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
    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.
  2. 2025
    New regionFirst deal in DACH. Before: 219 first cheques, 205 in UK & Ireland, 7 in North America.
  3. 2025
    Ulu Ventures backed TrueMeter at Seed
    New regionFirst deal in DACH. Before: 30 first cheques, 24 in North America, 2 in LATAM.
    Source
  4. 2025
    New regionFirst deal in DACH. Before: 58 first cheques, 49 in North America, 5 in UK & Ireland.
  5. 2025
    New regionFirst deal in MEA. Before: 58 first cheques, 49 in North America, 5 in UK & Ireland.
  6. 2025
    VMG Partners backed Finbar at Seed
    New regionFirst deal in APAC. Before: 17 first cheques, 14 in North America, 1 in UK & Ireland.
  7. 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.
  8. 2025
    Westwave Capital backed PPTL at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 22 first cheques, 16 in Software & Developer Tools, 3 in Finance & Blockchain.
    New regionFirst deal in DACH. Before: 22 first cheques, 20 in North America, 1 in UK & Ireland.
  9. 2025
    Westwave Capital backed Savant Labs at Series A
    New regionFirst deal in MEA. Before: 22 first cheques, 20 in North America, 1 in UK & Ireland.
    Source
  10. Dec 18, 2024
    Luminar Ventures backed Corsmed at Seed
    New regionFirst deal in UK & Ireland. Before: 31 first cheques, 26 in Nordics, 3 in North America.
    Source
  11. Dec 18, 2024
    Sting backed Minosia at Seed
    New regionFirst deal in APAC. Before: 202 first cheques, 166 in Nordics, 16 in DACH.
  12. Dec 17, 2024
    100X.VC backed Ava at Series A
    New regionFirst deal in Benelux & France. Before: 53 first cheques, 44 in APAC, 5 in North America.
  13. Dec 2024
    BOLD Capital Partners backed Liquid AI at Series A
    New regionFirst deal in DACH. Before: 32 first cheques, 31 in North America, 1 in Benelux & France.
  14. Dec 2024
    New regionFirst deal in Southern Europe. Before: 17 first cheques, 14 in LATAM, 1 in North America.
    Source
  15. Dec 2024
    MSU Research Foundation backed Tandem at Series A
    New regionFirst deal in DACH. Before: 28 first cheques, 27 in North America, 1 in UK & Ireland.
  16. Dec 2024
    Mucker Capital backed HANDL at Seed
    New regionFirst deal in UK & Ireland. Before: 73 first cheques, 63 in North America, 3 in APAC.
  17. Nov 7, 2024
    New regionFirst deal in APAC. Before: 15 first cheques, 12 in North America, 1 in UK & Ireland.
  18. Nov 2, 2024
    Lightbox Ventures backed Amaha at Series A
    New regionFirst deal in North America. Before: 18 first cheques, 16 in APAC, 1 in UK & Ireland.
    Source
  19. Nov 2024
    FINTOP Capital backed CARDO AI s.r.l at Series A
    New regionFirst deal in DACH. Before: 22 first cheques, 19 in North America, 2 in UK & Ireland.
  20. Nov 2024
    Logos Capital backed ADCENDO at Series B
    New regionFirst deal in Nordics. Before: 37 first cheques, 30 in North America, 2 in UK & Ireland.
    Source
  21. Nov 2024
    Surveyor Capital backed ADCENDO at Series B
    New regionFirst deal in Nordics. Before: 30 first cheques, 27 in North America, 1 in UK & Ireland.
    Source
  22. Oct 14, 2024
    BonVenture backed ViViRA at Series B
    New regionFirst deal in Southern Europe. Before: 15 first cheques, 15 in DACH.
  23. Oct 7, 2024
    RunwayFBU backed Sonair at Series C+
    New regionFirst deal in North America. Before: 15 first cheques, 12 in Nordics, 2 in DACH.
    Source
  24. Oct 2024
    Align Capital backed Scout at Pre-seed
    New regionFirst deal in UK & Ireland. Before: 16 first cheques, 14 in North America, 1 in DACH.
  25. Oct 2024
    Arboretum Ventures backed Orasis at Series C+
    New regionFirst deal in MEA. Before: 31 first cheques, 29 in North America, 1 in Benelux & France.
    Source
  26. Oct 2024
    New regionFirst deal in Southern Europe. Before: 29 first cheques, 27 in Benelux & France, 1 in North America.
  27. Oct 2024
    Gateway Ventures backed Healthcaters at Pre-seed
    New regionFirst deal in Nordics. Before: 43 first cheques, 37 in DACH, 2 in North America.
  28. Oct 2024
    New regionFirst deal in UK & Ireland. Before: 30 first cheques, 30 in North America.
  29. Sep 30, 2024
    Miton backed GTE at Pre-seed
    New regionFirst deal in Benelux & France. Before: 49 first cheques, 43 in CEE, 3 in UK & Ireland.
  30. Sep 30, 2024
    New regionFirst deal in UK & Ireland. Before: 29 first cheques, 28 in DACH, 1 in Benelux & France.
    Source
  31. Sep 2024
    Anzu Partners backed Partium at Series A
    New regionFirst deal in DACH. Before: 42 first cheques, 36 in North America, 3 in APAC.
  32. Sep 2024
    Entrepreneur Venture backed Spicewell at Pre-seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 19 first cheques, 15 in Software & Developer Tools, 3 in Commerce & Marketing.
    New regionFirst deal in North America. Before: 19 first cheques, 17 in Benelux & France, 1 in DACH.
  33. Sep 2024
    Westwave Capital backed Eion at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 16 in Software & Developer Tools, 3 in Finance & Blockchain.
    New regionFirst deal in UK & Ireland. Before: 21 first cheques, 20 in North America, 1 in APAC.
  34. Aug 9, 2024
    Aonia Ventures backed Branch Energy at Series A
    New regionFirst deal in North America. Before: 15 first cheques, 13 in Benelux & France, 1 in APAC.
  35. Aug 2024
    Bpifrance backed UP&Charge at Seed
    New regionFirst deal in LATAM. Before: 453 first cheques, 394 in Benelux & France, 22 in North America.
    Source
  36. Aug 2024
    EIFO backed Contribe at Pre-seed
    New regionFirst deal in CEE. Before: 23 first cheques, 19 in Nordics, 3 in North America.
    Source
  37. Jul 29, 2024
    New regionFirst deal in LATAM. Before: 23 first cheques, 19 in Southern Europe, 2 in CEE.
    Source
  38. Jul 2024
    New regionFirst deal in Nordics. Before: 75 first cheques, 62 in UK & Ireland, 7 in North America.
  39. Jun 24, 2024
    New regionFirst deal in DACH. Before: 25 first cheques, 22 in APAC, 3 in North America.
    Source
  40. Jun 19, 2024
    Everywhere Ventures backed Donna at Pre-seed
    New regionFirst deal in DACH. Before: 16 first cheques, 13 in North America, 1 in UK & Ireland.
    Source