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. 2024
    New sectorFirst Finance & Blockchain cheque. Before: 21 first cheques, 16 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  2. 2024
    Kaszek backed Netas at Seed
    New regionFirst deal in MEA. Before: 76 first cheques, 69 in LATAM, 3 in UK & Ireland.
  3. 2024
    Leonard Green & Partners backed IMA at Series C+
    New regionFirst deal in DACH. Before: 25 first cheques, 24 in North America, 1 in UK & Ireland.
  4. 2024
    Lilly Asia Ventures backed SynNovation at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 18 first cheques, 18 in Healthcare & Life Sciences.
  5. 2024
    New sectorFirst Finance & Blockchain cheque. Before: 18 first cheques, 18 in Healthcare & Life Sciences.
  6. 2024
    MaC Venture Capital backed MealMe at Series A
    New regionFirst deal in Southern Europe. Before: 85 first cheques, 68 in North America, 6 in MEA.
  7. 2024
    Madrona Venture Group backed AllRead at Series A
    New regionFirst deal in Southern Europe. Before: 69 first cheques, 62 in North America, 3 in UK & Ireland.
  8. 2024
    Makers Fund backed Atomontage at Seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 60 first cheques, 46 in Consumer, Lifestyle & Services, 10 in Software & Developer Tools.
  9. 2024
    Mercia Ventures backed CorrosionRADAR at Series B
    New regionFirst deal in Benelux & France. Before: 58 first cheques, 50 in UK & Ireland, 4 in North America.
    Source
  10. 2024
    Mercia Ventures backed ASN Biotech at Series A
    New regionFirst deal in Southern Europe. Before: 58 first cheques, 50 in UK & Ireland, 4 in North America.
  11. 2024
    Mucker Capital backed Tactiq at Series A
    New regionFirst deal in Nordics. Before: 68 first cheques, 59 in North America, 3 in APAC.
  12. 2024
    Nascent backed Initia at Seed
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 8 in Finance & Blockchain, 5 in Software & Developer Tools.
    Source
  13. 2024
    Nascent backed Nebra at Seed
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 8 in Finance & Blockchain, 5 in Software & Developer Tools.
    Source
  14. 2024
    NBI Investors backed Hex at Seed
    New regionFirst deal in North America. Before: 16 first cheques, 14 in Benelux & France, 2 in UK & Ireland.
  15. 2024
    NewView Capital backed Can Pep Rey at Series A
    New regionFirst deal in Southern Europe. Before: 16 first cheques, 13 in North America, 2 in APAC.
  16. 2024
    New sectorFirst Finance & Blockchain cheque. Before: 44 first cheques, 42 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    Source
  17. 2024
    NexTech Invest backed SynNovation at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 44 first cheques, 42 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  18. 2024
    NextGen Venture Partners backed Fritz at Series A
    New regionFirst deal in DACH. Before: 32 first cheques, 26 in North America, 3 in APAC.
  19. 2024
    Nina Capital backed Ladder at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 23 first cheques, 20 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  20. 2024
    New sectorFirst Energy, Environment & Mobility cheque. Before: 55 first cheques, 43 in Healthcare & Life Sciences, 5 in Artificial Intelligence & Data.
  21. 2024
    Occident Group backed Altava at Series A
    New regionFirst deal in APAC. Before: 23 first cheques, 21 in DACH, 1 in Benelux & France.
  22. 2024
    Occident Group backed Core Sensing at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 23 first cheques, 19 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  23. 2024
    Panakes Partners backed Cellanome at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 16 first cheques, 16 in Healthcare & Life Sciences.
  24. 2024
    New regionFirst deal in Southern Europe. Before: 19 first cheques, 17 in North America, 1 in UK & Ireland.
  25. 2024
    New sectorFirst Industry & Hardware cheque. Before: 33 first cheques, 29 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  26. 2024
    Portage backed Angle Health at Series B
    New sectorFirst Healthcare & Life Sciences cheque. Before: 18 first cheques, 14 in Finance & Blockchain, 4 in Software & Developer Tools.
    Source
  27. 2024
    Presto Ventures backed OutKept at Seed
    New regionFirst deal in Benelux & France. Before: 41 first cheques, 37 in CEE, 1 in North America.
    Source
  28. 2024
    Primo Capital backed Ecosmic at Seed
    New regionFirst deal in Benelux & France. Before: 18 first cheques, 15 in Southern Europe, 1 in North America.
  29. 2024
    Propel Venture Partners backed Cabify at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 35 first cheques, 22 in Finance & Blockchain, 10 in Software & Developer Tools.
  30. 2024
    Quona Capital backed Prima at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 62 first cheques, 34 in Finance & Blockchain, 16 in Software & Developer Tools.
  31. 2024
    Raed Capital backed Vectara at Series B
    New regionFirst deal in North America. Before: 33 first cheques, 29 in MEA, 2 in APAC.
  32. 2024
    Raed Capital backed Simplified at Series A
    New regionFirst deal in North America. Before: 33 first cheques, 29 in MEA, 2 in APAC.
  33. 2024
    New regionFirst deal in UK & Ireland. Before: 33 first cheques, 29 in MEA, 2 in APAC.
    Source
  34. 2024
    Raed Capital backed Zeal at Series A
    New regionFirst deal in North America. Before: 33 first cheques, 29 in MEA, 2 in APAC.
    Source
  35. 2024
    Raed Capital backed Zeel at Seed
    New regionFirst deal in North America. Before: 33 first cheques, 29 in MEA, 2 in APAC.
  36. 2024
    Reach Capital backed Nurture Life at Pre-seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 31 first cheques, 18 in Software & Developer Tools, 7 in Consumer, Lifestyle & Services.
  37. 2024
    New regionFirst deal in UK & Ireland. Before: 25 first cheques, 22 in North America, 1 in DACH.
  38. 2024
    Remarkable Ventures backed Order at Seed
    New regionFirst deal in UK & Ireland. Before: 25 first cheques, 22 in North America, 1 in DACH.
  39. 2024
    Resolute Ventures backed Vela Labs at Series B
    New regionFirst deal in DACH. Before: 45 first cheques, 40 in North America, 2 in MEA.
  40. 2024
    Rethink Capital Partners backed Campus at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 10 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
    New regionFirst deal in Benelux & France. Before: 16 first cheques, 14 in North America, 1 in UK & Ireland.