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. 2025
    New regionFirst deal in LATAM. Before: 99 first cheques, 91 in North America, 3 in UK & Ireland.
  2. 2025
    D11Z Ventures backed Clockin at Series C+
    New regionFirst deal in APAC. Before: 20 first cheques, 18 in DACH, 1 in North America.
    Source
  3. 2025
    DBL Partners backed Fyber at Series A
    New regionFirst deal in DACH. Before: 16 first cheques, 15 in North America, 1 in MEA.
  4. 2025
    Decheng Capital backed Cashex at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 26 first cheques, 18 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  5. 2025
    Decibel Partners backed CenSyn at Series C+
    New sectorFirst Healthcare & Life Sciences cheque. Before: 22 first cheques, 16 in Software & Developer Tools, 2 in Industry & Hardware.
  6. 2025
    Deep Track Capital backed Merida at Series A
    New sectorFirst Industry & Hardware cheque. Before: 21 first cheques, 17 in Healthcare & Life Sciences, 2 in Finance & Blockchain.
  7. 2025
    Deep Track Capital backed Groupe HEM at Series C+
    New sectorFirst Commerce & Marketing cheque. Before: 21 first cheques, 17 in Healthcare & Life Sciences, 2 in Finance & Blockchain.
  8. 2025
    Define Ventures backed Alma at Series C+
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 9 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  9. 2025
    eCAPITAL backed Revibe Energy at Series B
    New regionFirst deal in Nordics. Before: 54 first cheques, 47 in DACH, 3 in Southern Europe.
  10. 2025
    eCAPITAL backed Babobab at Series A
    New regionFirst deal in MEA. Before: 54 first cheques, 47 in DACH, 3 in Southern Europe.
  11. 2025
    New regionFirst deal in CEE. Before: 16 first cheques, 13 in North America, 1 in APAC.
  12. 2025
    New sectorFirst Healthcare & Life Sciences cheque. Before: 21 first cheques, 13 in Energy, Environment & Mobility, 4 in Software & Developer Tools.
  13. 2025
    Flare backed FHE Group at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 19 first cheques, 16 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 16 in North America, 1 in DACH.
  14. 2025
    Flare backed Lynx at Series A
    New sectorFirst Industry & Hardware cheque. Before: 19 first cheques, 16 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  15. 2025
    Flare backed LynxCare at Series A
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 16 in North America, 1 in DACH.
  16. 2025
    Flare backed PeersGroup at Series A
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 16 in North America, 1 in DACH.
  17. 2025
    Forerunner Ventures backed Superpower at Series A
    New regionFirst deal in DACH. Before: 49 first cheques, 40 in North America, 3 in MEA.
  18. 2025
    New regionFirst deal in APAC. Before: 28 first cheques, 23 in UK & Ireland, 2 in North America.
  19. 2025
    Fuse backed Joymore at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 37 first cheques, 25 in Software & Developer Tools, 7 in Finance & Blockchain.
  20. 2025
    Fuse backed MediNav at Seed
    New regionFirst deal in CEE. Before: 35 first cheques, 29 in North America, 2 in APAC.
  21. 2025
    Geodesic Capital backed Vatn Systems at Series A
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 13 in Software & Developer Tools, 1 in Finance & Blockchain.
    Source
  22. 2025
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 49 first cheques, 38 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
  23. 2025
    GL Ventures backed ThetaWave AI at Pre-seed
    New regionFirst deal in North America. Before: 18 first cheques, 17 in APAC, 1 in DACH.
  24. 2025
    GoHub Ventures backed Platomics at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 4 in Industry & Hardware.
  25. 2025
    GoHub Ventures backed Quibim at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 4 in Industry & Hardware.
    Source
  26. 2025
    GTMfund backed Fitness Village at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Finance & Blockchain.
  27. 2025
    Hadean Ventures backed Targetable at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 17 first cheques, 15 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  28. 2025
    Harmonix Fund backed Dermasensor at Series B
    New regionFirst deal in DACH. Before: 16 first cheques, 14 in North America, 1 in UK & Ireland.
  29. 2025
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 50 first cheques, 44 in Healthcare & Life Sciences, 4 in Industry & Hardware.
  30. 2025
    HealthCap backed Trigent at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 50 first cheques, 44 in Healthcare & Life Sciences, 4 in Industry & Hardware.
  31. 2025
    HubSpot backed Capsule at Seed
    New sectorFirst Commerce & Marketing cheque. Before: 37 first cheques, 30 in Software & Developer Tools, 3 in Finance & Blockchain.
  32. 2025
    HubSpot backed Chatable Media at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 37 first cheques, 30 in Software & Developer Tools, 3 in Finance & Blockchain.
  33. 2025
    Human Capital backed Zipsure at Series A
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 16 in North America, 1 in DACH.
  34. 2025
    Human Capital backed Iosil at Series A
    New regionFirst deal in Southern Europe. Before: 20 first cheques, 16 in North America, 1 in DACH.
  35. 2025
    New sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 14 in Software & Developer Tools, 3 in Finance & Blockchain.
  36. 2025
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 21 first cheques, 14 in Software & Developer Tools, 3 in Finance & Blockchain.
  37. 2025
    IDB Lab backed ISA at Series B
    New regionFirst deal in DACH. Before: 18 first cheques, 17 in LATAM, 1 in Southern Europe.
  38. 2025
    IDG Ventures India backed Zipsure at Series A
    New regionFirst deal in UK & Ireland. Before: 85 first cheques, 76 in APAC, 7 in North America.
  39. 2025
    Industrifonden backed MELT Group at Series A
    New regionFirst deal in Benelux & France. Before: 73 first cheques, 63 in Nordics, 6 in North America.
  40. 2025
    Industrifonden backed MeLoot at Series A
    New regionFirst deal in Benelux & France. Before: 73 first cheques, 63 in Nordics, 6 in North America.