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.

AllNew sectorNew regionEarlier stage2026202520242023202220212020
  1. Dec 16, 2020
    Bm|t backed siOPTICA
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 13 in DACH, 2 in North America.
    Source
  2. Dec 16, 2020
    Redmile backed Neuron Inc at Series B
    New sectorFirst Software & Developer Tools cheque. Before: 19 first cheques, 19 in Healthcare & Life Sciences.
    New regionFirst deal in LATAM. Before: 19 first cheques, 17 in North America, 2 in DACH.
  3. Dec 15, 2020
    Almi Invest backed Boet at Series A
    New regionFirst deal in APAC. Before: 46 first cheques, 41 in Nordics, 3 in DACH.
  4. Dec 8, 2020
    Rheingau Founders backed Jutro Medical at Pre-seed
    New regionFirst deal in CEE. Before: 19 first cheques, 17 in DACH, 1 in Benelux & France.
    Source
  5. Dec 2, 2020
    Innovestor backed PromoRepublic at Seed
    New regionFirst deal in North America. Before: 20 first cheques, 18 in Nordics, 1 in DACH.
    Source
  6. Dec 2020
    2AM Ventures backed Enliven at Series B
    New regionFirst deal in MEA. Before: 17 first cheques, 14 in North America, 1 in UK & Ireland.
  7. Dec 2020
    Edison Partners backed GoHenry at Series B
    New regionFirst deal in UK & Ireland. Before: 16 first cheques, 13 in North America, 1 in DACH.
    Source
  8. Dec 2020
    Emergence Capital backed Dnk at Seed
    New regionFirst deal in APAC. Before: 38 first cheques, 32 in North America, 2 in UK & Ireland.
  9. Dec 2020
    Flybridge Capital Partners backed Dnk at Seed
    New regionFirst deal in APAC. Before: 21 first cheques, 18 in North America, 1 in UK & Ireland.
  10. Dec 2020
    High-Tech Gründerfonds backed Orbex at Series B
    New regionFirst deal in UK & Ireland. Before: 216 first cheques, 184 in DACH, 16 in Benelux & France.
    Source
  11. Dec 2020
    MetaProp backed Dnk at Seed
    New regionFirst deal in APAC. Before: 21 first cheques, 20 in North America, 1 in UK & Ireland.
  12. Dec 2020
    Oxford Sciences Enterprises backed PepGen at Series A
    New regionFirst deal in North America. Before: 24 first cheques, 23 in UK & Ireland, 1 in APAC.
    Source
  13. Dec 2020
    Sting backed Ed.Ai
    New regionFirst deal in Benelux & France. Before: 77 first cheques, 62 in Nordics, 8 in DACH.
  14. Nov 19, 2020
    Casdin Capital backed Aphea.Bio at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 17 in Healthcare & Life Sciences.
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 15 in North America, 1 in UK & Ireland.
  15. Nov 19, 2020
    Comcast Ventures backed ZATAP at Series A
    New regionFirst deal in DACH. Before: 94 first cheques, 82 in North America, 4 in UK & Ireland.
  16. Nov 18, 2020
    Valor Equity Partners backed K Health at Series C+
    New regionFirst deal in MEA. Before: 23 first cheques, 20 in North America, 3 in Benelux & France.
    Source
  17. Nov 5, 2020
    Italian Angels backed FLEEP Technologies at Seed
    New regionFirst deal in Nordics. Before: 22 first cheques, 20 in Southern Europe, 1 in North America.
    Source
  18. Nov 2020
    Charlesbank Capital Partners backed Reef at Series C+
    New regionFirst deal in DACH. Before: 15 first cheques, 14 in North America, 1 in MEA.
  19. Nov 2020
    Crosslink Capital backed RealBlocks at Series A
    New regionFirst deal in UK & Ireland. Before: 32 first cheques, 31 in North America, 1 in DACH.
    Source
  20. Nov 2020
    Next47 backed Zesty.co at Seed
    New regionFirst deal in MEA. Before: 18 first cheques, 16 in North America, 2 in DACH.
  21. Nov 2020
    Par Equity backed Kibosh
    New regionFirst deal in Nordics. Before: 17 first cheques, 14 in UK & Ireland, 3 in North America.
  22. Nov 2020
    Sorenson Ventures backed garden at Seed
    New regionFirst deal in DACH. Before: 20 first cheques, 17 in North America, 1 in APAC.
  23. Oct 21, 2020
    Initialized Capital backed Depict.AI at Seed
    New regionFirst deal in Nordics. Before: 32 first cheques, 26 in North America, 2 in UK & Ireland.
    Source
  24. Oct 2020
    3one4 Capital backed Lumio
    New regionFirst deal in Benelux & France. Before: 16 first cheques, 15 in APAC, 1 in North America.
  25. Oct 2020
    Correlation Ventures backed NextSense at Seed
    New regionFirst deal in APAC. Before: 18 first cheques, 16 in North America, 1 in Benelux & France.
  26. Oct 2020
    Forerunner Ventures backed Fabric at Series A
    New regionFirst deal in UK & Ireland. Before: 16 first cheques, 14 in North America, 1 in Nordics.
  27. Sep 10, 2020
    Flybridge Capital Partners backed Commsor at Seed
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 18 in North America, 1 in MEA.
  28. Sep 2, 2020
    Upfront Ventures backed InfoSum at Series A
    New regionFirst deal in UK & Ireland. Before: 22 first cheques, 20 in North America, 1 in Benelux & France.
    Source
  29. Sep 2020
    Bullpen Capital backed BlueBoard at Series A
    New regionFirst deal in Benelux & France. Before: 28 first cheques, 23 in North America, 4 in UK & Ireland.
    Source
  30. Sep 2020
    Business angels from the SICTIC network backed Antelope Dx at Series B
    New regionFirst deal in Benelux & France. Before: 39 first cheques, 37 in DACH, 1 in North America.
  31. Sep 2020
    Initialized Capital backed Range at Series A
    New regionFirst deal in Benelux & France. Before: 26 first cheques, 22 in North America, 2 in LATAM.
  32. Sep 2020
    S3 Ventures backed Oyster Financial at Seed
    New regionFirst deal in LATAM. Before: 15 first cheques, 14 in North America, 1 in DACH.
  33. Sep 2020
    Version One Ventures backed Range at Series A
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 13 in North America, 1 in UK & Ireland.
  34. Aug 3, 2020
    NexTech Invest backed PMV Pharma at Series C+
    New regionFirst deal in MEA. Before: 23 first cheques, 22 in North America, 1 in DACH.
    Source
  35. Jul 2020
    Maveron backed FitXR at Series A
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 20 in North America.
    Source
  36. Jul 2020
    Maveron backed Oatly at Series C+
    New regionFirst deal in Nordics. Before: 20 first cheques, 20 in North America.
  37. Jun 2020
    5AM Ventures backed Nodthera at Series B
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 16 in North America, 2 in DACH.
    Source
  38. Jun 2020
    Atlantic Labs backed Agro.club at Seed
    New regionFirst deal in North America. Before: 25 first cheques, 21 in DACH, 2 in Benelux & France.
  39. Jun 2020
    eCAPITAL backed CounterCraft at Seed
    New regionFirst deal in Southern Europe. Before: 32 first cheques, 29 in DACH, 1 in North America.
    Source
  40. Jun 2020
    Flagship Pioneering backed Sana Labs at Series A
    New regionFirst deal in Nordics. Before: 19 first cheques, 17 in North America, 2 in APAC.