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. Dec 31, 2025
    Work-Bench backed Lira AI at Seed
    New regionFirst deal in MEA. Before: 20 first cheques, 17 in North America, 1 in UK & Ireland.
  2. Dec 2025
    Flare backed Speed at Seed
    New sectorFirst Commerce & Marketing cheque. Before: 28 first cheques, 21 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
    New regionFirst deal in MEA. Before: 24 first cheques, 20 in North America, 3 in Benelux & France.
  3. Dec 2025
    Florida Funders backed FlexAI at Series B
    New regionFirst deal in Benelux & France. Before: 16 first cheques, 16 in North America.
  4. Dec 2025
    Cressey Ventures backed Speed at Seed
    New regionFirst deal in MEA. Before: 17 first cheques, 15 in North America, 1 in APAC.
  5. Dec 2025
    New regionFirst deal in Southern Europe. Before: 18 first cheques, 17 in DACH, 1 in Benelux & France.
  6. Dec 2025
    Helion Venture Partners backed MoEngage at Series C+
    New regionFirst deal in North America. Before: 15 first cheques, 14 in APAC, 1 in UK & Ireland.
    Source
  7. Dec 2025
    Jackson Square Ventures backed Artera at Series C+
    New regionFirst deal in Benelux & France. Before: 38 first cheques, 34 in North America, 1 in UK & Ireland.
    Source
  8. Dec 2025
    Sterling Partners backed Radial at Series A
    New regionFirst deal in UK & Ireland. Before: 16 first cheques, 15 in North America, 1 in DACH.
  9. Nov 27, 2025
    Encomenda backed Uxia at Pre-seed
    New regionFirst deal in Benelux & France. Before: 27 first cheques, 24 in Southern Europe, 3 in DACH.
    Source
  10. Nov 2025
    New regionFirst deal in DACH. Before: 15 first cheques, 14 in North America, 1 in UK & Ireland.
  11. Nov 2025
    Anges Québec backed PemPem at Series A
    New regionFirst deal in APAC. Before: 20 first cheques, 17 in North America, 1 in DACH.
  12. Nov 2025
    Anicut Capital backed Protouch at Series A
    New regionFirst deal in Benelux & France. Before: 21 first cheques, 20 in APAC, 1 in North America.
    Source
  13. Nov 2025
    Jackson Square Ventures backed GitLaw at Pre-seed
    New regionFirst deal in UK & Ireland. Before: 37 first cheques, 34 in North America, 1 in DACH.
    Source
  14. Nov 2025
    Top Tier Capital backed Rebellions at Series C+
    New regionFirst deal in APAC. Before: 20 first cheques, 16 in North America, 2 in DACH.
    Source
  15. Nov 2025
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 12 in North America, 1 in DACH.
  16. Oct 30, 2025
    S3 Ventures backed Monopulse at Series A
    New regionFirst deal in Nordics. Before: 41 first cheques, 35 in North America, 3 in DACH.
    Source
  17. Oct 22, 2025
    EquityPitcher backed Enzo at Seed
    New regionFirst deal in Southern Europe. Before: 23 first cheques, 19 in DACH, 2 in North America.
    Source
  18. Oct 17, 2025
    New regionFirst deal in Southern Europe. Before: 25 first cheques, 20 in North America, 2 in UK & Ireland.
  19. Oct 13, 2025
    New regionFirst deal in MEA. Before: 40 first cheques, 35 in LATAM, 2 in North America.
  20. Oct 9, 2025
    Cowboy Ventures backed Kernel at Series B
    New regionFirst deal in UK & Ireland. Before: 27 first cheques, 22 in North America, 3 in DACH.
  21. Oct 2025
    New regionFirst deal in Nordics. Before: 37 first cheques, 31 in North America, 3 in UK & Ireland.
  22. Oct 2025
    Baseline Ventures backed Lette AI at Pre-seed
    New regionFirst deal in DACH. Before: 15 first cheques, 12 in North America, 2 in APAC.
  23. Oct 2025
    Builders VC backed Builders at Seed
    New regionFirst deal in MEA. Before: 29 first cheques, 24 in North America, 2 in UK & Ireland.
  24. Oct 2025
    New regionFirst deal in Southern Europe. Before: 26 first cheques, 22 in North America, 2 in UK & Ireland.
  25. Oct 2025
    New sectorFirst Industry & Hardware cheque. Before: 21 first cheques, 17 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    New regionFirst deal in DACH. Before: 20 first cheques, 17 in North America, 1 in UK & Ireland.
  26. Oct 2025
    Construct Capital backed Vammo at Series B
    New regionFirst deal in DACH. Before: 18 first cheques, 15 in North America, 1 in UK & Ireland.
    Source
  27. Oct 2025
    New regionFirst deal in Nordics. Before: 40 first cheques, 37 in North America, 1 in UK & Ireland.
  28. Oct 2025
    New regionFirst deal in DACH. Before: 83 first cheques, 72 in UK & Ireland, 8 in North America.
    Source
  29. Oct 2025
    New regionFirst deal in DACH. Before: 51 first cheques, 43 in North America, 3 in UK & Ireland.
  30. Oct 2025
    Surveyor Capital backed Adcytherix at Series A
    New regionFirst deal in APAC. Before: 35 first cheques, 29 in North America, 2 in DACH.
    Source
  31. Sep 26, 2025
    STV backed Onclarity
    New regionFirst deal in North America. Before: 19 first cheques, 19 in MEA.
  32. Sep 9, 2025
    Almi Invest backed Yangi at Series A
    New regionFirst deal in MEA. Before: 98 first cheques, 86 in Nordics, 6 in DACH.
    Source
  33. Sep 9, 2025
    Industrifonden backed Yangi at Series A
    New regionFirst deal in MEA. Before: 89 first cheques, 75 in Nordics, 7 in North America.
    Source
  34. Sep 2025
    Bloc Ventures backed Astradyne at Seed
    New regionFirst deal in Southern Europe. Before: 15 first cheques, 12 in UK & Ireland, 1 in North America.
  35. Sep 2025
    Gimic Ventures backed Mevaldi at Seed
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 17 in DACH.
  36. Sep 2025
    New regionFirst deal in APAC. Before: 24 first cheques, 22 in North America, 1 in Benelux & France.
  37. Sep 2025
    Super Angels backed Pactos at Pre-seed
    New regionFirst deal in LATAM. Before: 18 first cheques, 15 in DACH, 1 in UK & Ireland.
    Source
  38. Aug 19, 2025
    IA Capital Group backed Testudo at Seed
    New regionFirst deal in Southern Europe. Before: 36 first cheques, 29 in North America, 2 in UK & Ireland.
  39. Aug 18, 2025
    Argonautic Ventures backed Haibrid
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 16 in North America, 3 in DACH.
  40. Aug 7, 2025
    M13 backed Kontext at Seed
    New regionFirst deal in CEE. Before: 25 first cheques, 20 in North America, 3 in Nordics.
    Source