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. Apr 13, 2023
    Blackfinch backed Proprli at Pre-seed
    New regionFirst deal in Benelux & France. Before: 24 first cheques, 21 in UK & Ireland, 2 in North America.
    Source
  2. Apr 2023
    Canary backed BrandLovrs at Seed
    New regionFirst deal in Southern Europe. Before: 45 first cheques, 41 in LATAM, 2 in North America.
    Source
  3. Apr 2023
    Harpoon Ventures backed OSO-AI at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 20 first cheques, 14 in Software & Developer Tools, 2 in Industry & Hardware.
  4. Apr 2023
    Inovia Capital backed Super at Series C+
    New regionFirst deal in APAC. Before: 60 first cheques, 49 in North America, 4 in UK & Ireland.
  5. Apr 2023
    Leaps by Bayer backed Sabanto at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 17 first cheques, 12 in Healthcare & Life Sciences, 3 in Energy, Environment & Mobility.
  6. Apr 2023
    Purple Ventures backed Woodoo at Series A
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 12 in CEE, 2 in North America.
    Source
  7. Apr 2023
    Purple Ventures backed Asap.work at Seed
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 12 in CEE, 2 in North America.
    Source
  8. Apr 2023
    Purple Ventures backed Zealy at Pre-seed
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 12 in CEE, 2 in North America.
    Source
  9. Apr 2023
    Threshold Ventures backed Auto Repair at Series B
    New regionFirst deal in APAC. Before: 25 first cheques, 22 in North America, 2 in Benelux & France.
  10. Mar 30, 2023
    Epic Ventures backed TROOP at Seed
    New regionFirst deal in UK & Ireland. Before: 16 first cheques, 14 in North America, 1 in DACH.
    Source
  11. Mar 10, 2023
    Wintermute backed Violet at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 51 first cheques, 33 in Finance & Blockchain, 10 in Artificial Intelligence & Data.
    Source
  12. Mar 8, 2023
    ClearSky Capital backed Revelstoke at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 17 first cheques, 14 in Software & Developer Tools, 2 in Energy, Environment & Mobility.
    Source
  13. Mar 7, 2023
    1Up Fund backed Beliver at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 13 in Consumer, Lifestyle & Services, 3 in Software & Developer Tools.
  14. Mar 7, 2023
    New sectorFirst Industry & Hardware cheque. Before: 19 first cheques, 14 in Software & Developer Tools, 3 in Finance & Blockchain.
  15. Mar 2023
    Able Partners backed Filters at Pre-seed
    New sectorFirst Commerce & Marketing cheque. Before: 20 first cheques, 12 in Healthcare & Life Sciences, 7 in Consumer, Lifestyle & Services.
    New regionFirst deal in Benelux & France. Before: 18 first cheques, 17 in North America, 1 in LATAM.
  16. Mar 2023
    August Capital backed Pacto at Seed
    New regionFirst deal in LATAM. Before: 15 first cheques, 13 in North America, 1 in DACH.
    Source
  17. Mar 2023
    CDTI backed APLANET at Series A
    New regionFirst deal in DACH. Before: 27 first cheques, 26 in Southern Europe, 1 in CEE.
  18. Mar 2023
    New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 16 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  19. Mar 2023
    Courtin Investment backed XXII at Series A
    New regionFirst deal in North America. Before: 18 first cheques, 17 in Benelux & France, 1 in CEE.
  20. Mar 2023
    New regionFirst deal in DACH. Before: 19 first cheques, 16 in North America, 1 in UK & Ireland.
  21. Mar 2023
    Flagship Pioneering backed AbCheck at Pre-seed
    New regionFirst deal in CEE. Before: 37 first cheques, 34 in North America, 2 in APAC.
  22. Mar 2023
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 16 first cheques, 12 in Healthcare & Life Sciences, 3 in Energy, Environment & Mobility.
  23. Mar 2023
    Prosperity7 backed XXII at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 18 first cheques, 11 in Software & Developer Tools, 5 in Industry & Hardware.
  24. Mar 2023
    Vendep Capital backed Inven at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 18 first cheques, 13 in Software & Developer Tools, 2 in Finance & Blockchain.
    Source
  25. Mar 2023
    Zetta Venture Partners backed Ultravox at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 23 first cheques, 18 in Software & Developer Tools, 3 in Industry & Hardware.
    Source
  26. Feb 23, 2023
    New regionFirst deal in DACH. Before: 18 first cheques, 15 in Southern Europe, 2 in North America.
    Source
  27. Feb 7, 2023
    First Capital backed Riot at Series A
    New regionFirst deal in North America. Before: 16 first cheques, 14 in Benelux & France, 1 in APAC.
  28. Feb 2023
    New regionFirst deal in Nordics. Before: 17 first cheques, 14 in North America, 1 in UK & Ireland.
    Source
  29. Feb 2023
    New regionFirst deal in DACH. Before: 19 first cheques, 18 in Benelux & France, 1 in North America.
  30. Feb 2023
    Bling Capital backed inFeedo AI at Series A
    New regionFirst deal in APAC. Before: 52 first cheques, 42 in North America, 4 in UK & Ireland.
  31. Feb 2023
    New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 11 in Finance & Blockchain, 5 in Software & Developer Tools.
  32. Feb 2023
    Clearlake Capital Group backed Novata at Series B
    New regionFirst deal in Benelux & France. Before: 32 first cheques, 28 in North America, 2 in UK & Ireland.
  33. Feb 2023
    Dynamo Ventures backed DriveFit at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 25 first cheques, 14 in Software & Developer Tools, 6 in Industry & Hardware.
  34. Feb 2023
    General Atlantic backed ABB E-Mobility at Pre-seed
    Earlier stageFirst entry as early as Pre-seed. Before: 115 entries with a sourced stage, 69 at Series C+, 25 at Series B.
  35. Feb 2023
    Earlier stageFirst entry as early as Pre-seed. Before: 39 entries with a sourced stage, 23 at Series C+, 8 at Series B.
  36. Feb 2023
    Kreaxi backed VEXIM at Series A
    New regionFirst deal in LATAM. Before: 20 first cheques, 17 in Benelux & France, 2 in DACH.
  37. Feb 2023
    MAYA Capital backed Vaas at Seed
    New regionFirst deal in APAC. Before: 24 first cheques, 20 in LATAM, 3 in North America.
    Source
  38. Feb 2023
    Mérieux Equity Partners backed Biobest at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 24 first cheques, 20 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
  39. Feb 2023
    New regionFirst deal in DACH. Before: 55 first cheques, 50 in UK & Ireland, 3 in North America.
    Source
  40. Feb 2023
    Earlier stageFirst entry as early as Seed. Before: 24 entries with a sourced stage, 17 at Series C+, 5 at Series B.
    Source