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 2021
    Axeleo Ventures backed InUse at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 32 first cheques, 21 in Software & Developer Tools, 5 in Finance & Blockchain.
  2. Sep 2021
    Breega backed Ukio at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 27 first cheques, 14 in Software & Developer Tools, 10 in Finance & Blockchain.
    Source
  3. Sep 2021
    New sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 8 in Finance & Blockchain, 6 in Software & Developer Tools.
  4. Sep 2021
    DCVC backed Micreos at Series C+
    New regionFirst deal in Benelux & France. Before: 93 first cheques, 76 in North America, 7 in UK & Ireland.
  5. Sep 2021
    Golden Ventures backed EnPowered at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 15 first cheques, 8 in Software & Developer Tools, 6 in Consumer, Lifestyle & Services.
    Source
  6. Sep 2021
    Learn Capital backed Landed at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 19 first cheques, 11 in Software & Developer Tools, 5 in Consumer, Lifestyle & Services.
  7. Sep 2021
    New regionFirst deal in DACH. Before: 28 first cheques, 25 in CEE, 1 in North America.
    Source
  8. Sep 2021
    New regionFirst deal in North America. Before: 18 first cheques, 15 in MEA, 1 in UK & Ireland.
    Source
  9. Sep 2021
    NexTech Invest backed Hexagon Bio at Series B
    New regionFirst deal in UK & Ireland. Before: 33 first cheques, 30 in North America, 2 in MEA.
    Source
  10. Sep 2021
    Next View Ventures backed Carrot at Seed
    New regionFirst deal in LATAM. Before: 21 first cheques, 17 in North America, 2 in DACH.
  11. Sep 2021
    OpenView backed Paperless Parts at Series B
    New sectorFirst Industry & Hardware cheque. Before: 42 first cheques, 38 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
  12. Sep 2021
    RiverPark Ventures backed Carrot at Seed
    New regionFirst deal in LATAM. Before: 40 first cheques, 32 in North America, 4 in Benelux & France.
  13. Sep 2021
    Threshold Ventures backed vital at Series A
    New regionFirst deal in DACH. Before: 15 first cheques, 13 in North America, 2 in Benelux & France.
  14. Sep 2021
    Valor Equity Partners backed Pangaia at Series B
    New regionFirst deal in UK & Ireland. Before: 38 first cheques, 33 in North America, 4 in Benelux & France.
    Source
  15. Sep 2021
    New regionFirst deal in DACH. Before: 15 first cheques, 14 in Nordics, 1 in Benelux & France.
    Source
  16. Aug 19, 2021
    Almi Invest backed Strivr at Series B
    New regionFirst deal in North America. Before: 57 first cheques, 51 in Nordics, 3 in DACH.
    Source
  17. Aug 19, 2021
    Cota Capital backed Webiny at Seed
    New regionFirst deal in UK & Ireland. Before: 32 first cheques, 29 in North America, 1 in DACH.
    Source
  18. Aug 17, 2021
    Zeev Ventures backed Imubit at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 22 first cheques, 12 in Software & Developer Tools, 6 in Finance & Blockchain.
    Source
  19. Aug 2021
    9Point Ventures backed Kinly at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 25 first cheques, 13 in Software & Developer Tools, 7 in Finance & Blockchain.
  20. Aug 2021
    New regionFirst deal in DACH. Before: 42 first cheques, 41 in Benelux & France, 1 in UK & Ireland.
    Source
  21. Aug 2021
    New regionFirst deal in APAC. Before: 57 first cheques, 48 in North America, 3 in DACH.
  22. Aug 2021
    India Quotient. backed Creo at Seed
    New regionFirst deal in UK & Ireland. Before: 25 first cheques, 24 in APAC, 1 in Nordics.
  23. Aug 2021
    New sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Industry & Hardware.
    Source
  24. Aug 2021
    Maveron backed C Wire AG at Pre-seed
    New regionFirst deal in DACH. Before: 32 first cheques, 29 in North America, 1 in UK & Ireland.
  25. Jul 30, 2021
    Version One Ventures backed Tenderly at Series A
    New regionFirst deal in CEE. Before: 27 first cheques, 22 in North America, 1 in UK & Ireland.
    Source
  26. Jul 20, 2021
    Kaszek backed JOKR at Series A
    New regionFirst deal in UK & Ireland. Before: 47 first cheques, 45 in LATAM, 1 in North America.
    Source
  27. Jul 20, 2021
    New regionFirst deal in MEA. Before: 19 first cheques, 18 in North America, 1 in APAC.
  28. Jul 14, 2021
    New regionFirst deal in Southern Europe. Before: 21 first cheques, 17 in CEE, 1 in UK & Ireland.
  29. Jul 8, 2021
    New regionFirst deal in DACH. Before: 20 first cheques, 16 in UK & Ireland, 3 in North America.
  30. Jul 8, 2021
    New sectorFirst Industry & Hardware cheque. Before: 23 first cheques, 14 in Software & Developer Tools, 8 in Energy, Environment & Mobility.
  31. Jul 2021
    aMoon backed MOBILion Systems at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 19 first cheques, 18 in Healthcare & Life Sciences, 1 in Artificial Intelligence & Data.
    Source
  32. Jul 2021
    New sectorFirst Energy, Environment & Mobility cheque. Before: 15 first cheques, 7 in Industry & Hardware, 6 in Healthcare & Life Sciences.
  33. Jul 2021
    New regionFirst deal in CEE. Before: 22 first cheques, 21 in UK & Ireland, 1 in Southern Europe.
  34. Jul 2021
    New regionFirst deal in DACH. Before: 17 first cheques, 14 in APAC, 2 in Benelux & France.
  35. Jul 2021
    Energy Impact Partners backed Measurabl at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 21 first cheques, 13 in Software & Developer Tools, 8 in Energy, Environment & Mobility.
    Source
  36. Jul 2021
    Five Elms Capital backed ShippyPro at Series A
    New sectorFirst Industry & Hardware cheque. Before: 38 first cheques, 30 in Software & Developer Tools, 2 in Finance & Blockchain.
    Source
  37. Jul 2021
    LeapFrog Investments backed HealthifyMe at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 19 first cheques, 13 in Finance & Blockchain, 3 in Healthcare & Life Sciences.
    Source
  38. Jul 2021
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 16 in North America, 1 in UK & Ireland.
    Source
  39. Jul 2021
    Paradigm backed Genesis Digital Assets at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 26 first cheques, 18 in Finance & Blockchain, 4 in Software & Developer Tools.
  40. Jul 2021
    Ridge Ventures backed Loop Returns at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 12 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.