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. Sep 2022
    Advent Life Sciences backed TRIDEK-ONE at Series A
    New sectorFirst Industry & Hardware cheque. Before: 32 first cheques, 25 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
    Source
  2. 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
  3. Sep 2022
    New regionFirst deal in UK & Ireland. Before: 26 first cheques, 24 in North America, 1 in APAC.
  4. 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
  5. Sep 2022
    Golden Ventures backed Avidbots at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 24 first cheques, 12 in Software & Developer Tools, 8 in Consumer, Lifestyle & Services.
    Source
  6. Sep 2022
    New regionFirst deal in North America. Before: 20 first cheques, 19 in UK & Ireland, 1 in CEE.
  7. Sep 2022
    Surveyor Capital backed ACELYRIN at Series C+
    New sectorFirst Software & Developer Tools cheque. Before: 26 first cheques, 26 in Healthcare & Life Sciences.
    Source
  8. Sep 2022
    Wintermute backed KAP Games at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 41 first cheques, 29 in Finance & Blockchain, 7 in Artificial Intelligence & Data.
  9. Aug 31, 2022
    Gradient Ventures backed Spectral at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 44 first cheques, 31 in Software & Developer Tools, 6 in Finance & Blockchain.
    Source
  10. Aug 30, 2022
    Innovation Nest backed Sense Street at Series C+
    New sectorFirst Finance & Blockchain cheque. Before: 20 first cheques, 13 in Software & Developer Tools, 3 in Industry & Hardware.
  11. Aug 26, 2022
    New sectorFirst Finance & Blockchain cheque. Before: 18 first cheques, 14 in Energy, Environment & Mobility, 4 in Industry & Hardware.
  12. Aug 25, 2022
    Atlassian Ventures backed Allma at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 20 first cheques, 20 in Software & Developer Tools.
  13. Aug 9, 2022
    Austin Ventures backed Agere at Seed
    New regionFirst deal in CEE. Before: 20 first cheques, 20 in North America.
  14. 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.
  15. Aug 2022
    Avidity Partners backed Prellis at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 19 first cheques, 14 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
    Source
  16. Aug 2022
    EQT Ventures backed Rebelle at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 10 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  17. 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.
  18. Aug 2022
    Golden Ventures backed Vetted at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 23 first cheques, 12 in Software & Developer Tools, 8 in Consumer, Lifestyle & Services.
  19. 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
  20. Aug 2022
    New regionFirst deal in LATAM. Before: 64 first cheques, 54 in North America, 3 in DACH.
    Source
  21. Aug 2022
    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
  22. 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
  23. Jul 11, 2022
    New regionFirst deal in UK & Ireland. Before: 16 first cheques, 15 in Southern Europe, 1 in Benelux & France.
    Source
  24. Jul 4, 2022
    FINTOP Capital backed Xelix at Series A
    New regionFirst deal in UK & Ireland. Before: 17 first cheques, 16 in North America, 1 in MEA.
    Source
  25. Jul 2022
    bmp Ventures backed Imero at Pre-seed
    New regionFirst deal in Benelux & France. Before: 33 first cheques, 31 in DACH, 2 in North America.
  26. Jul 2022
    New sectorFirst Software & Developer Tools cheque. Before: 17 first cheques, 15 in Energy, Environment & Mobility, 1 in Industry & Hardware.
    New regionFirst deal in Southern Europe. Before: 17 first cheques, 15 in North America, 1 in UK & Ireland.
    Source
  27. Jul 2022
    BVF Partners backed Aravive at Series B
    New sectorFirst Software & Developer Tools cheque. Before: 17 first cheques, 17 in Healthcare & Life Sciences.
  28. Jul 2022
    New sectorFirst Energy, Environment & Mobility cheque. Before: 22 first cheques, 9 in Software & Developer Tools, 9 in Healthcare & Life Sciences.
    Source
  29. Jul 2022
    Navitas Capital backed Morgen at Pre-seed
    New regionFirst deal in DACH. Before: 18 first cheques, 17 in North America, 1 in UK & Ireland.
  30. Jul 2022
    New Forge backed Morgen at Pre-seed
    New sectorFirst Finance & Blockchain cheque. Before: 23 first cheques, 17 in Software & Developer Tools, 4 in Industry & Hardware.
  31. Jul 2022
    Next Play Ventures backed Kitopi at Series C+
    New regionFirst deal in MEA. Before: 22 first cheques, 19 in North America, 2 in UK & Ireland.
    Source
  32. Jul 2022
    PayU backed BKN301 at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 12 in Finance & Blockchain, 2 in Software & Developer Tools.
    Source
  33. Jul 2022
    Scout Ventures backed Arrenda at Pre-seed
    New regionFirst deal in LATAM. Before: 18 first cheques, 15 in North America, 2 in APAC.
    Source
  34. Jun 30, 2022
    New regionFirst deal in DACH. Before: 19 first cheques, 18 in Nordics, 1 in North America.
  35. Jun 28, 2022
    HashKey Capital backed peaq at Seed
    New sectorFirst Industry & Hardware cheque. Before: 18 first cheques, 12 in Finance & Blockchain, 3 in Software & Developer Tools.
    Source
  36. Jun 22, 2022
    New regionFirst deal in UK & Ireland. Before: 23 first cheques, 19 in North America, 2 in DACH.
    Source
  37. Jun 17, 2022
    IDG Capital backed Crema at Seed
    New regionFirst deal in LATAM. Before: 53 first cheques, 43 in APAC, 5 in North America.
  38. Jun 15, 2022
    New sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 15 in Energy, Environment & Mobility, 1 in Artificial Intelligence & Data.
    Source
  39. Jun 13, 2022
    MicroVentures backed just at Series A
    New regionFirst deal in DACH. Before: 16 first cheques, 13 in North America, 1 in APAC.
  40. Jun 9, 2022
    100X.VC backed Redbasil at Seed
    New regionFirst deal in MEA. Before: 17 first cheques, 14 in APAC, 2 in North America.
    Source