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 2023
    Intel Capital Corp backed Treefera at Pre-seed
    Earlier stageFirst entry as early as Pre-seed. Before: 72 entries with a sourced stage, 29 at Series A, 22 at Series B.
  2. Sep 2023
    Motive Partners backed Field at Seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 37 first cheques, 24 in Finance & Blockchain, 7 in Software & Developer Tools.
  3. Sep 2023
    New regionFirst deal in LATAM. Before: 22 first cheques, 18 in Nordics, 1 in North America.
    Source
  4. Sep 2023
    Sting backed Quack at Seed
    New regionFirst deal in MEA. Before: 169 first cheques, 139 in Nordics, 14 in DACH.
  5. 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.
  6. Aug 29, 2023
    Gradient Ventures backed Jitty at Pre-seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 56 first cheques, 38 in Software & Developer Tools, 9 in Finance & Blockchain.
    Source
  7. 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.
  8. Aug 16, 2023
    January Capital backed Marqo at Seed
    New sectorFirst Industry & Hardware cheque. Before: 18 first cheques, 12 in Software & Developer Tools, 3 in Commerce & Marketing.
    Source
  9. Aug 2, 2023
    New regionFirst deal in UK & Ireland. Before: 43 first cheques, 39 in North America, 2 in MEA.
  10. Aug 2023
    BaltCap backed IGLU at Series C+
    New regionFirst deal in APAC. Before: 34 first cheques, 28 in CEE, 1 in UK & Ireland.
  11. Aug 2023
    Cervin Ventures backed Catch&Release at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 36 first cheques, 26 in Software & Developer Tools, 3 in Finance & Blockchain.
  12. Aug 2023
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 18 first cheques, 14 in Software & Developer Tools, 2 in Commerce & Marketing.
  13. Aug 2023
    Clean Energy Ventures backed Hydrogen at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 28 first cheques, 16 in Energy, Environment & Mobility, 7 in Software & Developer Tools.
  14. Aug 2023
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Artificial Intelligence & Data.
  15. Aug 2023
    GreatPoint Ventures backed TryNow at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 28 first cheques, 14 in Software & Developer Tools, 9 in Healthcare & Life Sciences.
  16. 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
  17. Aug 2023
    Pontifax Capital backed Abcuro at Series B
    New sectorFirst Software & Developer Tools cheque. Before: 31 first cheques, 29 in Healthcare & Life Sciences, 1 in Industry & Hardware.
    Source
  18. Aug 2023
    Sanofi Capital backed Abcuro at Series B
    New sectorFirst Software & Developer Tools cheque. Before: 37 first cheques, 33 in Healthcare & Life Sciences, 2 in Industry & Hardware.
    Source
  19. Aug 2023
    New sectorFirst Energy, Environment & Mobility cheque. Before: 43 first cheques, 29 in Software & Developer Tools, 7 in Consumer, Lifestyle & Services.
  20. Jul 18, 2023
    New sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 12 in Software & Developer Tools, 2 in Commerce & Marketing.
    Source
  21. 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.
  22. 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.
  23. Jul 17, 2023
    Avidity Partners backed Organos, Inc. at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 23 first cheques, 16 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  24. Jul 17, 2023
    Solana Ventures backed Hivemapper at Series A
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 7 in Software & Developer Tools, 6 in Finance & Blockchain.
    Source
  25. Jul 2023
    A Ventures backed PerPlant at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 12 in Software & Developer Tools, 5 in Consumer, Lifestyle & Services.
  26. Jul 2023
    New regionFirst deal in DACH. Before: 30 first cheques, 25 in North America, 2 in LATAM.
    Source
  27. Jul 2023
    New regionFirst deal in MEA. Before: 52 first cheques, 43 in APAC, 7 in North America.
  28. Jul 2023
    CommerzVentures backed Gradient Labs at Series A
    New sectorFirst Industry & Hardware cheque. Before: 37 first cheques, 25 in Finance & Blockchain, 6 in Software & Developer Tools.
    Source
  29. Jul 2023
    Companisto backed Ivy at Series A
    New regionFirst deal in Nordics. Before: 44 first cheques, 41 in DACH, 2 in Benelux & France.
  30. Jul 2023
    Fenbushi Capital backed RiscZero at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 16 first cheques, 10 in Finance & Blockchain, 3 in Consumer, Lifestyle & Services.
  31. Jul 2023
    GS VENTURES backed mattilda at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 26 first cheques, 16 in Software & Developer Tools, 8 in Consumer, Lifestyle & Services.
    Source
  32. Jul 2023
    KPN Ventures backed Airalo at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Artificial Intelligence & Data.
    Source
  33. Jul 2023
    PLUS Capital backed Wellxai at Seed
    New regionFirst deal in MEA. Before: 18 first cheques, 16 in North America, 1 in APAC.
  34. Jun 27, 2023
    At One Ventures backed Dalan at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 20 first cheques, 14 in Energy, Environment & Mobility, 3 in Industry & Hardware.
    Source
  35. Jun 23, 2023
    New regionFirst deal in DACH. Before: 26 first cheques, 22 in North America, 2 in MEA.
    Source
  36. Jun 20, 2023
    JamJar Investments backed Tony's at Series C+
    New regionFirst deal in LATAM. Before: 35 first cheques, 28 in UK & Ireland, 3 in Benelux & France.
  37. Jun 14, 2023
    Next Play Ventures backed La Haus at Series C+
    New regionFirst deal in LATAM. Before: 26 first cheques, 22 in North America, 2 in UK & Ireland.
    Source
  38. Jun 7, 2023
    Venture Kick backed SolidWatts at Pre-seed
    New regionFirst deal in Southern Europe. Before: 24 first cheques, 22 in DACH, 1 in North America.
    Source
  39. Jun 2023
    Arkin Ventures backed Percepto at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 17 first cheques, 12 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    Source
  40. Jun 2023
    Founders Future backed Astranis at Seed
    New regionFirst deal in North America. Before: 27 first cheques, 23 in Benelux & France, 2 in DACH.