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. Jan 27, 2023
    Obvious Ventures backed Senken at Seed
    New regionFirst deal in APAC. Before: 30 first cheques, 24 in North America, 2 in UK & Ireland.
    Source
  2. 2023
    4DX Ventures backed Nesti at Seed
    New regionFirst deal in UK & Ireland. Before: 18 first cheques, 17 in MEA, 1 in North America.
  3. 2023
    4DX Ventures backed Mophones at Seed
    New regionFirst deal in LATAM. Before: 18 first cheques, 17 in MEA, 1 in North America.
  4. 2023
    New regionFirst deal in LATAM. Before: 49 first cheques, 40 in North America, 4 in APAC.
  5. 2023
    A15 backed Buguard at Seed
    New regionFirst deal in North America. Before: 15 first cheques, 14 in MEA, 1 in UK & Ireland.
    Source
  6. 2023
    Abingworth backed Atsenah at Series C+
    New sectorFirst Commerce & Marketing cheque. Before: 29 first cheques, 20 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
  7. 2023
    AlphaEdison backed AI Foundation at Series B
    New regionFirst deal in MEA. Before: 17 first cheques, 16 in North America, 1 in DACH.
  8. 2023
    Alteria backed Chainstack at Series A
    New regionFirst deal in DACH. Before: 15 first cheques, 12 in APAC, 2 in North America.
    Source
  9. 2023
    aMoon backed Ibex at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 24 first cheques, 21 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  10. 2023
    Anzu Partners backed Adrino at Series B
    New regionFirst deal in CEE. Before: 28 first cheques, 25 in North America, 2 in APAC.
  11. 2023
    New regionFirst deal in Benelux & France. Before: 22 first cheques, 19 in LATAM, 1 in North America.
  12. 2023
    New sectorFirst Energy, Environment & Mobility cheque. Before: 20 first cheques, 16 in Finance & Blockchain, 3 in Software & Developer Tools.
  13. 2023
    Bling Capital backed Forward at Series C+
    New regionFirst deal in DACH. Before: 46 first cheques, 40 in North America, 2 in UK & Ireland.
  14. 2023
    Bling Capital backed Wally at Seed
    New regionFirst deal in Benelux & France. Before: 46 first cheques, 40 in North America, 2 in UK & Ireland.
  15. 2023
    Bonfire Ventures backed Octav at Seed
    New regionFirst deal in Nordics. Before: 45 first cheques, 38 in North America, 4 in Benelux & France.
  16. 2023
    Bonfire Ventures backed Kyc at Seed
    New regionFirst deal in UK & Ireland. Before: 45 first cheques, 38 in North America, 4 in Benelux & France.
  17. 2023
    Bpifrance backed Pale blue dot at Series C+
    New regionFirst deal in Nordics. Before: 367 first cheques, 330 in Benelux & France, 13 in North America.
  18. 2023
    New regionFirst deal in MEA. Before: 19 first cheques, 16 in North America, 1 in DACH.
  19. 2023
    New regionFirst deal in DACH. Before: 24 first cheques, 20 in North America, 2 in Nordics.
    Source
  20. 2023
    New regionFirst deal in APAC. Before: 24 first cheques, 20 in North America, 2 in Nordics.
    Source
  21. 2023
    Builders VC backed Reef.ai at Seed
    New regionFirst deal in UK & Ireland. Before: 17 first cheques, 16 in North America, 1 in LATAM.
  22. 2023
    Canary backed Gigapay at Seed
    New regionFirst deal in Nordics. Before: 44 first cheques, 41 in LATAM, 2 in North America.
  23. 2023
    New regionFirst deal in DACH. Before: 15 first cheques, 12 in North America, 2 in UK & Ireland.
  24. 2023
    New sectorFirst Energy, Environment & Mobility cheque. Before: 35 first cheques, 28 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  25. 2023
    New regionFirst deal in APAC. Before: 33 first cheques, 29 in North America, 3 in MEA.
    Source
  26. 2023
    Circle Ventures backed Hourglass at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 9 in Finance & Blockchain, 4 in Software & Developer Tools.
  27. 2023
    ClearSky Capital backed Ubiquicom at Series C+
    New regionFirst deal in LATAM. Before: 16 first cheques, 13 in North America, 1 in APAC.
  28. 2023
    Clear Ventures backed Virages at Series A
    New regionFirst deal in Benelux & France. Before: 16 first cheques, 16 in North America.
  29. 2023
    New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 14 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  30. 2023
    Congruent Ventures backed LeDap at Series A
    New regionFirst deal in Nordics. Before: 19 first cheques, 17 in North America, 1 in DACH.
  31. 2023
    New regionFirst deal in MEA. Before: 36 first cheques, 32 in North America, 2 in APAC.
  32. 2023
    Cota Capital backed Traction at Seed
    New regionFirst deal in MEA. Before: 48 first cheques, 42 in North America, 3 in UK & Ireland.
  33. 2023
    Dell Capital backed FlyMedia at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 6 in Software & Developer Tools, 6 in Artificial Intelligence & Data.
  34. 2023
    Drive Capital backed Humly at Series A
    New regionFirst deal in Nordics. Before: 32 first cheques, 32 in North America.
  35. 2023
    Drive Capital backed Pass-ages at Seed
    New regionFirst deal in DACH. Before: 32 first cheques, 32 in North America.
  36. 2023
    Duro Ventures backed Wally at Seed
    New regionFirst deal in Benelux & France. Before: 21 first cheques, 17 in North America, 2 in MEA.
  37. 2023
    Dynamo Ventures backed PaintJet at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 22 first cheques, 13 in Software & Developer Tools, 5 in Industry & Hardware.
    Source
  38. 2023
    EcoR1 Capital backed Magenta at Series C+
    New sectorFirst Software & Developer Tools cheque. Before: 26 first cheques, 26 in Healthcare & Life Sciences.
  39. 2023
    EQT Ventures backed Astronautx Limited at Series A
    New sectorFirst Industry & Hardware cheque. Before: 19 first cheques, 12 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  40. 2023
    EQT Ventures backed Qvantum at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 19 first cheques, 12 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
    Source