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. Sep 2025
    Bloc Ventures backed Astradyne at Seed
    New regionFirst deal in Southern Europe. Before: 15 first cheques, 12 in UK & Ireland, 1 in North America.
  2. Sep 2025
    Gimic Ventures backed Mevaldi at Seed
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 17 in DACH.
  3. Sep 2025
    New regionFirst deal in APAC. Before: 24 first cheques, 22 in North America, 1 in Benelux & France.
  4. Sep 2025
    Super Angels backed Pactos at Pre-seed
    New regionFirst deal in LATAM. Before: 18 first cheques, 15 in DACH, 1 in UK & Ireland.
    Source
  5. Aug 19, 2025
    IA Capital Group backed Testudo at Seed
    New regionFirst deal in Southern Europe. Before: 36 first cheques, 29 in North America, 2 in UK & Ireland.
  6. Aug 18, 2025
    Argonautic Ventures backed Haibrid
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 16 in North America, 3 in DACH.
  7. Aug 7, 2025
    M13 backed Kontext at Seed
    New regionFirst deal in CEE. Before: 25 first cheques, 20 in North America, 3 in Nordics.
    Source
  8. Aug 7, 2025
    Torch Capital backed Kontext at Seed
    New regionFirst deal in CEE. Before: 21 first cheques, 17 in North America, 1 in UK & Ireland.
    Source
  9. Aug 2025
    Bandon Partners backed Hyphen at Series B
    New regionFirst deal in Nordics. Before: 15 first cheques, 15 in North America.
  10. Aug 2025
    New regionFirst deal in LATAM. Before: 52 first cheques, 48 in DACH, 3 in North America.
  11. Aug 2025
    New regionFirst deal in APAC. Before: 39 first cheques, 32 in UK & Ireland, 6 in North America.
  12. Aug 2025
    New regionFirst deal in APAC. Before: 39 first cheques, 32 in UK & Ireland, 6 in North America.
    Source
  13. Aug 2025
    New regionFirst deal in APAC. Before: 39 first cheques, 37 in North America, 1 in UK & Ireland.
  14. Aug 2025
    Vensana Capital backed Luna at Series B
    New regionFirst deal in UK & Ireland. Before: 17 first cheques, 14 in North America, 1 in Benelux & France.
  15. Jul 23, 2025
    New regionFirst deal in APAC. Before: 35 first cheques, 29 in North America, 3 in Benelux & France.
  16. Jul 16, 2025
    D11Z Ventures backed Whisper at Pre-seed
    New regionFirst deal in Benelux & France. Before: 26 first cheques, 23 in DACH, 1 in North America.
    Source
  17. Jul 8, 2025
    New regionFirst deal in Benelux & France. Before: 22 first cheques, 20 in North America, 1 in DACH.
  18. Jul 2025
    BOLD Capital Partners backed Aqtual at Series B
    New regionFirst deal in UK & Ireland. Before: 35 first cheques, 33 in North America, 1 in DACH.
  19. Jul 2025
    New regionFirst deal in North America. Before: 36 first cheques, 32 in Southern Europe, 2 in DACH.
  20. Jul 2025
    New regionFirst deal in DACH. Before: 47 first cheques, 39 in North America, 6 in UK & Ireland.
  21. Jul 2025
    New regionFirst deal in North America. Before: 19 first cheques, 18 in Nordics, 1 in Benelux & France.
  22. Jul 2025
    Luminar Ventures backed Opper AI at Pre-seed
    New regionFirst deal in Benelux & France. Before: 39 first cheques, 32 in Nordics, 4 in North America.
    Source
  23. Jul 2025
    MicroVentures backed Karma at Series B
    New regionFirst deal in Nordics. Before: 22 first cheques, 18 in North America, 1 in DACH.
  24. Jul 2025
    New regionFirst deal in CEE. Before: 84 first cheques, 71 in North America, 4 in APAC.
  25. Jul 2025
    New regionFirst deal in UK & Ireland. Before: 21 first cheques, 19 in North America, 1 in DACH.
  26. Jun 25, 2025
    Lanai Partners backed 8Layers at Seed
    New regionFirst deal in APAC. Before: 16 first cheques, 15 in Southern Europe, 1 in North America.
    Source
  27. Jun 18, 2025
    New regionFirst deal in Nordics. Before: 46 first cheques, 39 in Benelux & France, 2 in North America.
    Source
  28. Jun 12, 2025
    Hanse Ventures backed DealCircle at Seed
    New regionFirst deal in North America. Before: 16 first cheques, 16 in DACH.
    Source
  29. Jun 2025
    New regionFirst deal in LATAM. Before: 114 first cheques, 94 in Nordics, 9 in North America.
  30. Jun 2025
    Matrix Partners China backed Guazi at Series C+
    New regionFirst deal in UK & Ireland. Before: 22 first cheques, 19 in APAC, 3 in North America.
  31. May 28, 2025
    Builders VC backed Calice at Seed
    New regionFirst deal in Benelux & France. Before: 28 first cheques, 24 in North America, 2 in UK & Ireland.
  32. May 27, 2025
    A91 Partners backed Citykart at Series C+
    New regionFirst deal in Benelux & France. Before: 25 first cheques, 22 in APAC, 2 in North America.
    Source
  33. May 2, 2025
    New regionFirst deal in UK & Ireland. Before: 34 first cheques, 29 in North America, 3 in Benelux & France.
  34. May 2025
    Able Partners backed Liftoff at Series C+
    New regionFirst deal in DACH. Before: 28 first cheques, 24 in North America, 2 in UK & Ireland.
  35. May 2025
    New regionFirst deal in APAC. Before: 28 first cheques, 25 in North America, 2 in UK & Ireland.
  36. Apr 30, 2025
    Scout Ventures backed PiLogic at Seed
    New regionFirst deal in Southern Europe. Before: 29 first cheques, 25 in North America, 2 in APAC.
    Source
  37. Apr 2025
    Anaxago backed Lady Green at Seed
    New regionFirst deal in Southern Europe. Before: 27 first cheques, 25 in Benelux & France, 1 in North America.
  38. Apr 2025
    New regionFirst deal in Southern Europe. Before: 60 first cheques, 48 in North America, 4 in Benelux & France.
  39. Apr 2025
    New regionFirst deal in DACH. Before: 46 first cheques, 45 in Benelux & France, 1 in North America.
  40. Apr 2025
    Venture Catalysts backed Evenflow at Series A
    New regionFirst deal in Benelux & France. Before: 40 first cheques, 34 in APAC, 5 in North America.
    Source