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.

AllNew sectorNew regionEarlier stage2026202520242023202220212020
  1. Apr 20, 2020
    Innovestor backed PS Audio Design at Pre-seed
    New regionFirst deal in APAC. Before: 16 first cheques, 15 in Nordics, 1 in DACH.
  2. Apr 2020
    Collaborative Fund backed Peak at Series A
    New regionFirst deal in UK & Ireland. Before: 25 first cheques, 20 in North America, 2 in DACH.
  3. Apr 2020
    Magma Venture Partners backed Nuvocargo at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 20 first cheques, 14 in Software & Developer Tools, 2 in Finance & Blockchain.
    Source
  4. Apr 2020
    Next47 backed VAST Data at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 16 first cheques, 7 in Software & Developer Tools, 7 in Industry & Hardware.
  5. Apr 2020
    Sequoia Capital China backed Agile Robots at Series C+
    New regionFirst deal in DACH. Before: 21 first cheques, 20 in APAC, 1 in North America.
  6. Apr 2020
    SHS Capital backed Neuro Event Labs Oy at Series A
    New regionFirst deal in Nordics. Before: 18 first cheques, 17 in DACH, 1 in Benelux & France.
    Source
  7. Apr 2020
    Tenaya Capital backed Kargo at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Industry & Hardware.
    Source
  8. Apr 2020
    TLV Partners backed Granulate at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 12 in Software & Developer Tools, 2 in Industry & Hardware.
    Source
  9. Mar 23, 2020
    DNX Ventures backed Diligent Robotics at Series B
    New sectorFirst Healthcare & Life Sciences cheque. Before: 17 first cheques, 12 in Software & Developer Tools, 3 in Industry & Hardware.
  10. Mar 2020
    Axilor Ventures backed Change Payments at Seed
    New regionFirst deal in Southern Europe. Before: 34 first cheques, 31 in APAC, 1 in North America.
  11. Mar 2020
    SFC Capital backed Albert at Series B
    New regionFirst deal in North America. Before: 26 first cheques, 23 in UK & Ireland, 2 in DACH.
  12. Feb 13, 2020
    Bloomberg Beta backed Intuition Robotics at Series B
    New regionFirst deal in MEA. Before: 16 first cheques, 13 in North America, 2 in Benelux & France.
  13. Feb 12, 2020
    Acrew Capital backed PredictHQ at Series B
    New regionFirst deal in APAC. Before: 18 first cheques, 15 in North America, 2 in DACH.
  14. Feb 5, 2020
    IBG Beteiligungsgesellschaft backed KUGU at Seed
    New regionFirst deal in MEA. Before: 21 first cheques, 20 in DACH, 1 in UK & Ireland.
    Source
  15. Feb 4, 2020
    Lead Edge Capital backed Hinge Health at Series C+
    New sectorFirst Healthcare & Life Sciences cheque. Before: 38 first cheques, 26 in Software & Developer Tools, 7 in Commerce & Marketing.
  16. Feb 2020
    .406 Ventures backed Hurdle (Chronomics Ltd.) at Seed
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 19 in North America, 1 in DACH.
  17. Feb 2020
    Business angels from the SICTIC network backed Largo at Pre-seed
    New regionFirst deal in North America. Before: 30 first cheques, 29 in DACH, 1 in APAC.
  18. Feb 2020
    Capnamic Ventures backed Nomagic at Series A
    New regionFirst deal in CEE. Before: 33 first cheques, 27 in DACH, 3 in UK & Ireland.
    Source
  19. Feb 2020
    Elaia Partners backed Ekinnox at Seed
    New regionFirst deal in APAC. Before: 56 first cheques, 45 in Benelux & France, 4 in North America.
  20. Feb 2020
    Georgian backed Tractable at Series B
    New regionFirst deal in UK & Ireland. Before: 19 first cheques, 18 in North America, 1 in APAC.
    Source
  21. Feb 2020
    Jerusalem Venture Partners backed 1Touch.io at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 24 first cheques, 17 in Software & Developer Tools, 3 in Industry & Hardware.
    Source
  22. Feb 2020
    Raine backed Voy at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 30 first cheques, 17 in Consumer, Lifestyle & Services, 9 in Software & Developer Tools.
  23. Feb 2020
    Shasta Ventures backed Accion at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 26 first cheques, 16 in Software & Developer Tools, 5 in Consumer, Lifestyle & Services.
  24. Jan 7, 2020
    Axeleo Ventures backed Check & Visit at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 18 first cheques, 15 in Software & Developer Tools, 2 in Finance & Blockchain.
    Source
  25. 2020
    5AM Ventures backed Neurogastrx, Inc. at Seed
    New regionFirst deal in MEA. Before: 16 first cheques, 13 in North America, 2 in DACH.
  26. 2020
    5AM Ventures backed Envoy at Series C+
    New sectorFirst Software & Developer Tools cheque. Before: 17 first cheques, 14 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  27. 2020
    BNP Paribas Developpement backed Bianca Med at Seed
    New regionFirst deal in MEA. Before: 20 first cheques, 17 in Benelux & France, 2 in North America.
  28. 2020
    Bpifrance backed Eartex Ltd at Series A
    New regionFirst deal in UK & Ireland. Before: 209 first cheques, 193 in Benelux & France, 5 in North America.
  29. 2020
    Collaborative Fund backed Veloz Bio at Series B
    New regionFirst deal in LATAM. Before: 20 first cheques, 18 in North America, 1 in Benelux & France.
  30. 2020
    Collaborative Fund backed Steps at Series B
    New regionFirst deal in DACH. Before: 20 first cheques, 18 in North America, 1 in Benelux & France.
  31. 2020
    Crosslink Capital backed Steps at Series B
    New regionFirst deal in DACH. Before: 24 first cheques, 24 in North America.
  32. 2020
    Elaia Partners backed Dexory at Seed
    New regionFirst deal in UK & Ireland. Before: 52 first cheques, 44 in Benelux & France, 4 in Southern Europe.
  33. 2020
    Golden Gate Ventures backed BABBAR TECH at Seed
    New regionFirst deal in Benelux & France. Before: 21 first cheques, 20 in APAC, 1 in North America.
  34. 2020
    HBM Healthcare Investments backed Seer at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 32 first cheques, 31 in Healthcare & Life Sciences, 1 in Consumer, Lifestyle & Services.
  35. 2020
    India Quotient. backed Gimi at Pre-seed
    New regionFirst deal in Nordics. Before: 19 first cheques, 19 in APAC.
    Source
  36. 2020
    Kaszek backed Internxt at Seed
    New regionFirst deal in Southern Europe. Before: 18 first cheques, 17 in LATAM, 1 in North America.
  37. 2020
    Life Science Partners (LSP) backed Vico at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 19 first cheques, 13 in Healthcare & Life Sciences, 3 in Industry & Hardware.
  38. 2020
    MaC Venture Capital backed Goodfair
    New sectorFirst Energy, Environment & Mobility cheque. Before: 16 first cheques, 9 in Consumer, Lifestyle & Services, 5 in Software & Developer Tools.
    Source
  39. 2020
    MaC Venture Capital backed FidoCure at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 9 in Consumer, Lifestyle & Services, 5 in Software & Developer Tools.
  40. 2020
    MMC Ventures backed Joynt at Series A
    New regionFirst deal in CEE. Before: 28 first cheques, 23 in UK & Ireland, 3 in DACH.