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. Oct 9, 2026
    New regionFirst deal in MEA. Before: 137 first cheques, 111 in North America, 11 in UK & Ireland.
  2. Oct 8, 2026
    New regionFirst deal in Benelux & France. Before: 23 first cheques, 19 in APAC, 3 in North America.
  3. Oct 2026
    New regionFirst deal in CEE. Before: 62 first cheques, 52 in North America, 6 in UK & Ireland.
    Source
  4. Oct 2026
    New regionFirst deal in DACH. Before: 20 first cheques, 19 in North America, 1 in UK & Ireland.
    Source
  5. Oct 2026
    Oregon Venture Fund backed UniSieve at Series A
    New regionFirst deal in DACH. Before: 23 first cheques, 19 in North America, 2 in UK & Ireland.
    Source
  6. Oct 2026
    Redwood Ventures backed GMI Cloud at Series B
    New regionFirst deal in APAC. Before: 16 first cheques, 13 in LATAM, 2 in North America.
    Source
  7. Sep 6, 2026
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 14 in APAC, 1 in DACH.
    Source
  8. Sep 2026
    New regionFirst deal in DACH. Before: 16 first cheques, 13 in North America, 1 in UK & Ireland.
    Source
  9. Sep 2026
    New regionFirst deal in DACH. Before: 16 first cheques, 14 in Nordics, 1 in North America.
    Source
  10. Aug 20, 2026
    New regionFirst deal in MEA. Before: 40 first cheques, 33 in North America, 3 in DACH.
  11. Aug 2026
    Otium Capital backed Food Escapes
    New regionFirst deal in UK & Ireland. Before: 30 first cheques, 25 in Benelux & France, 3 in Southern Europe.
  12. Aug 2026
    New regionFirst deal in APAC. Before: 18 first cheques, 15 in North America, 2 in Benelux & France.
    Source
  13. Jul 15, 2026
    Blu Ventures backed E3 Electric.Ai at Series A
    New regionFirst deal in APAC. Before: 23 first cheques, 19 in North America, 2 in DACH.
  14. Jul 10, 2026
    New regionFirst deal in Southern Europe. Before: 16 first cheques, 14 in North America, 1 in DACH.
  15. Jul 7, 2026
    Bankinter backed 8Layers at Pre-seed
    New regionFirst deal in APAC. Before: 19 first cheques, 18 in Southern Europe, 1 in North America.
    Source
  16. Jul 2026
    Mätch VC backed Letel at Seed
    New regionFirst deal in APAC. Before: 15 first cheques, 12 in DACH, 2 in North America.
  17. Jul 2026
    TIME Ventures backed Stenon at Series B
    New regionFirst deal in DACH. Before: 20 first cheques, 16 in North America, 2 in MEA.
    Source
  18. Jun 16, 2026
    Construct Capital backed Copia Global at Series B
    New regionFirst deal in MEA. Before: 30 first cheques, 24 in North America, 2 in DACH.
  19. Jun 16, 2026
    New regionFirst deal in APAC. Before: 19 first cheques, 17 in UK & Ireland, 2 in North America.
    Source
  20. Jun 3, 2026
    IvyCap Ventures backed KAVIDIVYA GENERAL TRADING at Series A
    New regionFirst deal in MEA. Before: 27 first cheques, 23 in APAC, 2 in North America.
  21. Jun 2026
    Advantage Capital backed DOORWAYS at Pre-seed
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 19 in North America, 1 in CEE.
  22. Jun 2026
    New regionFirst deal in UK & Ireland. Before: 24 first cheques, 21 in North America, 1 in DACH.
    Source
  23. Jun 2026
    Clear Ventures backed MEXT at Seed
    New regionFirst deal in LATAM. Before: 31 first cheques, 28 in North America, 2 in Benelux & France.
  24. Jun 2026
    Crosscut Ventures backed StarMaker at Series B
    New regionFirst deal in APAC. Before: 30 first cheques, 25 in North America, 2 in MEA.
  25. Jun 2026
    New regionFirst deal in Benelux & France. Before: 49 first cheques, 40 in North America, 4 in APAC.
  26. May 28, 2026
    New regionFirst deal in UK & Ireland. Before: 18 first cheques, 17 in North America, 1 in Benelux & France.
  27. May 23, 2026
    New regionFirst deal in North America. Before: 15 first cheques, 14 in Nordics, 1 in DACH.
    Source
  28. May 11, 2026
    Deutsche Beteiligungs backed INTECH at Series A
    New regionFirst deal in CEE. Before: 18 first cheques, 15 in DACH, 2 in Benelux & France.
  29. May 4, 2026
    New regionFirst deal in APAC. Before: 27 first cheques, 25 in UK & Ireland, 2 in North America.
  30. May 2026
    Anaxago backed Inlusion Netforms at Seed
    New regionFirst deal in CEE. Before: 39 first cheques, 34 in Benelux & France, 2 in North America.
  31. May 2026
    New regionFirst deal in DACH. Before: 46 first cheques, 40 in North America, 3 in UK & Ireland.
  32. May 2026
    Companisto backed Path8 at Seed
    New regionFirst deal in UK & Ireland. Before: 110 first cheques, 95 in DACH, 6 in North America.
  33. May 2026
    Companisto backed Path Nine at Seed
    New regionFirst deal in UK & Ireland. Before: 110 first cheques, 95 in DACH, 6 in North America.
  34. May 2026
    New regionFirst deal in North America. Before: 17 first cheques, 17 in Nordics.
  35. May 2026
    JME Ventures backed Tolemy Bio at Pre-seed
    New regionFirst deal in UK & Ireland. Before: 27 first cheques, 22 in Southern Europe, 2 in North America.
    Source
  36. May 2026
    Prudence backed Fifth Dimension at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 3 in Commerce & Marketing.
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 12 in North America, 1 in Benelux & France.
    Source
  37. May 2026
    Prudence backed Fifth Dimension AI at Series A
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 12 in North America, 1 in Benelux & France.
    Source
  38. May 2026
    SAIC backed Clean Watch at Series B
    New regionFirst deal in DACH. Before: 15 first cheques, 13 in North America, 1 in APAC.
  39. Apr 20, 2026
    New regionFirst deal in MEA. Before: 21 first cheques, 17 in North America, 2 in UK & Ireland.
  40. Apr 15, 2026
    Spicehaus Partners backed CookieYes at Series C+
    New regionFirst deal in UK & Ireland. Before: 27 first cheques, 23 in DACH, 3 in North America.