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 2021
    Logos Capital backed GH Research at Series B
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 17 in North America, 1 in DACH.
  2. Apr 2021
    New sectorFirst Energy, Environment & Mobility cheque. Before: 27 first cheques, 18 in Software & Developer Tools, 5 in Consumer, Lifestyle & Services.
  3. Apr 2021
    New sectorFirst Commerce & Marketing cheque. Before: 17 first cheques, 10 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
    Source
  4. Apr 2021
    Surveyor Capital backed GH Research at Series B
    New regionFirst deal in UK & Ireland. Before: 19 first cheques, 18 in North America, 1 in DACH.
  5. Apr 2021
    Tesi backed Bob W at Seed
    New regionFirst deal in DACH. Before: 28 first cheques, 25 in Nordics, 1 in North America.
  6. Apr 2021
    TTV Capital backed Medxoom at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 17 first cheques, 10 in Finance & Blockchain, 4 in Software & Developer Tools.
    Source
  7. Apr 2021
    Updata Partners backed Vector at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 32 first cheques, 23 in Software & Developer Tools, 6 in Consumer, Lifestyle & Services.
    Source
  8. Apr 2021
    New sectorFirst Industry & Hardware cheque. Before: 32 first cheques, 23 in Software & Developer Tools, 6 in Consumer, Lifestyle & Services.
  9. Apr 2021
    Venrock backed GH Research at Series B
    New regionFirst deal in UK & Ireland. Before: 31 first cheques, 26 in North America, 2 in DACH.
  10. Mar 11, 2021
    Bling Capital backed Proper at Seed
    New regionFirst deal in CEE. Before: 32 first cheques, 30 in North America, 1 in UK & Ireland.
    Source
  11. Mar 11, 2021
    MetaProp backed Proper at Seed
    New regionFirst deal in CEE. Before: 26 first cheques, 24 in North America, 1 in UK & Ireland.
    Source
  12. Mar 3, 2021
    VENTURES byFounders backed PipeBio at Pre-seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 18 first cheques, 12 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
  13. Mar 2021
    .406 Ventures backed Corvus at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 33 first cheques, 18 in Software & Developer Tools, 9 in Healthcare & Life Sciences.
    New regionFirst deal in CEE. Before: 32 first cheques, 28 in North America, 3 in UK & Ireland.
    Source
  14. Mar 2021
    Breega backed Osu at Seed
    New regionFirst deal in UK & Ireland. Before: 22 first cheques, 18 in Benelux & France, 3 in North America.
  15. Mar 2021
    New sectorFirst Finance & Blockchain cheque. Before: 17 first cheques, 14 in Software & Developer Tools, 2 in Artificial Intelligence & Data.
    Source
  16. Mar 2021
    New regionFirst deal in North America. Before: 20 first cheques, 20 in LATAM.
    Source
  17. Mar 2021
    DCM Venture backed Influenxio at Pre-seed
    Earlier stageFirst entry as early as Pre-seed. Before: 30 entries with a sourced stage, 13 at Series C+, 9 at Series A.
  18. Mar 2021
    DCVC backed BioPhero at Series A
    New regionFirst deal in Nordics. Before: 78 first cheques, 65 in North America, 6 in UK & Ireland.
    Source
  19. Mar 2021
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 12 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
  20. Mar 2021
    Icebreaker VC backed Sellforte at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 2 in Industry & Hardware.
    Source
  21. Mar 2021
    New regionFirst deal in Benelux & France. Before: 20 first cheques, 18 in UK & Ireland, 2 in DACH.
  22. Mar 2021
    Newion backed Dexter Energy at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 25 first cheques, 19 in Software & Developer Tools, 2 in Industry & Hardware.
  23. Mar 2021
    New sectorFirst Healthcare & Life Sciences cheque. Before: 18 first cheques, 11 in Finance & Blockchain, 6 in Software & Developer Tools.
    Source
  24. Mar 2021
    Rally Ventures backed Crio at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 22 first cheques, 18 in Software & Developer Tools, 1 in Finance & Blockchain.
  25. Mar 2021
    Redmile backed Agomab Therapeutics at Series B
    New regionFirst deal in Benelux & France. Before: 29 first cheques, 24 in North America, 2 in UK & Ireland.
    Source
  26. Mar 2021
    Sapphire Ventures backed 6sense at Series C+
    New sectorFirst Commerce & Marketing cheque. Before: 63 first cheques, 50 in Software & Developer Tools, 7 in Finance & Blockchain.
    Source
  27. Mar 2021
    SFC Capital backed Digital Health at Series C+
    New regionFirst deal in LATAM. Before: 49 first cheques, 44 in UK & Ireland, 2 in North America.
  28. Mar 2021
    Slack Fund backed Around at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 22 first cheques, 19 in Software & Developer Tools, 1 in Healthcare & Life Sciences.
  29. Mar 2021
    Storm Ventures backed Populus at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 39 first cheques, 31 in Software & Developer Tools, 3 in Industry & Hardware.
    Source
  30. Mar 2021
    Venrock backed Auditoria at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 30 first cheques, 23 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  31. Mar 2021
    New regionFirst deal in DACH. Before: 21 first cheques, 17 in North America, 1 in UK & Ireland.
  32. Feb 25, 2021
    New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 15 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  33. Feb 24, 2021
    New sectorFirst Energy, Environment & Mobility cheque. Before: 20 first cheques, 19 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
    Source
  34. Feb 17, 2021
    Praetura Ventures backed Peak Games at Series B
    New regionFirst deal in MEA. Before: 21 first cheques, 18 in UK & Ireland, 3 in North America.
  35. Feb 8, 2021
    VENTURES byFounders backed Spiio at Pre-seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 16 first cheques, 11 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
  36. Feb 2021
    Bm|t backed Revincus at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 16 first cheques, 10 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  37. Feb 2021
    New sectorFirst Software & Developer Tools cheque. Before: 15 first cheques, 10 in Healthcare & Life Sciences, 2 in Finance & Blockchain.
  38. Feb 2021
    Episode 1 backed Truid at Seed
    New regionFirst deal in MEA. Before: 30 first cheques, 25 in UK & Ireland, 2 in North America.
  39. Feb 2021
    IA Capital Group backed Marble at Seed
    New sectorFirst Industry & Hardware cheque. Before: 17 first cheques, 12 in Finance & Blockchain, 5 in Software & Developer Tools.
  40. Feb 2021
    Mercia Ventures backed Mindtrace at Seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 22 first cheques, 14 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
    Source