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 17, 2023
    Avidity Partners backed OrganOx Limited at Series C+
    New regionFirst deal in UK & Ireland. Before: 21 first cheques, 19 in North America, 1 in Benelux & France.
  2. Jul 17, 2023
    Avidity Partners backed Organos, Inc. at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 23 first cheques, 16 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  3. Jul 17, 2023
    Solana Ventures backed Hivemapper at Series A
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 7 in Software & Developer Tools, 6 in Finance & Blockchain.
    Source
  4. Jul 2023
    A Ventures backed PerPlant at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 12 in Software & Developer Tools, 5 in Consumer, Lifestyle & Services.
  5. Jul 2023
    New regionFirst deal in DACH. Before: 30 first cheques, 25 in North America, 2 in LATAM.
    Source
  6. Jul 2023
    New regionFirst deal in MEA. Before: 52 first cheques, 43 in APAC, 7 in North America.
  7. Jul 2023
    CommerzVentures backed Gradient Labs at Series A
    New sectorFirst Industry & Hardware cheque. Before: 37 first cheques, 25 in Finance & Blockchain, 6 in Software & Developer Tools.
    Source
  8. Jul 2023
    Companisto backed Ivy at Series A
    New regionFirst deal in Nordics. Before: 44 first cheques, 41 in DACH, 2 in Benelux & France.
  9. Jul 2023
    Fenbushi Capital backed RiscZero at Series A
    New sectorFirst Artificial Intelligence & Data cheque. Before: 16 first cheques, 10 in Finance & Blockchain, 3 in Consumer, Lifestyle & Services.
  10. Jul 2023
    GS VENTURES backed mattilda at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 26 first cheques, 16 in Software & Developer Tools, 8 in Consumer, Lifestyle & Services.
    Source
  11. Jul 2023
    KPN Ventures backed Airalo at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Artificial Intelligence & Data.
    Source
  12. Jul 2023
    PLUS Capital backed Wellxai at Seed
    New regionFirst deal in MEA. Before: 18 first cheques, 16 in North America, 1 in APAC.
  13. Jun 27, 2023
    At One Ventures backed Dalan at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 20 first cheques, 14 in Energy, Environment & Mobility, 3 in Industry & Hardware.
    Source
  14. Jun 23, 2023
    New regionFirst deal in DACH. Before: 26 first cheques, 22 in North America, 2 in MEA.
    Source
  15. Jun 20, 2023
    JamJar Investments backed Tony's at Series C+
    New regionFirst deal in LATAM. Before: 35 first cheques, 28 in UK & Ireland, 3 in Benelux & France.
  16. Jun 14, 2023
    Next Play Ventures backed La Haus at Series C+
    New regionFirst deal in LATAM. Before: 26 first cheques, 22 in North America, 2 in UK & Ireland.
    Source
  17. Jun 7, 2023
    Venture Kick backed SolidWatts at Pre-seed
    New regionFirst deal in Southern Europe. Before: 24 first cheques, 22 in DACH, 1 in North America.
    Source
  18. Jun 2023
    Arkin Ventures backed Percepto at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 17 first cheques, 12 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    Source
  19. Jun 2023
    Founders Future backed Astranis at Seed
    New regionFirst deal in North America. Before: 27 first cheques, 23 in Benelux & France, 2 in DACH.
  20. Jun 2023
    New sectorFirst Software & Developer Tools cheque. Before: 26 first cheques, 23 in Healthcare & Life Sciences, 3 in Consumer, Lifestyle & Services.
    Source
  21. 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
  22. 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
  23. 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
  24. 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+.
  25. 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
  26. 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
  27. May 16, 2023
    New regionFirst deal in North America. Before: 28 first cheques, 26 in LATAM, 2 in DACH.
  28. May 2023
    BaltCap backed AdoroCinema at Pre-seed
    New regionFirst deal in LATAM. Before: 30 first cheques, 25 in CEE, 1 in UK & Ireland.
  29. May 2023
    Companisto backed Boomerang at Seed
    New regionFirst deal in CEE. Before: 40 first cheques, 39 in DACH, 1 in Benelux & France.
  30. 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.
  31. 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
  32. 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.
  33. 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.
  34. 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
  35. 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.
  36. May 2023
    New sectorFirst Artificial Intelligence & Data cheque. Before: 25 first cheques, 21 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
  37. 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
  38. 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
  39. 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
  40. 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