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. 2025
    New regionFirst deal in LATAM. Before: 27 first cheques, 25 in North America, 1 in UK & Ireland.
  2. 2025
    Longwall Ventures backed Lightcast at Series B
    New regionFirst deal in Benelux & France. Before: 16 first cheques, 14 in UK & Ireland, 1 in North America.
    Source
  3. 2025
    LRV Health backed Diana at Series C+
    New sectorFirst Commerce & Marketing cheque. Before: 28 first cheques, 26 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    New regionFirst deal in CEE. Before: 27 first cheques, 24 in North America, 2 in DACH.
  4. 2025
    New regionFirst deal in Southern Europe. Before: 15 first cheques, 14 in North America, 1 in UK & Ireland.
  5. 2025
    Ludlow Ventures backed Offramp at Seed
    New regionFirst deal in DACH. Before: 15 first cheques, 14 in North America, 1 in UK & Ireland.
  6. 2025
    M13 backed Daylight at Series C+
    New regionFirst deal in DACH. Before: 20 first cheques, 19 in North America, 1 in Nordics.
  7. 2025
    M13 backed Corndel at Series A
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 19 in North America, 1 in Nordics.
  8. 2025
    New regionFirst deal in DACH. Before: 20 first cheques, 19 in North America, 1 in CEE.
  9. 2025
    Maveron backed Picasso at Series C+
    New regionFirst deal in MEA. Before: 48 first cheques, 40 in North America, 3 in UK & Ireland.
  10. 2025
    Monashees backed NG Group at Series B
    New regionFirst deal in Nordics. Before: 81 first cheques, 69 in LATAM, 4 in North America.
  11. 2025
    New regionFirst deal in APAC. Before: 16 first cheques, 13 in North America, 1 in UK & Ireland.
  12. 2025
    New regionFirst deal in APAC. Before: 35 first cheques, 28 in North America, 3 in DACH.
  13. 2025
    New regionFirst deal in MEA. Before: 35 first cheques, 28 in North America, 3 in DACH.
  14. 2025
    Norte Ventures backed Iniciador at Seed
    New regionFirst deal in Southern Europe. Before: 26 first cheques, 22 in LATAM, 2 in North America.
    Source
  15. 2025
    New regionFirst deal in Southern Europe. Before: 20 first cheques, 16 in North America, 1 in UK & Ireland.
  16. 2025
    Pine Ventures backed Atomik at Series C+
    New regionFirst deal in Benelux & France. Before: 55 first cheques, 45 in UK & Ireland, 6 in North America.
  17. 2025
    New regionFirst deal in DACH. Before: 18 first cheques, 15 in North America, 1 in UK & Ireland.
  18. 2025
    Rethink Impact backed AndromedAI at Series A
    New regionFirst deal in Southern Europe. Before: 20 first cheques, 19 in North America, 1 in Benelux & France.
  19. 2025
    Riot Ventures backed Hedges Direct at Series C+
    New regionFirst deal in UK & Ireland. Before: 16 first cheques, 13 in North America, 2 in DACH.
  20. 2025
    New regionFirst deal in Southern Europe. Before: 15 first cheques, 13 in North America, 1 in Nordics.
  21. 2025
    New regionFirst deal in APAC. Before: 15 first cheques, 14 in UK & Ireland, 1 in North America.
  22. 2025
    Science Seed Fund backed Q5D at Series A
    New regionFirst deal in DACH. Before: 15 first cheques, 14 in UK & Ireland, 1 in North America.
  23. 2025
    New regionFirst deal in DACH. Before: 28 first cheques, 28 in Benelux & France.
  24. 2025
    Sorenson Ventures backed Flax at Pre-seed
    New regionFirst deal in CEE. Before: 55 first cheques, 46 in North America, 5 in UK & Ireland.
  25. 2025
    Sozo Ventures backed Kargo Publishing at Series B
    New regionFirst deal in Benelux & France. Before: 31 first cheques, 25 in North America, 2 in APAC.
  26. 2025
    Techstart backed FarmDrive at Pre-seed
    New regionFirst deal in MEA. Before: 24 first cheques, 21 in UK & Ireland, 1 in North America.
    Source
  27. 2025
    Town Hall Ventures backed Marble at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 17 first cheques, 14 in Healthcare & Life Sciences, 2 in Finance & Blockchain.
    New regionFirst deal in APAC. Before: 16 first cheques, 15 in North America, 1 in DACH.
  28. 2025
    Town Hall Ventures backed STHRIVE at Series C+
    New regionFirst deal in MEA. Before: 16 first cheques, 15 in North America, 1 in DACH.
  29. 2025
    Town Hall Ventures backed FHE Group at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 14 in Healthcare & Life Sciences, 2 in Finance & Blockchain.
    New regionFirst deal in Benelux & France. Before: 16 first cheques, 15 in North America, 1 in DACH.
  30. 2025
    Town Hall Ventures backed Strives at Series C+
    New regionFirst deal in CEE. Before: 16 first cheques, 15 in North America, 1 in DACH.
  31. 2025
    Trinity Ventures backed EFD at Series A
    New regionFirst deal in Nordics. Before: 67 first cheques, 56 in North America, 3 in DACH.
  32. 2025
    New regionFirst deal in Southern Europe. Before: 65 first cheques, 54 in Benelux & France, 8 in DACH.
  33. 2025
    Tusk Ventures backed Hypery at Seed
    New regionFirst deal in Nordics. Before: 20 first cheques, 16 in North America, 2 in DACH.
  34. 2025
    UK Govt. Future Fund backed MishiPay at Series A
    New regionFirst deal in Southern Europe. Before: 219 first cheques, 205 in UK & Ireland, 7 in North America.
  35. 2025
    New regionFirst deal in DACH. Before: 219 first cheques, 205 in UK & Ireland, 7 in North America.
  36. 2025
    Ulu Ventures backed TrueMeter at Seed
    New regionFirst deal in DACH. Before: 30 first cheques, 24 in North America, 2 in LATAM.
    Source
  37. 2025
    New regionFirst deal in MEA. Before: 58 first cheques, 49 in North America, 5 in UK & Ireland.
  38. 2025
    New regionFirst deal in DACH. Before: 58 first cheques, 49 in North America, 5 in UK & Ireland.
  39. 2025
    VMG Partners backed Finbar at Seed
    New regionFirst deal in APAC. Before: 17 first cheques, 14 in North America, 1 in UK & Ireland.
  40. 2025
    VMG Partners backed Numalliance at Seed
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 14 in North America, 1 in UK & Ireland.