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 DACH. Before: 16 first cheques, 13 in North America, 1 in UK & Ireland.
  2. 2025
    Cervin Ventures backed Dedem at Series C+
    New regionFirst deal in Southern Europe. Before: 43 first cheques, 36 in North America, 3 in UK & Ireland.
  3. 2025
    Cervin Ventures backed Datumprikker at Series A
    New regionFirst deal in Benelux & France. Before: 43 first cheques, 36 in North America, 3 in UK & Ireland.
  4. 2025
    Chalmers Ventures backed MELT Group at Series A
    New regionFirst deal in Benelux & France. Before: 46 first cheques, 39 in Nordics, 6 in North America.
  5. 2025
    Chalmers Ventures backed MeLoot at Series A
    New regionFirst deal in Benelux & France. Before: 46 first cheques, 39 in Nordics, 6 in North America.
  6. 2025
    Chalmers Ventures backed MELT-Ing GmbH at Series A
    New regionFirst deal in DACH. Before: 46 first cheques, 39 in Nordics, 6 in North America.
  7. 2025
    New regionFirst deal in LATAM. Before: 67 first cheques, 55 in APAC, 9 in North America.
  8. 2025
    Cota Capital backed Sabant at Series A
    New regionFirst deal in CEE. Before: 56 first cheques, 47 in North America, 3 in UK & Ireland.
  9. 2025
    New regionFirst deal in Nordics. Before: 25 first cheques, 22 in North America, 1 in DACH.
  10. 2025
    Crosslink Capital backed BuildVision at Series A
    New regionFirst deal in Southern Europe. Before: 99 first cheques, 91 in North America, 3 in UK & Ireland.
    Source
  11. 2025
    Crosslink Capital backed Argona at Seed
    New regionFirst deal in Benelux & France. Before: 99 first cheques, 91 in North America, 3 in UK & Ireland.
  12. 2025
    Crosslink Capital backed Armory at Series C+
    New regionFirst deal in Benelux & France. Before: 99 first cheques, 91 in North America, 3 in UK & Ireland.
  13. 2025
    Crosslink Capital backed Carbo at Series B
    New regionFirst deal in Benelux & France. Before: 99 first cheques, 91 in North America, 3 in UK & Ireland.
  14. 2025
    New regionFirst deal in LATAM. Before: 99 first cheques, 91 in North America, 3 in UK & Ireland.
  15. 2025
    D11Z Ventures backed Clockin at Series C+
    New regionFirst deal in APAC. Before: 20 first cheques, 18 in DACH, 1 in North America.
    Source
  16. 2025
    DBL Partners backed Fyber at Series A
    New regionFirst deal in DACH. Before: 16 first cheques, 15 in North America, 1 in MEA.
  17. 2025
    eCAPITAL backed Revibe Energy at Series B
    New regionFirst deal in Nordics. Before: 54 first cheques, 47 in DACH, 3 in Southern Europe.
  18. 2025
    eCAPITAL backed Babobab at Series A
    New regionFirst deal in MEA. Before: 54 first cheques, 47 in DACH, 3 in Southern Europe.
  19. 2025
    New regionFirst deal in CEE. Before: 16 first cheques, 13 in North America, 1 in APAC.
  20. 2025
    Flare backed LynxCare at Series A
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 16 in North America, 1 in DACH.
  21. 2025
    Flare backed PeersGroup at Series A
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 16 in North America, 1 in DACH.
  22. 2025
    Flare backed FHE Group at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 19 first cheques, 16 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 16 in North America, 1 in DACH.
  23. 2025
    Forerunner Ventures backed Superpower at Series A
    New regionFirst deal in DACH. Before: 49 first cheques, 40 in North America, 3 in MEA.
  24. 2025
    New regionFirst deal in APAC. Before: 28 first cheques, 23 in UK & Ireland, 2 in North America.
  25. 2025
    Fuse backed MediNav at Seed
    New regionFirst deal in CEE. Before: 35 first cheques, 29 in North America, 2 in APAC.
  26. 2025
    GL Ventures backed ThetaWave AI at Pre-seed
    New regionFirst deal in North America. Before: 18 first cheques, 17 in APAC, 1 in DACH.
  27. 2025
    Harmonix Fund backed Dermasensor at Series B
    New regionFirst deal in DACH. Before: 16 first cheques, 14 in North America, 1 in UK & Ireland.
  28. 2025
    Human Capital backed Iosil at Series A
    New regionFirst deal in Southern Europe. Before: 20 first cheques, 16 in North America, 1 in DACH.
  29. 2025
    Human Capital backed Zipsure at Series A
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 16 in North America, 1 in DACH.
  30. 2025
    IDB Lab backed ISA at Series B
    New regionFirst deal in DACH. Before: 18 first cheques, 17 in LATAM, 1 in Southern Europe.
  31. 2025
    IDG Ventures India backed Zipsure at Series A
    New regionFirst deal in UK & Ireland. Before: 85 first cheques, 76 in APAC, 7 in North America.
  32. 2025
    Industrifonden backed MeLoot at Series A
    New regionFirst deal in Benelux & France. Before: 73 first cheques, 63 in Nordics, 6 in North America.
  33. 2025
    Industrifonden backed MELT Group at Series A
    New regionFirst deal in Benelux & France. Before: 73 first cheques, 63 in Nordics, 6 in North America.
  34. 2025
    IRRUS Investments backed Novus at Seed
    New regionFirst deal in North America. Before: 22 first cheques, 22 in UK & Ireland.
  35. 2025
    Italian Angels backed Bendita at Series A
    New regionFirst deal in LATAM. Before: 38 first cheques, 32 in Southern Europe, 2 in North America.
  36. 2025
    New regionFirst deal in DACH. Before: 24 first cheques, 20 in North America, 2 in UK & Ireland.
  37. 2025
    Jungle Ventures backed Dedem at Series C+
    New regionFirst deal in Southern Europe. Before: 50 first cheques, 41 in APAC, 6 in North America.
  38. 2025
    KAE Capital backed EMI at Series B
    New regionFirst deal in DACH. Before: 27 first cheques, 23 in APAC, 3 in North America.
  39. 2025
    Kalaari Capital backed Modulous at Series A
    New regionFirst deal in UK & Ireland. Before: 58 first cheques, 54 in APAC, 2 in North America.
  40. 2025
    Kalaari Capital backed Mater-AI at Seed
    New regionFirst deal in UK & Ireland. Before: 58 first cheques, 54 in APAC, 2 in North America.