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 15, 2023
    Venture Kick backed Planeto at Pre-seed
    New regionFirst deal in LATAM. Before: 26 first cheques, 22 in DACH, 1 in North America.
    Source
  2. Dec 12, 2023
    Apple Tree Partners backed Adendra
    New regionFirst deal in UK & Ireland. Before: 17 first cheques, 17 in North America.
  3. Dec 2023
    3one4 Capital backed Exponent Energy at Series B
    New regionFirst deal in DACH. Before: 40 first cheques, 34 in APAC, 4 in North America.
    Source
  4. Dec 2023
    Sapphire Ventures backed Sana Labs at Series B
    New regionFirst deal in Nordics. Before: 97 first cheques, 78 in North America, 7 in UK & Ireland.
    Source
  5. Dec 2023
    Upfront Ventures backed OurSky at Seed
    New regionFirst deal in APAC. Before: 55 first cheques, 46 in North America, 3 in UK & Ireland.
    Source
  6. Dec 2023
    YourNest backed Exponent Energy at Series B
    New regionFirst deal in DACH. Before: 18 first cheques, 17 in APAC, 1 in North America.
    Source
  7. Nov 22, 2023
    Flagship Pioneering backed Quotient Therapeutics at Seed
    New regionFirst deal in UK & Ireland. Before: 42 first cheques, 38 in North America, 2 in APAC.
  8. Nov 16, 2023
    9Yards Capital backed Crisp at Series C+
    New regionFirst deal in Benelux & France. Before: 56 first cheques, 45 in North America, 4 in UK & Ireland.
  9. Nov 2023
    4DX Ventures backed Almé at Seed
    New regionFirst deal in Benelux & France. Before: 22 first cheques, 19 in MEA, 1 in North America.
  10. Nov 2023
    Catalio Capital Management backed RefleXion at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 42 first cheques, 31 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
    New regionFirst deal in APAC. Before: 41 first cheques, 33 in North America, 3 in UK & Ireland.
  11. Nov 2023
    Companisto backed Smart City Networks at Pre-seed
    New regionFirst deal in North America. Before: 50 first cheques, 45 in DACH, 2 in Benelux & France.
  12. Nov 2023
    Data Collective DCVC backed Enzyme at Seed
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 17 in North America, 2 in APAC.
  13. Nov 2023
    First Round Capital backed Almé at Seed
    New regionFirst deal in Benelux & France. Before: 84 first cheques, 69 in North America, 5 in DACH.
  14. Nov 2023
    Otium Capital backed Ensol at Seed
    New regionFirst deal in LATAM. Before: 25 first cheques, 21 in Benelux & France, 3 in Southern Europe.
    Source
  15. Nov 2023
    Par Equity backed Nova Pangaea Technologies (NPT)
    New regionFirst deal in CEE. Before: 42 first cheques, 36 in UK & Ireland, 4 in North America.
  16. Nov 2023
    Primo Capital backed Qomodo at Pre-seed
    New regionFirst deal in UK & Ireland. Before: 17 first cheques, 15 in Southern Europe, 1 in North America.
  17. Nov 2023
    Scottish Equity Partners backed Braincube at Series B
    New regionFirst deal in Benelux & France. Before: 22 first cheques, 18 in UK & Ireland, 2 in North America.
    Source
  18. Nov 2023
    SFC Capital backed Magic ID at Pre-seed
    New regionFirst deal in APAC. Before: 256 first cheques, 237 in UK & Ireland, 9 in North America.
  19. Nov 2023
    Volition Capital backed Mozaic at Series A
    New regionFirst deal in MEA. Before: 35 first cheques, 30 in North America, 1 in UK & Ireland.
    Source
  20. Oct 23, 2023
    Venture Kick backed ascento at Pre-seed
    New regionFirst deal in UK & Ireland. Before: 25 first cheques, 22 in DACH, 1 in North America.
