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. Jun 18, 2025
    New regionFirst deal in Nordics. Before: 46 first cheques, 39 in Benelux & France, 2 in North America.
    Source
  2. Jun 12, 2025
    Hanse Ventures backed DealCircle at Seed
    New regionFirst deal in North America. Before: 16 first cheques, 16 in DACH.
    Source
  3. Jun 10, 2025
    Geodesic Capital backed Gleam at Series C+
    New sectorFirst Commerce & Marketing cheque. Before: 20 first cheques, 15 in Software & Developer Tools, 3 in Finance & Blockchain.
  4. Jun 5, 2025
    New sectorFirst Finance & Blockchain cheque. Before: 19 first cheques, 11 in Software & Developer Tools, 5 in Healthcare & Life Sciences.
  5. Jun 2025
    New sectorFirst Healthcare & Life Sciences cheque. Before: 19 first cheques, 14 in Software & Developer Tools, 2 in Finance & Blockchain.
  6. Jun 2025
    Converge backed Rocketo at Pre-seed
    New sectorFirst Commerce & Marketing cheque. Before: 17 first cheques, 9 in Software & Developer Tools, 5 in Industry & Hardware.
  7. Jun 2025
    New regionFirst deal in LATAM. Before: 114 first cheques, 94 in Nordics, 9 in North America.
  8. Jun 2025
    Matrix Partners China backed Guazi at Series C+
    New regionFirst deal in UK & Ireland. Before: 22 first cheques, 19 in APAC, 3 in North America.
  9. Jun 2025
    Super Angels backed traplinked at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 12 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
    Source
  10. Jun 2025
    Vireo Ventures backed Atmen at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 23 first cheques, 15 in Energy, Environment & Mobility, 6 in Software & Developer Tools.
    Source
  11. May 28, 2025
    Builders VC backed Calice at Seed
    New regionFirst deal in Benelux & France. Before: 28 first cheques, 24 in North America, 2 in UK & Ireland.
  12. May 27, 2025
    A91 Partners backed Citykart at Series C+
    New regionFirst deal in Benelux & France. Before: 25 first cheques, 22 in APAC, 2 in North America.
    Source
  13. May 20, 2025
    New sectorFirst Industry & Hardware cheque. Before: 22 first cheques, 11 in Software & Developer Tools, 7 in Consumer, Lifestyle & Services.
    Source
  14. May 6, 2025
    Brighton Park Capital backed Orca AI at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 23 first cheques, 15 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
    Source
  15. May 2, 2025
    New regionFirst deal in UK & Ireland. Before: 34 first cheques, 29 in North America, 3 in Benelux & France.
  16. May 2025
    Able Partners backed Liftoff at Series C+
    New regionFirst deal in DACH. Before: 28 first cheques, 24 in North America, 2 in UK & Ireland.
  17. May 2025
    Activant Capital backed Velocity at Pre-seed
    Earlier stageFirst entry as early as Pre-seed. Before: 25 entries with a sourced stage, 10 at Series A, 9 at Series B.
  18. May 2025
    New regionFirst deal in APAC. Before: 28 first cheques, 25 in North America, 2 in UK & Ireland.
  19. May 2025
    Boxer Capital backed Tango at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 35 first cheques, 32 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
  20. May 2025
    Flerie Invest backed NorthX at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 15 in Healthcare & Life Sciences, 1 in Finance & Blockchain.
  21. May 2025
    Red Dot Capital Partners backed Tango at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 24 first cheques, 16 in Software & Developer Tools, 4 in Industry & Hardware.
  22. May 2025
    SixThirty backed Particula at Seed
    New sectorFirst Industry & Hardware cheque. Before: 19 first cheques, 11 in Finance & Blockchain, 6 in Software & Developer Tools.
    Source
  23. May 2025
    TX Ventures backed Particula at Seed
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 9 in Finance & Blockchain, 3 in Software & Developer Tools.
    Source
  24. Apr 30, 2025
    Scout Ventures backed PiLogic at Seed
    New regionFirst deal in Southern Europe. Before: 29 first cheques, 25 in North America, 2 in APAC.
    Source
  25. Apr 20, 2025
    Delta Fund backed Taker at Seed
    New sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 9 in Finance & Blockchain, 4 in Software & Developer Tools.
  26. Apr 16, 2025
    Viola Fintech backed Blue Onion at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 20 first cheques, 14 in Finance & Blockchain, 3 in Software & Developer Tools.
  27. Apr 15, 2025
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 23 first cheques, 12 in Finance & Blockchain, 7 in Software & Developer Tools.
    Source
  28. Apr 14, 2025
    New sectorFirst Energy, Environment & Mobility cheque. Before: 22 first cheques, 16 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  29. Apr 10, 2025
    New sectorFirst Finance & Blockchain cheque. Before: 25 first cheques, 17 in Software & Developer Tools, 4 in Commerce & Marketing.
  30. Apr 2, 2025
    New sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 12 in Healthcare & Life Sciences, 5 in Industry & Hardware.
    Source
  31. Apr 2025
    Anaxago backed Lady Green at Seed
    New regionFirst deal in Southern Europe. Before: 27 first cheques, 25 in Benelux & France, 1 in North America.
  32. Apr 2025
    New regionFirst deal in Southern Europe. Before: 60 first cheques, 48 in North America, 4 in Benelux & France.
  33. Apr 2025
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 17 first cheques, 11 in Finance & Blockchain, 4 in Software & Developer Tools.
  34. Apr 2025
    HubSpot backed Recall Labs at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 45 first cheques, 35 in Software & Developer Tools, 3 in Finance & Blockchain.
  35. Apr 2025
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 10 in Finance & Blockchain, 3 in Industry & Hardware.
  36. Apr 2025
    Notable Capital backed Plenful at Series B
    New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 9 in Software & Developer Tools, 4 in Finance & Blockchain.
    Source
  37. Apr 2025
    Operator Collective backed Dock at Series C+
    New sectorFirst Finance & Blockchain cheque. Before: 16 first cheques, 13 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
  38. Apr 2025
    Ridge Ventures backed Recall Labs at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 30 first cheques, 23 in Software & Developer Tools, 3 in Industry & Hardware.
  39. Apr 2025
    Sagard backed Rentify at Pre-seed
    Earlier stageFirst entry as early as Pre-seed. Before: 18 entries with a sourced stage, 9 at Series A, 4 at Series B.
  40. Apr 2025
    New regionFirst deal in DACH. Before: 46 first cheques, 45 in Benelux & France, 1 in North America.