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. 2022
    New sectorFirst Energy, Environment & Mobility cheque. Before: 45 first cheques, 35 in Software & Developer Tools, 3 in Commerce & Marketing.
  2. 2022
    Voima Ventures backed Bilance at Seed
    New regionFirst deal in CEE. Before: 20 first cheques, 18 in Nordics, 1 in DACH.
  3. 2022
    WestCap backed Zupee at Series B
    New regionFirst deal in APAC. Before: 26 first cheques, 21 in North America, 3 in DACH.
    Source
  4. 2022
    Wintermute backed HAL.xyz at Seed
    New sectorFirst Software & Developer Tools cheque. Before: 15 first cheques, 11 in Finance & Blockchain, 3 in Artificial Intelligence & Data.
  5. Dec 29, 2021
    New regionFirst deal in LATAM. Before: 25 first cheques, 21 in UK & Ireland, 3 in North America.
  6. Dec 16, 2021
    Iconiq backed Clara at Series B
    New regionFirst deal in LATAM. Before: 75 first cheques, 62 in North America, 3 in DACH.
    Source
  7. Dec 15, 2021
    2AM Ventures backed Krave Mart at Pre-seed
    New sectorFirst Commerce & Marketing cheque. Before: 23 first cheques, 15 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
    Earlier stageFirst entry as early as Pre-seed. Before: 19 entries with a sourced stage, 8 at Series A, 6 at Series B.
    Source
  8. Dec 9, 2021
    Cowboy Ventures backed Passbase at Series A
    New regionFirst deal in DACH. Before: 21 first cheques, 19 in North America, 1 in APAC.
    Source
  9. Dec 7, 2021
    New regionFirst deal in DACH. Before: 17 first cheques, 17 in Southern Europe.
    Source
  10. Dec 2, 2021
    Bullpen Capital backed Autolab at Seed
    New regionFirst deal in LATAM. Before: 46 first cheques, 38 in North America, 4 in UK & Ireland.
    Source
  11. Dec 2, 2021
    Luminar Ventures backed Carla at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 15 first cheques, 7 in Software & Developer Tools, 5 in Finance & Blockchain.
    Source
  12. Dec 2, 2021
    Presto Ventures backed Pibox at Pre-seed
    New regionFirst deal in Southern Europe. Before: 15 first cheques, 14 in CEE, 1 in MEA.
    Source
  13. Dec 2021
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Industry & Hardware.
  14. Dec 2021
    ForgePoint Capital backed Ermetic at Series B
    New regionFirst deal in MEA. Before: 19 first cheques, 16 in North America, 2 in DACH.
  15. Dec 2021
    GreatPoint Ventures backed Anagram at Series A
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 12 in North America, 3 in MEA.
  16. Dec 2021
    G Squared backed JOKR at Series B
    New regionFirst deal in UK & Ireland. Before: 35 first cheques, 28 in North America, 4 in DACH.
    Source
  17. Dec 2021
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 12 in North America, 3 in UK & Ireland.
    Source
  18. Dec 2021
    New regionFirst deal in CEE. Before: 41 first cheques, 36 in Nordics, 3 in North America.
  19. Dec 2021
    JMI Equity backed ButterflyMX at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 41 first cheques, 29 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
    Source
  20. Dec 2021
    New regionFirst deal in Nordics. Before: 20 first cheques, 16 in MEA, 1 in North America.
  21. Dec 2021
    Mucker Capital backed Papaya Pay at Series B
    New regionFirst deal in DACH. Before: 45 first cheques, 40 in North America, 3 in LATAM.
  22. Dec 2021
    OpenOcean backed Surglogs at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 40 first cheques, 33 in Software & Developer Tools, 3 in Commerce & Marketing.
    Source
  23. Dec 2021
    ParaFi Capital backed Figurement at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 20 first cheques, 14 in Finance & Blockchain, 3 in Software & Developer Tools.
  24. Dec 2021
    Samos Investments backed Flair at Seed
    New regionFirst deal in LATAM. Before: 18 first cheques, 16 in UK & Ireland, 1 in North America.
    Source
  25. Dec 2021
    New regionFirst deal in UK & Ireland. Before: 21 first cheques, 17 in LATAM, 3 in North America.
    Source
  26. Dec 2021
    Thoma Bravo backed Figurement at Series C+
    New regionFirst deal in CEE. Before: 18 first cheques, 16 in North America, 2 in UK & Ireland.
  27. Dec 2021
    Uncork Capital backed Goodtrust at Seed
    New regionFirst deal in UK & Ireland. Before: 30 first cheques, 25 in North America, 2 in Benelux & France.
  28. Dec 2021
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 17 in North America, 2 in APAC.
    Source
  29. Dec 2021
    Wamda Capital backed Taptap Send at Series B
    New regionFirst deal in North America. Before: 25 first cheques, 21 in MEA, 2 in APAC.
    Source
  30. Nov 23, 2021
    Civilization Ventures backed Klivo at Series A
    New regionFirst deal in LATAM. Before: 19 first cheques, 16 in North America, 2 in UK & Ireland.
  31. Nov 23, 2021
    TAU Ventures backed Klivo at Series A
    New regionFirst deal in LATAM. Before: 18 first cheques, 15 in North America, 2 in DACH.
  32. Nov 23, 2021
    Telstra Ventures backed Luma Health at Series C+
    New sectorFirst Healthcare & Life Sciences cheque. Before: 18 first cheques, 14 in Software & Developer Tools, 1 in Finance & Blockchain.
  33. Nov 19, 2021
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 33 first cheques, 22 in Finance & Blockchain, 6 in Software & Developer Tools.
    Source
  34. Nov 19, 2021
    Leonard Green & Partners backed FLAG at Series C+
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 15 in North America.
  35. Nov 17, 2021
    2AM Ventures backed SalaryBox at Seed
    New regionFirst deal in APAC. Before: 21 first cheques, 17 in North America, 1 in UK & Ireland.
    Source
  36. Nov 17, 2021
    Info Edge backed HyperSpace at Seed
    New regionFirst deal in MEA. Before: 17 first cheques, 15 in APAC, 1 in UK & Ireland.
  37. Nov 16, 2021
    New sectorFirst Finance & Blockchain cheque. Before: 18 first cheques, 10 in Software & Developer Tools, 6 in Consumer, Lifestyle & Services.
    Source
  38. Nov 14, 2021
    LVenture Group backed Emotiva at Seed
    New regionFirst deal in North America. Before: 25 first cheques, 21 in Southern Europe, 3 in DACH.
    Source
  39. Nov 5, 2021
    New sectorFirst Industry & Hardware cheque. Before: 25 first cheques, 15 in Finance & Blockchain, 8 in Software & Developer Tools.
  40. Nov 2021
    Blume Ventures backed Motatos at Series B
    New regionFirst deal in Nordics. Before: 19 first cheques, 18 in APAC, 1 in North America.
    Source