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. Nov 2023
    Portfolio Ventures backed SeeChange at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 7 in Software & Developer Tools, 5 in Finance & Blockchain.
    Source
  2. Nov 2023
    Primo Capital backed Qomodo at Pre-seed
    New regionFirst deal in UK & Ireland. Before: 17 first cheques, 15 in Southern Europe, 1 in North America.
  3. Nov 2023
    New regionFirst deal in Benelux & France. Before: 22 first cheques, 18 in UK & Ireland, 2 in North America.
    Source
  4. Nov 2023
    SFC Capital backed Magic ID at Pre-seed
    New regionFirst deal in APAC. Before: 256 first cheques, 237 in UK & Ireland, 9 in North America.
  5. Nov 2023
    New sectorFirst Industry & Hardware cheque. Before: 34 first cheques, 27 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  6. Nov 2023
    Volition Capital backed Mozaic at Series A
    New regionFirst deal in MEA. Before: 35 first cheques, 30 in North America, 1 in UK & Ireland.
    Source
  7. Oct 23, 2023
    Venture Kick backed ascento at Pre-seed
    New regionFirst deal in UK & Ireland. Before: 25 first cheques, 22 in DACH, 1 in North America.
    Source
  8. Oct 18, 2023
    Neotribe Ventures backed Auquan at Seed
    New regionFirst deal in APAC. Before: 27 first cheques, 23 in North America, 2 in DACH.
    Source
  9. Oct 11, 2023
    IA Capital Group backed Matic at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 28 first cheques, 18 in Finance & Blockchain, 8 in Software & Developer Tools.
  10. Oct 2023
    Companisto backed UV Energy at Pre-seed
    New regionFirst deal in APAC. Before: 47 first cheques, 43 in DACH, 2 in Benelux & France.
  11. Oct 2023
    New sectorFirst Energy, Environment & Mobility cheque. Before: 58 first cheques, 39 in Software & Developer Tools, 9 in Finance & Blockchain.
  12. Oct 2023
    New regionFirst deal in DACH. Before: 30 first cheques, 24 in North America, 5 in MEA.
  13. Oct 2023
    New regionFirst deal in APAC. Before: 66 first cheques, 54 in Benelux & France, 6 in North America.
    Source
  14. Oct 2023
    Turenne Capital backed Nexus at Series B
    New regionFirst deal in UK & Ireland. Before: 49 first cheques, 42 in Benelux & France, 5 in DACH.
  15. Sep 5, 2023
    New regionFirst deal in APAC. Before: 19 first cheques, 16 in UK & Ireland, 1 in North America.
  16. Sep 5, 2023
    Westtech Ventures backed Opna at Seed
    New regionFirst deal in APAC. Before: 17 first cheques, 15 in DACH, 2 in North America.
  17. Sep 2023
    ACF Investors backed Oneid at Seed
    New regionFirst deal in North America. Before: 45 first cheques, 43 in UK & Ireland, 1 in DACH.
    Source
  18. Sep 2023
    Aquiti backed Field at Seed
    New regionFirst deal in UK & Ireland. Before: 40 first cheques, 39 in Benelux & France, 1 in DACH.
  19. Sep 2023
    New sectorFirst Healthcare & Life Sciences cheque. Before: 40 first cheques, 29 in Software & Developer Tools, 6 in Artificial Intelligence & Data.
    Source
  20. Sep 2023
    Intel Capital Corp backed Treefera at Pre-seed
    Earlier stageFirst entry as early as Pre-seed. Before: 72 entries with a sourced stage, 29 at Series A, 22 at Series B.
  21. Sep 2023
    Motive Partners backed Field at Seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 37 first cheques, 24 in Finance & Blockchain, 7 in Software & Developer Tools.
  22. Sep 2023
    New regionFirst deal in LATAM. Before: 22 first cheques, 18 in Nordics, 1 in North America.
    Source
  23. Sep 2023
    Sting backed Quack at Seed
    New regionFirst deal in MEA. Before: 169 first cheques, 139 in Nordics, 14 in DACH.
  24. Aug 30, 2023
    Chalmers Ventures backed AquaFood at Pre-seed
    New regionFirst deal in UK & Ireland. Before: 38 first cheques, 33 in Nordics, 5 in North America.
  25. Aug 29, 2023
    Gradient Ventures backed Jitty at Pre-seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 56 first cheques, 38 in Software & Developer Tools, 9 in Finance & Blockchain.
    Source
  26. Aug 17, 2023
    Spicehaus Partners backed Tinamu at Pre-seed
    New regionFirst deal in CEE. Before: 18 first cheques, 16 in DACH, 2 in North America.
  27. Aug 16, 2023
    January Capital backed Marqo at Seed
    New sectorFirst Industry & Hardware cheque. Before: 18 first cheques, 12 in Software & Developer Tools, 3 in Commerce & Marketing.
    Source
  28. Aug 2, 2023
    New regionFirst deal in UK & Ireland. Before: 43 first cheques, 39 in North America, 2 in MEA.
  29. Aug 2023
    BaltCap backed IGLU at Series C+
    New regionFirst deal in APAC. Before: 34 first cheques, 28 in CEE, 1 in UK & Ireland.
  30. Aug 2023
    Cervin Ventures backed Catch&Release at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 36 first cheques, 26 in Software & Developer Tools, 3 in Finance & Blockchain.
  31. Aug 2023
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 18 first cheques, 14 in Software & Developer Tools, 2 in Commerce & Marketing.
  32. Aug 2023
    Clean Energy Ventures backed Hydrogen at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 28 first cheques, 16 in Energy, Environment & Mobility, 7 in Software & Developer Tools.
  33. Aug 2023
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Artificial Intelligence & Data.
  34. Aug 2023
    GreatPoint Ventures backed TryNow at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 28 first cheques, 14 in Software & Developer Tools, 9 in Healthcare & Life Sciences.
  35. Aug 2023
    Playground Global backed Phasecraft at Series A
    New regionFirst deal in UK & Ireland. Before: 27 first cheques, 22 in North America, 2 in MEA.
    Source
  36. Aug 2023
    Pontifax Capital backed Abcuro at Series B
    New sectorFirst Software & Developer Tools cheque. Before: 31 first cheques, 29 in Healthcare & Life Sciences, 1 in Industry & Hardware.
    Source
  37. Aug 2023
    Sanofi Capital backed Abcuro at Series B
    New sectorFirst Software & Developer Tools cheque. Before: 37 first cheques, 33 in Healthcare & Life Sciences, 2 in Industry & Hardware.
    Source
  38. Aug 2023
    New sectorFirst Energy, Environment & Mobility cheque. Before: 43 first cheques, 29 in Software & Developer Tools, 7 in Consumer, Lifestyle & Services.
  39. Jul 18, 2023
    New sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 12 in Software & Developer Tools, 2 in Commerce & Marketing.
    Source
  40. Jul 17, 2023
    ACF Investors backed Huq at Series A
    New regionFirst deal in APAC. Before: 44 first cheques, 43 in UK & Ireland, 1 in DACH.