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. 2026
    Threshold Ventures backed Hence at Seed
    New regionFirst deal in UK & Ireland. Before: 40 first cheques, 32 in North America, 3 in DACH.
  2. 2026
    New regionFirst deal in Benelux & France. Before: 277 first cheques, 257 in UK & Ireland, 10 in North America.
  3. 2026
    Venture Stars backed Rgoods at Series A
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 13 in DACH, 2 in North America.
  4. 2026
    Venture Stars backed Freshflow at Series A
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 13 in DACH, 2 in North America.
    Source
  5. 2026
    Venture Stars backed Shelvz at Series A
    New regionFirst deal in MEA. Before: 15 first cheques, 13 in DACH, 2 in North America.
  6. 2026
    Work-Bench backed COURSIER.FR at Series C+
    New regionFirst deal in Benelux & France. Before: 21 first cheques, 17 in North America, 1 in UK & Ireland.
  7. 2026
    YourNest backed Imhotex Limited at Series A
    New regionFirst deal in UK & Ireland. Before: 23 first cheques, 21 in APAC, 1 in North America.