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. 2021
    Real Ventures backed Practice Ignition at Series B
    New regionFirst deal in APAC. Before: 33 first cheques, 31 in North America, 1 in UK & Ireland.
  2. 2021
    New sectorFirst Industry & Hardware cheque. Before: 20 first cheques, 19 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 17 in North America, 2 in DACH.
  3. 2021
    Resolute Ventures backed Cyrus at Series A
    New regionFirst deal in MEA. Before: 22 first cheques, 21 in North America, 1 in Benelux & France.
  4. 2021
    New regionFirst deal in MEA. Before: 33 first cheques, 27 in North America, 3 in Benelux & France.
  5. 2021
    RRE Ventures backed Healthspring at Series C+
    New regionFirst deal in APAC. Before: 29 first cheques, 24 in North America, 3 in Benelux & France.
  6. 2021
    RRE Ventures backed ARCA at Series A
    New regionFirst deal in LATAM. Before: 29 first cheques, 24 in North America, 3 in Benelux & France.
  7. 2021
    New regionFirst deal in MEA. Before: 35 first cheques, 32 in APAC, 2 in North America.
  8. 2021
    Series B. Iconiq Capital backed ARTI at Series A
    New regionFirst deal in APAC. Before: 17 first cheques, 14 in North America, 2 in DACH.
  9. 2021
    New regionFirst deal in North America. Before: 22 first cheques, 18 in DACH, 2 in Benelux & France.
  10. 2021
    Tesi backed Singapore Airlines at Pre-seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 22 first cheques, 10 in Software & Developer Tools, 9 in Industry & Hardware.
    New regionFirst deal in APAC. Before: 22 first cheques, 20 in Nordics, 1 in North America.
  11. 2021
    Third Rock Ventures backed Cedilla at Series B
    New regionFirst deal in UK & Ireland. Before: 16 first cheques, 13 in North America, 3 in APAC.
  12. 2021
    Trinity Ventures backed Side at Series C+
    New regionFirst deal in Benelux & France. Before: 44 first cheques, 39 in North America, 2 in DACH.
  13. 2021
    New regionFirst deal in North America. Before: 15 first cheques, 13 in Benelux & France, 1 in DACH.
  14. 2021
    New regionFirst deal in Nordics. Before: 67 first cheques, 63 in UK & Ireland, 3 in North America.
  15. 2021
    New regionFirst deal in UK & Ireland. Before: 17 first cheques, 15 in APAC, 2 in North America.
    Source
  16. 2021
    New regionFirst deal in APAC. Before: 17 first cheques, 14 in North America, 1 in UK & Ireland.