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. Nov 2021
    New sectorFirst Artificial Intelligence & Data cheque. Before: 34 first cheques, 23 in Finance & Blockchain, 8 in Software & Developer Tools.
  2. Nov 2021
    New sectorFirst Finance & Blockchain cheque. Before: 19 first cheques, 13 in Consumer, Lifestyle & Services, 3 in Software & Developer Tools.
  3. Nov 2021
    Harmony Partners backed Gradle at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 17 in Software & Developer Tools, 1 in Healthcare & Life Sciences.
    Source
  4. Nov 2021
    HashKey Capital backed Neon Labs at Seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 11 in Finance & Blockchain, 2 in Software & Developer Tools.
  5. Nov 2021
    JMI Equity backed Practice Ignition at Series C+
    New regionFirst deal in APAC. Before: 39 first cheques, 35 in North America, 2 in UK & Ireland.
    Source
  6. Nov 2021
    Karista backed BabySafe at Pre-seed
    New regionFirst deal in North America. Before: 29 first cheques, 29 in Benelux & France.
  7. Nov 2021
    New regionFirst deal in UK & Ireland. Before: 31 first cheques, 26 in CEE, 2 in DACH.
  8. Nov 2021
    Makers Fund backed AudioMob at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 36 first cheques, 28 in Consumer, Lifestyle & Services, 7 in Software & Developer Tools.
    Source
  9. Nov 2021
    New sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 11 in Finance & Blockchain, 1 in Software & Developer Tools.
  10. Nov 2021
    Norte Ventures backed Doji at Seed
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 14 in LATAM, 1 in North America.
    Source
  11. Nov 2021
    Oak HC/FT. backed Aplazo at Series A
    New regionFirst deal in LATAM. Before: 45 first cheques, 37 in North America, 2 in UK & Ireland.
    Source
  12. Nov 2021
    Serena Capital backed Neon Labs at Seed
    New regionFirst deal in UK & Ireland. Before: 55 first cheques, 48 in Benelux & France, 3 in North America.
  13. Nov 2021
    Tesi backed Magsort Oy at Series A
    New regionFirst deal in CEE. Before: 32 first cheques, 28 in Nordics, 1 in North America.
  14. Oct 26, 2021
    Redpoint eventures backed Pipefy at Series C+
    New regionFirst deal in North America. Before: 23 first cheques, 22 in LATAM, 1 in Benelux & France.
    Source
  15. Oct 22, 2021
    TTV Capital backed Ando at Seed
    New regionFirst deal in Benelux & France. Before: 18 first cheques, 15 in North America, 1 in UK & Ireland.
  16. Oct 19, 2021
    New sectorFirst Energy, Environment & Mobility cheque. Before: 22 first cheques, 12 in Software & Developer Tools, 6 in Finance & Blockchain.
    Source
  17. Oct 15, 2021
    Athyrium backed TEAM Services Group at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 14 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
  18. Oct 11, 2021
    PMV backed Dripl at Pre-seed
    New regionFirst deal in North America. Before: 24 first cheques, 21 in Benelux & France, 2 in Nordics.
    Source
  19. Oct 11, 2021
    Real Ventures backed YData at Seed
    New regionFirst deal in Southern Europe. Before: 43 first cheques, 39 in North America, 2 in UK & Ireland.
    Source
  20. Oct 5, 2021
    Madrona Venture Group backed Esper at Series C+
    New regionFirst deal in APAC. Before: 39 first cheques, 35 in North America, 2 in UK & Ireland.
    Source
  21. Oct 5, 2021
    Side Capital Partners backed Klara at Pre-seed
    New regionFirst deal in North America. Before: 24 first cheques, 24 in Benelux & France.
    Source
  22. Oct 2021
    New sectorFirst Artificial Intelligence & Data cheque. Before: 38 first cheques, 19 in Software & Developer Tools, 12 in Healthcare & Life Sciences.
    New regionFirst deal in Benelux & France. Before: 37 first cheques, 32 in North America, 3 in UK & Ireland.
  23. Oct 2021
    Accel-KKR backed Drip Shop Live at Series C+
    New sectorFirst Commerce & Marketing cheque. Before: 51 first cheques, 34 in Software & Developer Tools, 7 in Healthcare & Life Sciences.
  24. Oct 2021
    Atlantic Labs backed vagon at Seed
    New regionFirst deal in MEA. Before: 37 first cheques, 31 in DACH, 3 in Benelux & France.
  25. Oct 2021
    East Ventures backed Qapita at Series A
    New regionFirst deal in UK & Ireland. Before: 21 first cheques, 17 in APAC, 2 in Benelux & France.
    Source
  26. Oct 2021
    henQ backed Mulberry at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 23 first cheques, 14 in Software & Developer Tools, 5 in Commerce & Marketing.
  27. Oct 2021
    Learn Capital backed Techmint at Series B
    New regionFirst deal in APAC. Before: 20 first cheques, 18 in North America, 2 in MEA.
  28. Oct 2021
    Monashees backed Inventa at Series B
    New regionFirst deal in Southern Europe. Before: 56 first cheques, 50 in LATAM, 2 in North America.
    Source
  29. Oct 2021
    Ridge Ventures backed Volocopter at Series C+
    New regionFirst deal in DACH. Before: 17 first cheques, 15 in North America, 1 in Benelux & France.
    Source
  30. Oct 2021
    TAU Ventures backed Futora at Seed
    New regionFirst deal in MEA. Before: 17 first cheques, 15 in North America, 2 in DACH.
    Source
  31. Oct 2021
    Tola Capital backed Bild at Seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 17 first cheques, 12 in Software & Developer Tools, 3 in Industry & Hardware.
  32. Oct 2021
    New regionFirst deal in DACH. Before: 16 first cheques, 14 in North America, 1 in UK & Ireland.
    Source
  33. Oct 2021
    Verizon Ventures backed Voom at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 20 first cheques, 12 in Software & Developer Tools, 4 in Industry & Hardware.
    Source
  34. Sep 28, 2021
    New sectorFirst Software & Developer Tools cheque. Before: 26 first cheques, 24 in Healthcare & Life Sciences, 1 in Consumer, Lifestyle & Services.
  35. Sep 28, 2021
    Trinity Ventures backed Arize at Series A
    New regionFirst deal in UK & Ireland. Before: 52 first cheques, 46 in North America, 2 in DACH.
    Source
  36. Sep 21, 2021
    New regionFirst deal in DACH. Before: 15 first cheques, 13 in North America, 1 in UK & Ireland.
  37. Sep 21, 2021
    Sorenson Ventures backed Cloudsmith at Series A
    New regionFirst deal in UK & Ireland. Before: 28 first cheques, 24 in North America, 1 in DACH.
    Source
  38. Sep 17, 2021
    YFM Equity Partners backed Antser at Series A
    New regionFirst deal in APAC. Before: 15 first cheques, 13 in UK & Ireland, 2 in North America.
  39. Sep 2, 2021
    Cowboy Ventures backed Vic.ai at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 20 first cheques, 13 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
    Source
  40. Sep 2021
    Alven backed Angle Labs at Seed
    New regionFirst deal in UK & Ireland. Before: 50 first cheques, 41 in Benelux & France, 4 in DACH.