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. Jun 2023
    New sectorFirst Software & Developer Tools cheque. Before: 26 first cheques, 23 in Healthcare & Life Sciences, 3 in Consumer, Lifestyle & Services.
    Source
  2. Jun 2023
    Motive Partners backed Nelly at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 36 first cheques, 24 in Finance & Blockchain, 7 in Software & Developer Tools.
    Source
  3. Jun 2023
    Newion backed delphai at Seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 40 first cheques, 31 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
    Source
  4. Jun 2023
    Occident Group backed ReCatalyst at Seed
    New regionFirst deal in CEE. Before: 21 first cheques, 20 in DACH, 1 in Benelux & France.
    Source
  5. Jun 2023
    Earlier stageFirst entry as early as Pre-seed. Before: 65 entries with a sourced stage, 28 at Series B, 22 at Series C+.
  6. Jun 2023
    Visionaries Club backed GetHarley at Series B
    New sectorFirst Healthcare & Life Sciences cheque. Before: 27 first cheques, 16 in Software & Developer Tools, 6 in Finance & Blockchain.
    Source
  7. May 25, 2023
    Investinor backed Eyr at Seed
    New regionFirst deal in Benelux & France. Before: 38 first cheques, 31 in Nordics, 3 in North America.
    Source
  8. May 16, 2023
    New regionFirst deal in North America. Before: 28 first cheques, 26 in LATAM, 2 in DACH.
  9. May 2023
    BaltCap backed AdoroCinema at Pre-seed
    New regionFirst deal in LATAM. Before: 30 first cheques, 25 in CEE, 1 in UK & Ireland.
  10. May 2023
    Companisto backed Boomerang at Seed
    New regionFirst deal in CEE. Before: 40 first cheques, 39 in DACH, 1 in Benelux & France.
  11. May 2023
    Decheng Capital backed Boundless Bio at Series C+
    New regionFirst deal in UK & Ireland. Before: 17 first cheques, 14 in North America, 1 in DACH.
  12. May 2023
    Gresham House Ventures backed Dayrize at Series A
    New regionFirst deal in Benelux & France. Before: 28 first cheques, 26 in UK & Ireland, 1 in North America.
    Source
  13. May 2023
    P101 backed GF Piping Systems at Seed
    New regionFirst deal in DACH. Before: 45 first cheques, 38 in Southern Europe, 4 in North America.
  14. May 2023
    Reach Capital backed Campus at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 27 first cheques, 17 in Software & Developer Tools, 5 in Consumer, Lifestyle & Services.
  15. May 2023
    Ridge Ventures backed WireMock at Seed
    New regionFirst deal in UK & Ireland. Before: 23 first cheques, 19 in North America, 2 in Benelux & France.
    Source
  16. May 2023
    Unusual backed Streamdal at Seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 39 first cheques, 24 in Software & Developer Tools, 8 in Finance & Blockchain.
  17. May 2023
    New sectorFirst Artificial Intelligence & Data cheque. Before: 25 first cheques, 21 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
  18. May 2023
    Vertis Venture Capital backed NEWTWEN at Series A
    New regionFirst deal in Benelux & France. Before: 22 first cheques, 19 in Southern Europe, 2 in DACH.
    Source
  19. May 2023
    Volition Capital backed hackajob at Series B
    New regionFirst deal in UK & Ireland. Before: 33 first cheques, 29 in North America, 1 in DACH.
    Source
  20. Apr 28, 2023
    Venture Kick backed Neology at Pre-seed
    New regionFirst deal in APAC. Before: 23 first cheques, 22 in DACH, 1 in North America.
    Source
  21. Apr 25, 2023
    Cultivation Capital backed Hydrosat at Series A
    New regionFirst deal in Benelux & France. Before: 46 first cheques, 39 in North America, 3 in UK & Ireland.
    Source
  22. Apr 13, 2023
    Blackfinch backed Proprli at Pre-seed
    New regionFirst deal in Benelux & France. Before: 24 first cheques, 21 in UK & Ireland, 2 in North America.
    Source
  23. Apr 2023
    Canary backed BrandLovrs at Seed
    New regionFirst deal in Southern Europe. Before: 45 first cheques, 41 in LATAM, 2 in North America.
    Source
  24. Apr 2023
    Harpoon Ventures backed OSO-AI at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 20 first cheques, 14 in Software & Developer Tools, 2 in Industry & Hardware.
  25. Apr 2023
    Inovia Capital backed Super at Series C+
    New regionFirst deal in APAC. Before: 60 first cheques, 49 in North America, 4 in UK & Ireland.
  26. Apr 2023
    Leaps by Bayer backed Sabanto at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 17 first cheques, 12 in Healthcare & Life Sciences, 3 in Energy, Environment & Mobility.
  27. Apr 2023
    Purple Ventures backed Woodoo at Series A
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 12 in CEE, 2 in North America.
    Source
  28. Apr 2023
    Purple Ventures backed Asap.work at Seed
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 12 in CEE, 2 in North America.
    Source
  29. Apr 2023
    Purple Ventures backed Zealy at Pre-seed
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 12 in CEE, 2 in North America.
    Source
  30. Apr 2023
    Threshold Ventures backed Auto Repair at Series B
    New regionFirst deal in APAC. Before: 25 first cheques, 22 in North America, 2 in Benelux & France.
  31. Mar 30, 2023
    Epic Ventures backed TROOP at Seed
    New regionFirst deal in UK & Ireland. Before: 16 first cheques, 14 in North America, 1 in DACH.
    Source
  32. Mar 10, 2023
    Wintermute backed Violet at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 51 first cheques, 33 in Finance & Blockchain, 10 in Artificial Intelligence & Data.
    Source
  33. Mar 8, 2023
    ClearSky Capital backed Revelstoke at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 17 first cheques, 14 in Software & Developer Tools, 2 in Energy, Environment & Mobility.
    Source
  34. Mar 7, 2023
    1Up Fund backed Beliver at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 13 in Consumer, Lifestyle & Services, 3 in Software & Developer Tools.
  35. Mar 7, 2023
    New sectorFirst Industry & Hardware cheque. Before: 19 first cheques, 14 in Software & Developer Tools, 3 in Finance & Blockchain.
  36. Mar 2023
    Able Partners backed Filters at Pre-seed
    New sectorFirst Commerce & Marketing cheque. Before: 20 first cheques, 12 in Healthcare & Life Sciences, 7 in Consumer, Lifestyle & Services.
    New regionFirst deal in Benelux & France. Before: 18 first cheques, 17 in North America, 1 in LATAM.
  37. Mar 2023
    August Capital backed Pacto at Seed
    New regionFirst deal in LATAM. Before: 15 first cheques, 13 in North America, 1 in DACH.
    Source
  38. Mar 2023
    CDTI backed APLANET at Series A
    New regionFirst deal in DACH. Before: 27 first cheques, 26 in Southern Europe, 1 in CEE.
  39. Mar 2023
    New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 16 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  40. Mar 2023
    Courtin Investment backed XXII at Series A
    New regionFirst deal in North America. Before: 18 first cheques, 17 in Benelux & France, 1 in CEE.