    Source
  21. Oct 18, 2023
    Neotribe Ventures backed Auquan at Seed
    New regionFirst deal in APAC. Before: 27 first cheques, 23 in North America, 2 in DACH.
    Source
  22. Oct 2023
    Companisto backed UV Energy at Pre-seed
    New regionFirst deal in APAC. Before: 47 first cheques, 43 in DACH, 2 in Benelux & France.
  23. Oct 2023
    GreatPoint Ventures backed Harmonic at Seed
    New regionFirst deal in DACH. Before: 30 first cheques, 24 in North America, 5 in MEA.
  24. Oct 2023
    Serena Capital backed Carbonfarm Technology at Seed
    New regionFirst deal in APAC. Before: 66 first cheques, 54 in Benelux & France, 6 in North America.
    Source
  25. Oct 2023
    Turenne Capital backed Nexus at Series B
    New regionFirst deal in UK & Ireland. Before: 49 first cheques, 42 in Benelux & France, 5 in DACH.
  26. Sep 5, 2023
    UK Innovation & Science backed Opna at Seed
    New regionFirst deal in APAC. Before: 19 first cheques, 16 in UK & Ireland, 1 in North America.
  27. Sep 5, 2023
    Westtech Ventures backed Opna at Seed
    New regionFirst deal in APAC. Before: 17 first cheques, 15 in DACH, 2 in North America.
  28. Sep 2023
    ACF Investors backed Oneid at Seed
    New regionFirst deal in North America. Before: 45 first cheques, 43 in UK & Ireland, 1 in DACH.
    Source
  29. Sep 2023
    Aquiti backed Field at Seed
    New regionFirst deal in UK & Ireland. Before: 40 first cheques, 39 in Benelux & France, 1 in DACH.
  30. Sep 2023
    PreSeed Ventures backed Woba
    New regionFirst deal in LATAM. Before: 22 first cheques, 18 in Nordics, 1 in North America.
    Source
  31. Sep 2023
    Sting backed Quack at Seed
    New regionFirst deal in MEA. Before: 169 first cheques, 139 in Nordics, 14 in DACH.
  32. Aug 30, 2023
    Chalmers Ventures backed AquaFood at Pre-seed
    New regionFirst deal in UK & Ireland. Before: 38 first cheques, 33 in Nordics, 5 in North America.
  33. Aug 17, 2023
    Spicehaus Partners backed Tinamu at Pre-seed
    New regionFirst deal in CEE. Before: 18 first cheques, 16 in DACH, 2 in North America.
  34. Aug 2, 2023
    Resolute Ventures backed Forecast at Seed
    New regionFirst deal in UK & Ireland. Before: 43 first cheques, 39 in North America, 2 in MEA.
  35. Aug 2023
    BaltCap backed IGLU at Series C+
    New regionFirst deal in APAC. Before: 34 first cheques, 28 in CEE, 1 in UK & Ireland.
  36. Aug 2023
    Playground Global backed Phasecraft at Series A
    New regionFirst deal in UK & Ireland. Before: 27 first cheques, 22 in North America, 2 in MEA.
    Source
  37. Jul 17, 2023
    ACF Investors backed Huq at Series A
    New regionFirst deal in APAC. Before: 44 first cheques, 43 in UK & Ireland, 1 in DACH.
  38. Jul 17, 2023
    Avidity Partners backed OrganOx Limited at Series C+
    New regionFirst deal in UK & Ireland. Before: 21 first cheques, 19 in North America, 1 in Benelux & France.
  39. Jul 2023
    Blackhorn Ventures backed ecoworks
    New regionFirst deal in DACH. Before: 30 first cheques, 25 in North America, 2 in LATAM.
    Source
  40. Jul 2023
    Chiratae Ventures backed Nexus Global Ventures at Series B
    New regionFirst deal in MEA. Before: 52 first cheques, 43 in APAC, 7 in North America.