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. Jul 2024
    New regionFirst deal in Nordics. Before: 75 first cheques, 62 in UK & Ireland, 7 in North America.
  2. Jun 24, 2024
    New regionFirst deal in DACH. Before: 25 first cheques, 22 in APAC, 3 in North America.
    Source
  3. Jun 19, 2024
    Everywhere Ventures backed Donna at Pre-seed
    New regionFirst deal in DACH. Before: 16 first cheques, 13 in North America, 1 in UK & Ireland.
    Source
  4. Jun 19, 2024
    Fortino Capital backed Donna at Pre-seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 31 first cheques, 22 in Software & Developer Tools, 3 in Finance & Blockchain.
    Source
  5. Jun 12, 2024
    Upfront Ventures backed Apex at Series B
    New regionFirst deal in MEA. Before: 58 first cheques, 48 in North America, 3 in UK & Ireland.
    Source
  6. Jun 12, 2024
    XYZ Ventures backed Apex at Series B
    New regionFirst deal in MEA. Before: 18 first cheques, 15 in North America, 1 in UK & Ireland.
    Source
  7. Jun 5, 2024
    New sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 8 in Software & Developer Tools, 4 in Industry & Hardware.
  8. Jun 5, 2024
    LG Technology Ventures backed Eko at Series C+
    New sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 8 in Software & Developer Tools, 4 in Industry & Hardware.
  9. Jun 2024
    Agent Capital backed AshiBio at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 22 first cheques, 21 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
  10. Jun 2024
    Anges Québec backed PropulsoW at Seed
    New sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 8 in Software & Developer Tools, 5 in Healthcare & Life Sciences.
  11. Jun 2024
    Angular Ventures backed Opral at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 25 first cheques, 18 in Software & Developer Tools, 4 in Industry & Hardware.
  12. Jun 2024
    AQC Capital backed PropulsoW at Seed
    New regionFirst deal in LATAM. Before: 26 first cheques, 24 in North America, 2 in DACH.
  13. Jun 2024
    BioImpact Capital backed AshiBio at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 17 first cheques, 13 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
  14. Jun 2024
    Blume Ventures backed Neustark at Series C+
    New regionFirst deal in DACH. Before: 40 first cheques, 32 in APAC, 3 in North America.
    Source
  15. Jun 2024
    Invus backed Klarity at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 57 first cheques, 37 in Healthcare & Life Sciences, 9 in Software & Developer Tools.
    Source
  16. Jun 2024
    MPM Capital backed AshiBio at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 34 first cheques, 30 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  17. Jun 2024
    Okta Ventures backed k-ID at Series A
    New regionFirst deal in CEE. Before: 17 first cheques, 14 in North America, 1 in DACH.
  18. Jun 2024
    Toba Capital backed Swift Solar at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 3 in Healthcare & Life Sciences.
  19. May 16, 2024
    New regionFirst deal in LATAM. Before: 15 first cheques, 13 in North America, 1 in UK & Ireland.
    Source
  20. May 2024
    9unicorns backed Drink Prime at Seed
    New regionFirst deal in UK & Ireland. Before: 22 first cheques, 21 in APAC, 1 in North America.
  21. May 2024
    Asabys Partners backed Ida at Seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 27 first cheques, 21 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  22. May 2024
    New regionFirst deal in UK & Ireland. Before: 34 first cheques, 31 in North America, 1 in Nordics.
  23. May 2024
    Founderful backed Axmed at Seed
    New regionFirst deal in APAC. Before: 15 first cheques, 13 in DACH, 2 in North America.
    Source
  24. May 2024
    Shunwei Capital backed Cloudwalk at Series C+
    New regionFirst deal in DACH. Before: 25 first cheques, 22 in APAC, 2 in North America.
    Source
  25. May 2024
    New regionFirst deal in Benelux & France. Before: 16 first cheques, 13 in Southern Europe, 2 in DACH.
  26. Apr 29, 2024
    New sectorFirst Industry & Hardware cheque. Before: 21 first cheques, 15 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  27. Apr 3, 2024
    Innovestor backed Vaalia Health at Pre-seed
    New regionFirst deal in Benelux & France. Before: 67 first cheques, 55 in Nordics, 7 in DACH.
  28. Apr 2024
    Anzu Partners backed Framework at Series A
    New regionFirst deal in UK & Ireland. Before: 41 first cheques, 36 in North America, 3 in APAC.
  29. Apr 2024
    Karista backed 10Lines at Series A
    New regionFirst deal in CEE. Before: 54 first cheques, 48 in Benelux & France, 4 in DACH.
    Source
  30. Apr 2024
    Liquidity Group backed TrueClaim at Pre-seed
    Earlier stageFirst entry as early as Pre-seed. Before: 15 entries with a sourced stage, 7 at Series A, 5 at Series B.
    Source
  31. Apr 2024
    NextLeap Ventures backed Carrar at Series A
    New regionFirst deal in UK & Ireland. Before: 16 first cheques, 13 in MEA, 2 in DACH.
    Source
  32. Apr 2024
    New regionFirst deal in DACH. Before: 46 first cheques, 39 in UK & Ireland, 4 in North America.
  33. Apr 2024
    Surveyor Capital backed Obsidian at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 28 first cheques, 26 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    Source
  34. Apr 2024
    New regionFirst deal in MEA. Before: 22 first cheques, 18 in North America, 1 in UK & Ireland.
    Source
  35. Mar 11, 2024
    New regionFirst deal in MEA. Before: 29 first cheques, 24 in North America, 2 in APAC.
    Source
  36. Mar 2024
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 47 first cheques, 35 in Software & Developer Tools, 7 in Finance & Blockchain.
  37. Mar 2024
    New regionFirst deal in Nordics. Before: 52 first cheques, 42 in North America, 3 in UK & Ireland.
    Source
  38. Mar 2024
    New regionFirst deal in Nordics. Before: 21 first cheques, 18 in North America, 2 in UK & Ireland.
    Source
  39. Mar 2024
    New sectorFirst Software & Developer Tools cheque. Before: 25 first cheques, 16 in Energy, Environment & Mobility, 4 in Artificial Intelligence & Data.
    Source
  40. Mar 2024
    Collab Capital backed SOARC at Seed
    New regionFirst deal in DACH. Before: 15 first cheques, 14 in North America, 1 in Benelux & France.