Kaszek backed Bia Services SA at Series A
    New regionFirst deal in Benelux & France. Before: 69 first cheques, 65 in LATAM, 2 in UK & Ireland.
  10. 2023
    MaC Venture Capital backed Blaze at Seed
    New regionFirst deal in UK & Ireland. Before: 68 first cheques, 56 in North America, 4 in MEA.
  11. 2023
    Main Sequence backed Waterson at Series A
    New regionFirst deal in CEE. Before: 15 first cheques, 12 in APAC, 1 in North America.
  12. 2023
    Makai VC backed Fabrica at Series C+
    New sectorFirst Software & Developer Tools cheque. Before: 22 first cheques, 10 in Finance & Blockchain, 9 in Healthcare & Life Sciences.
    New regionFirst deal in UK & Ireland. Before: 22 first cheques, 19 in North America, 2 in APAC.
  13. 2023
    March Capital backed Shiprocket at Series C+
    New regionFirst deal in APAC. Before: 24 first cheques, 22 in North America, 1 in UK & Ireland.
    Source
  14. 2023
    Mercia Ventures backed DXS at Series A
    New regionFirst deal in DACH. Before: 43 first cheques, 36 in UK & Ireland, 4 in North America.
  15. 2023
    OCA Ventures backed Hublo at Seed
    New regionFirst deal in Benelux & France. Before: 31 first cheques, 26 in North America, 3 in UK & Ireland.
  16. 2023
    OCA Ventures backed Amo at Seed
    New regionFirst deal in Benelux & France. Before: 31 first cheques, 26 in North America, 3 in UK & Ireland.
  17. 2023
    OCA Ventures backed AI Foundation at Series B
    New regionFirst deal in MEA. Before: 31 first cheques, 26 in North America, 3 in UK & Ireland.
  18. 2023
    New regionFirst deal in Benelux & France. Before: 54 first cheques, 49 in UK & Ireland, 4 in North America.
  19. 2023
    New regionFirst deal in CEE. Before: 54 first cheques, 49 in UK & Ireland, 4 in North America.
  20. 2023
    Playground Global backed Robuste at Series A
    New regionFirst deal in LATAM. Before: 23 first cheques, 20 in North America, 2 in MEA.
  21. 2023
    PMV backed Animob at Series B
    New regionFirst deal in Southern Europe. Before: 33 first cheques, 27 in Benelux & France, 2 in DACH.
  22. 2023
    Polytech Ventures backed Inpher at Seed
    New regionFirst deal in North America. Before: 15 first cheques, 12 in DACH, 2 in Benelux & France.
  23. 2023
    Praetura Ventures backed STIKI at Seed
    New regionFirst deal in APAC. Before: 51 first cheques, 47 in UK & Ireland, 3 in North America.
  24. 2023
    Prime Movers Labs backed Robuste at Series A
    New regionFirst deal in LATAM. Before: 20 first cheques, 16 in North America, 2 in UK & Ireland.
  25. 2023
    QBIC fund backed CDotBio at Seed
    New regionFirst deal in UK & Ireland. Before: 21 first cheques, 17 in Benelux & France, 3 in DACH.
  26. 2023
    QBIC fund backed PFx Biotech at Seed
    New regionFirst deal in Southern Europe. Before: 21 first cheques, 17 in Benelux & France, 3 in DACH.
  27. 2023
    QBIC fund backed Animob at Series B
    New regionFirst deal in Southern Europe. Before: 21 first cheques, 17 in Benelux & France, 3 in DACH.
  28. 2023
    QBIC fund backed Bugbiome at Seed
    New regionFirst deal in UK & Ireland. Before: 21 first cheques, 17 in Benelux & France, 3 in DACH.
  29. 2023
    Reach Capital backed Swing at Series B
    New regionFirst deal in DACH. Before: 20 first cheques, 16 in North America, 1 in UK & Ireland.
  30. 2023
    Reach Capital backed Clayful at Seed
    New regionFirst deal in APAC. Before: 20 first cheques, 16 in North America, 1 in UK & Ireland.
    Source
  31. 2023
    Real Ventures backed Tenstorrent at Series C+
    New regionFirst deal in MEA. Before: 52 first cheques, 45 in North America, 3 in DACH.
    Source
  32. 2023
    S3 Ventures backed Sipera at Seed
    New regionFirst deal in APAC. Before: 26 first cheques, 24 in North America, 1 in DACH.
  33. 2023
    Seeds Capital backed Vannadium at Series A
    New regionFirst deal in North America. Before: 19 first cheques, 16 in APAC, 1 in UK & Ireland.
  34. 2023
    New regionFirst deal in APAC. Before: 31 first cheques, 25 in North America, 2 in UK & Ireland.
  35. 2023
    Specialist VC backed AgileDD at Series A
    New regionFirst deal in North America. Before: 15 first cheques, 12 in CEE, 1 in UK & Ireland.
  36. 2023
    Ulu Ventures backed Banyan Nation at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 12 in Software & Developer Tools, 5 in Finance & Blockchain.
    New regionFirst deal in APAC. Before: 21 first cheques, 18 in North America, 1 in UK & Ireland.
  37. 2023
    Ulu Ventures backed Cenoa at Seed
    New regionFirst deal in MEA. Before: 21 first cheques, 18 in North America, 1 in UK & Ireland.
    Source
  38. 2023
    Underscore VC backed Kard at Series A
    New regionFirst deal in Benelux & France. Before: 23 first cheques, 22 in North America, 1 in DACH.
  39. 2023
    Underscore VC backed Cenoa at Seed
    New regionFirst deal in MEA. Before: 23 first cheques, 22 in North America, 1 in DACH.
    Source
  40. 2023
    Vertis Venture Capital backed Sibylla at Series A
    New regionFirst deal in Nordics. Before: 21 first cheques, 19 in Southern Europe, 2 in DACH.