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 14, 2022
    British Patient Capital backed Pragmatic at Series C+
    New regionFirst deal in North America. Before: 15 first cheques, 13 in UK & Ireland, 1 in APAC.
    Source
  2. Dec 14, 2022
    Navitas Capital backed Oda at Seed
    New regionFirst deal in Nordics. Before: 19 first cheques, 17 in North America, 1 in UK & Ireland.
  3. Dec 6, 2022
    CV VC backed Leto at Seed
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 15 in DACH, 1 in North America.
  4. Dec 5, 2022
    Garage Capital backed Lancey at Seed
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 14 in North America, 2 in DACH.
    Source
  5. Dec 5, 2022
    Panache Ventures backed Lancey at Seed
    New regionFirst deal in Benelux & France. Before: 30 first cheques, 28 in North America, 1 in UK & Ireland.
    Source
  6. Dec 2022
    Anzu Partners backed Arduino at Series B
    New regionFirst deal in Southern Europe. Before: 27 first cheques, 25 in North America, 2 in APAC.
  7. Dec 2022
    Bonfire Ventures backed Operative Intelligence at Seed
    New regionFirst deal in MEA. Before: 44 first cheques, 38 in North America, 4 in Benelux & France.
  8. Dec 2022
    Inovia Capital backed commercebear at Seed
    New regionFirst deal in DACH. Before: 53 first cheques, 46 in North America, 4 in UK & Ireland.
    Source
  9. Dec 2022
    Inovia Capital backed vital at Series B
    New regionFirst deal in DACH. Before: 53 first cheques, 46 in North America, 4 in UK & Ireland.
  10. Dec 2022
    Resolute Ventures backed .lumen at Series C+
    New regionFirst deal in CEE. Before: 37 first cheques, 34 in North America, 2 in MEA.
  11. Nov 28, 2022
    Radical Ventures backed V7 at Series A
    New regionFirst deal in UK & Ireland. Before: 17 first cheques, 14 in North America, 2 in MEA.
    Source
  12. Nov 4, 2022
    Bling Capital backed Tagado at Seed
    New regionFirst deal in MEA. Before: 45 first cheques, 40 in North America, 2 in UK & Ireland.
  13. Nov 2022
    BOLD Capital Partners backed Bionaut Labs at Series B
    New regionFirst deal in Benelux & France. Before: 20 first cheques, 20 in North America.
    Source
  14. Nov 2022
    High-Tech Gründerfonds backed UrbanSolutions at Seed
    New regionFirst deal in APAC. Before: 301 first cheques, 256 in DACH, 19 in Benelux & France.
  15. Nov 2022
    Pontifax AgTech backed Agriconomie at Series B
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 13 in North America, 1 in UK & Ireland.
    Source
  16. Nov 2022
    Tesi backed VoltAero at Series B
    New regionFirst deal in Benelux & France. Before: 47 first cheques, 40 in Nordics, 3 in CEE.
    Source
  17. Oct 27, 2022
    TTV Capital backed Onward at Series A
    New regionFirst deal in APAC. Before: 27 first cheques, 22 in North America, 1 in UK & Ireland.
  18. Oct 10, 2022
    Chiratae Ventures backed Aritum at Seed
    New regionFirst deal in Southern Europe. Before: 45 first cheques, 37 in APAC, 7 in North America.
  19. Oct 2022
    Calculus Capital backed Oé at Series A
    New regionFirst deal in Benelux & France. Before: 26 first cheques, 23 in UK & Ireland, 3 in North America.
  20. Oct 2022
    Congruent Ventures backed Planet FWD at Series A
    New regionFirst deal in Benelux & France. Before: 18 first cheques, 17 in North America, 1 in DACH.
    Source
  21. Oct 2022
    Equity Gap backed Oé at Series A
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 16 in UK & Ireland, 1 in North America.
  22. Oct 2022
    Gaingels backed Vermut at Seed
    New regionFirst deal in Southern Europe. Before: 120 first cheques, 97 in North America, 8 in APAC.
    Source
  23. Oct 2022
    NextGen Venture Partners backed Utrechts Moveshelf at Seed
    New regionFirst deal in Benelux & France. Before: 25 first cheques, 20 in North America, 3 in APAC.
  24. Oct 2022
    Voima Ventures backed thtRobotics at Pre-seed
    New regionFirst deal in North America. Before: 27 first cheques, 23 in Nordics, 2 in DACH.
  25. Sep 29, 2022
    Remarkable Ventures backed Tongo at Seed
    New regionFirst deal in MEA. Before: 21 first cheques, 19 in North America, 1 in DACH.
    Source
  26. Sep 28, 2022
    Business angels from the SICTIC network backed Taskbase at Pre-seed
    New regionFirst deal in MEA. Before: 120 first cheques, 114 in DACH, 3 in North America.
    Source
  27. Sep 20, 2022
    APX backed NeuralSpace at Seed
    New regionFirst deal in UK & Ireland. Before: 18 first cheques, 16 in DACH, 1 in APAC.
    Source
  28. Sep 7, 2022
    NewView Capital backed ClearMotion at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 7 in Software & Developer Tools, 5 in Finance & Blockchain.
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 13 in North America, 2 in APAC.
    Source
  29. Sep 2022
    Blackhorn Ventures backed Modulous at Series A
    New regionFirst deal in UK & Ireland. Before: 25 first cheques, 21 in North America, 2 in LATAM.
    Source
  30. Sep 2022
    Clearlake Capital Group backed AMCS
    New regionFirst deal in UK & Ireland. Before: 26 first cheques, 24 in North America, 1 in APAC.
  31. Sep 2022
    Founder Collective backed Pagaleve at Series A
    New regionFirst deal in LATAM. Before: 68 first cheques, 56 in North America, 4 in UK & Ireland.
    Source
  32. Sep 2022
    Gresham House Ventures backed Focalpoint Gps at Series C+
    New regionFirst deal in North America. Before: 20 first cheques, 19 in UK & Ireland, 1 in CEE.
  33. Aug 9, 2022
    Austin Ventures backed Agere at Seed
    New regionFirst deal in CEE. Before: 20 first cheques, 20 in North America.
  34. Aug 2022
    Advisors Fund backed dr.consulta at Series C+
    New regionFirst deal in LATAM. Before: 25 first cheques, 20 in North America, 2 in MEA.
  35. Aug 2022
    Georgian backed Savana at Series A
    New regionFirst deal in Southern Europe. Before: 36 first cheques, 30 in North America, 2 in UK & Ireland.
  36. Aug 2022
    Italian Angels backed Deliveristo at Series B
    New regionFirst deal in DACH. Before: 27 first cheques, 23 in Southern Europe, 2 in UK & Ireland.
    Source
  37. Aug 2022
    MaC Venture Capital backed MEDU Protection at Seed
    New regionFirst deal in LATAM. Before: 64 first cheques, 54 in North America, 3 in DACH.
    Source
  38. Aug 2022
    Rethink Capital Partners backed Roleshare at Seed
    New sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 14 in North America, 1 in LATAM.
    Source
  39. Aug 2022
    Sequoia Capital China backed Dianxiaomi at Series C+
    New regionFirst deal in UK & Ireland. Before: 62 first cheques, 53 in APAC, 6 in North America.
    Source
  40. Jul 11, 2022
    Sabadell Venture Capital backed Caravelo at Series A
    New regionFirst deal in UK & Ireland. Before: 16 first cheques, 15 in Southern Europe, 1 in Benelux & France.
    Source