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
    RRE Ventures backed Midas at Series B
    New regionFirst deal in MEA. Before: 47 first cheques, 39 in North America, 3 in Benelux & France.
  2. 2024
    Samsara Ventures backed Ottimo Disegni at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 43 first cheques, 38 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  3. 2024
    Section 32 backed Ohalo at Series C+
    New regionFirst deal in APAC. Before: 24 first cheques, 21 in North America, 3 in UK & Ireland.
  4. 2024
    Section 32 backed eMAG at Seed
    New regionFirst deal in CEE. Before: 24 first cheques, 21 in North America, 3 in UK & Ireland.
  5. 2024
    Serra Ventures backed Giant Swarm at Series A
    New regionFirst deal in DACH. Before: 21 first cheques, 17 in North America, 2 in UK & Ireland.
  6. 2024
    New regionFirst deal in APAC. Before: 28 first cheques, 23 in North America, 2 in DACH.
    Source
  7. 2024
    New regionFirst deal in APAC. Before: 28 first cheques, 23 in North America, 2 in DACH.
  8. 2024
    Sozo Ventures backed eMAG at Seed
    New regionFirst deal in CEE. Before: 28 first cheques, 24 in North America, 2 in APAC.
  9. 2024
    New regionFirst deal in APAC. Before: 105 first cheques, 104 in DACH, 1 in North America.
  10. 2024
    Threshold Ventures backed Asteroid at Series B
    New regionFirst deal in CEE. Before: 28 first cheques, 23 in North America, 3 in Benelux & France.
  11. 2024
    Tola Capital backed IngredientAI at Series B
    New sectorFirst Healthcare & Life Sciences cheque. Before: 30 first cheques, 20 in Software & Developer Tools, 4 in Industry & Hardware.
  12. 2024
    Torch Capital backed aeoflo at Series A
    New regionFirst deal in Nordics. Before: 17 first cheques, 14 in North America, 1 in UK & Ireland.
  13. 2024
    UI-Investissement backed Oversee at Seed
    New regionFirst deal in MEA. Before: 50 first cheques, 46 in Benelux & France, 2 in DACH.
  14. 2024
    Underscore VC backed Moltin at Series A
    New regionFirst deal in UK & Ireland. Before: 30 first cheques, 26 in North America, 2 in DACH.
  15. 2024
    Vida Ventures backed Modelity at Seed
    New regionFirst deal in DACH. Before: 18 first cheques, 15 in North America, 1 in UK & Ireland.
  16. 2024
    Vivo Ventures backed TENAX at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 39 first cheques, 33 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  17. 2024
    Vivo Ventures backed Regulus at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 39 first cheques, 33 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
    Source
  18. 2024
    New sectorFirst Commerce & Marketing cheque. Before: 17 first cheques, 13 in Software & Developer Tools, 3 in Finance & Blockchain.
  19. 2024
    Westwave Capital backed StackGen at Seed
    New regionFirst deal in APAC. Before: 17 first cheques, 17 in North America.
    Source
  20. Dec 15, 2023
    Venture Kick backed Planeto at Pre-seed
    New regionFirst deal in LATAM. Before: 26 first cheques, 22 in DACH, 1 in North America.
    Source
  21. Dec 13, 2023
    Auriga Partners backed Cryptonext at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Industry & Hardware.
    Source
  22. Dec 12, 2023
    Apple Tree Partners backed Adendra
    New regionFirst deal in UK & Ireland. Before: 17 first cheques, 17 in North America.
  23. Dec 2023
    3one4 Capital backed Exponent Energy at Series B
    New regionFirst deal in DACH. Before: 40 first cheques, 34 in APAC, 4 in North America.
    Source
  24. Dec 2023
    New sectorFirst Software & Developer Tools cheque. Before: 26 first cheques, 25 in Healthcare & Life Sciences, 1 in Finance & Blockchain.
  25. Dec 2023
    Earlier stageFirst entry as early as Seed. Before: 21 entries with a sourced stage, 13 at Series C+, 7 at Series B.
  26. Dec 2023
    Sapphire Ventures backed Sana Labs at Series B
    New regionFirst deal in Nordics. Before: 97 first cheques, 78 in North America, 7 in UK & Ireland.
    Source
  27. Dec 2023
    TDK Ventures backed AMB Technologies at Series B
    New sectorFirst Software & Developer Tools cheque. Before: 15 first cheques, 7 in Industry & Hardware, 5 in Energy, Environment & Mobility.
  28. Dec 2023
    Upfront Ventures backed OurSky at Seed
    New regionFirst deal in APAC. Before: 55 first cheques, 46 in North America, 3 in UK & Ireland.
    Source
  29. Dec 2023
    YourNest backed Exponent Energy at Series B
    New regionFirst deal in DACH. Before: 18 first cheques, 17 in APAC, 1 in North America.
    Source
  30. Nov 22, 2023
    New regionFirst deal in UK & Ireland. Before: 42 first cheques, 38 in North America, 2 in APAC.
  31. Nov 16, 2023
    9Yards Capital backed Crisp at Series C+
    New regionFirst deal in Benelux & France. Before: 56 first cheques, 45 in North America, 4 in UK & Ireland.
  32. Nov 16, 2023
    DNX Ventures backed Crisp at Series C+
    New sectorFirst Commerce & Marketing cheque. Before: 47 first cheques, 33 in Software & Developer Tools, 6 in Industry & Hardware.
  33. Nov 2023
    4DX Ventures backed Almé at Seed
    New regionFirst deal in Benelux & France. Before: 22 first cheques, 19 in MEA, 1 in North America.
  34. Nov 2023
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 42 first cheques, 31 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
    New regionFirst deal in APAC. Before: 41 first cheques, 33 in North America, 3 in UK & Ireland.
  35. Nov 2023
    Companisto backed Smart City Networks at Pre-seed
    New regionFirst deal in North America. Before: 50 first cheques, 45 in DACH, 2 in Benelux & France.
  36. Nov 2023
    Courtin Investment backed Le Fourgon at Series A
    New sectorFirst Industry & Hardware cheque. Before: 24 first cheques, 16 in Software & Developer Tools, 4 in Commerce & Marketing.
  37. Nov 2023
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 17 in North America, 2 in APAC.
  38. Nov 2023
    New regionFirst deal in Benelux & France. Before: 84 first cheques, 69 in North America, 5 in DACH.
  39. Nov 2023
    Otium Capital backed Ensol at Seed
    New regionFirst deal in LATAM. Before: 25 first cheques, 21 in Benelux & France, 3 in Southern Europe.
    Source
  40. Nov 2023
    New regionFirst deal in CEE. Before: 42 first cheques, 36 in UK & Ireland, 4 in North America.