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. 2022
    Slow Ventures backed Mayk at Seed
    New regionFirst deal in Southern Europe. Before: 27 first cheques, 23 in North America, 2 in DACH.
    Source
  2. 2022
    Sozo Ventures backed Firebolt at Series C+
    New regionFirst deal in DACH. Before: 15 first cheques, 12 in North America, 2 in APAC.
    Source
  3. 2022
    New regionFirst deal in Benelux & France. Before: 24 first cheques, 22 in North America, 1 in UK & Ireland.
    Source
  4. 2022
    SV Angel backed Azitek at Series B
    New regionFirst deal in Southern Europe. Before: 87 first cheques, 73 in North America, 5 in DACH.
  5. 2022
    SV Angel backed Latú at Seed
    New regionFirst deal in LATAM. Before: 87 first cheques, 73 in North America, 5 in DACH.
    Source
  6. 2022
    Techstart backed Unfolded at Seed
    New regionFirst deal in North America. Before: 17 first cheques, 15 in UK & Ireland, 1 in DACH.
  7. 2022
    Thoma Bravo backed Personetics at Series C+
    New regionFirst deal in LATAM. Before: 19 first cheques, 16 in North America, 2 in UK & Ireland.
    Source
  8. 2022
    TTV Capital backed FairPlay at Series A
    New regionFirst deal in LATAM. Before: 20 first cheques, 16 in North America, 1 in UK & Ireland.
    Source
  9. 2022
    New regionFirst deal in MEA. Before: 108 first cheques, 102 in UK & Ireland, 4 in North America.
  10. 2022
    New regionFirst deal in MEA. Before: 108 first cheques, 102 in UK & Ireland, 4 in North America.
  11. 2022
    New regionFirst deal in MEA. Before: 108 first cheques, 102 in UK & Ireland, 4 in North America.
  12. 2022
    Venrock backed EnLiven Therapeutics at Series C+
    New regionFirst deal in MEA. Before: 41 first cheques, 34 in North America, 3 in DACH.
    Source
  13. 2022
    Voima Ventures backed Bilance at Seed
    New regionFirst deal in CEE. Before: 20 first cheques, 18 in Nordics, 1 in DACH.
  14. 2022
    WestCap backed Zupee at Series B
    New regionFirst deal in APAC. Before: 26 first cheques, 21 in North America, 3 in DACH.
    Source