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. Feb 2022
    Earlier stageFirst entry as early as Pre-seed. Before: 18 entries with a sourced stage, 14 at Series A, 3 at Series B.
    Source
  2. Feb 2022
    Upfront Ventures backed Endgame at Series B
    New regionFirst deal in DACH. Before: 46 first cheques, 39 in North America, 3 in UK & Ireland.
  3. Feb 2022
    New regionFirst deal in LATAM. Before: 46 first cheques, 40 in North America, 5 in UK & Ireland.
    Source
  4. Jan 31, 2022
    Blackfinch backed Odore at Seed
    New sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 11 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
    Source
  5. Jan 21, 2022
    Mechanism Capital backed Mavia at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 20 first cheques, 15 in Finance & Blockchain, 1 in Software & Developer Tools.
    Source
  6. Jan 20, 2022
    Deepbridge Capital backed Aegiq at Seed
    New regionFirst deal in DACH. Before: 31 first cheques, 29 in UK & Ireland, 1 in Southern Europe.
    Source
  7. Jan 18, 2022
    Volition Capital backed Bennie at Series B
    New regionFirst deal in Benelux & France. Before: 27 first cheques, 25 in North America, 1 in DACH.
  8. Jan 11, 2022
    Sapphire Ventures backed project44 at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 87 first cheques, 60 in Software & Developer Tools, 11 in Finance & Blockchain.
    Source
  9. Jan 11, 2022
    Thoma Bravo backed project44 at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 22 first cheques, 15 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
    Source
  10. 2022
    24 Haymarket backed Smartia at Pre-seed
    New regionFirst deal in LATAM. Before: 29 first cheques, 24 in UK & Ireland, 2 in North America.
  11. 2022
    .406 Ventures backed Nomad at Series C+
    New sectorFirst Finance & Blockchain cheque. Before: 41 first cheques, 20 in Software & Developer Tools, 13 in Healthcare & Life Sciences.
    New regionFirst deal in LATAM. Before: 40 first cheques, 34 in North America, 3 in UK & Ireland.
  12. 2022
    .406 Ventures backed Keebo at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 41 first cheques, 20 in Software & Developer Tools, 13 in Healthcare & Life Sciences.
    Source
  13. 2022
    50partners backed Lixo at Seed
    New regionFirst deal in DACH. Before: 29 first cheques, 28 in Benelux & France, 1 in UK & Ireland.
  14. 2022
    Abingworth backed EVA at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 23 first cheques, 17 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  15. 2022
    Abingworth backed SFJ X at Seed
    New sectorFirst Industry & Hardware cheque. Before: 23 first cheques, 17 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  16. 2022
    Accomplice Ventures backed Flume at Series A
    New regionFirst deal in DACH. Before: 37 first cheques, 31 in North America, 4 in UK & Ireland.
    Source
  17. 2022
    Aglae Ventures backed Vetevo at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 9 in Software & Developer Tools, 5 in Commerce & Marketing.
  18. 2022
    Alkeon Capital backed Firebolt at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 25 first cheques, 11 in Software & Developer Tools, 10 in Finance & Blockchain.
    Source
  19. 2022
    Alkeon Capital backed Deliverect at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 25 first cheques, 11 in Software & Developer Tools, 10 in Finance & Blockchain.
    Source
  20. 2022
    Ally Bridge Group backed Elis at Seed
    New sectorFirst Commerce & Marketing cheque. Before: 23 first cheques, 17 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  21. 2022
    Arboretum Ventures backed Khalani at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 15 first cheques, 14 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
  22. 2022
    New sectorFirst Artificial Intelligence & Data cheque. Before: 23 first cheques, 15 in Finance & Blockchain, 6 in Software & Developer Tools.
  23. 2022
    Astella Investimentos backed Birdi at Series A
    New regionFirst deal in APAC. Before: 18 first cheques, 18 in LATAM.
  24. 2022
    Astella Investimentos backed Birdie at Series A
    New regionFirst deal in UK & Ireland. Before: 18 first cheques, 18 in LATAM.
  25. 2022
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 32 first cheques, 16 in Healthcare & Life Sciences, 10 in Software & Developer Tools.
    New regionFirst deal in CEE. Before: 29 first cheques, 24 in North America, 2 in UK & Ireland.
  26. 2022
    Baird Capital backed HSP Group at Series B
    New regionFirst deal in MEA. Before: 29 first cheques, 24 in North America, 2 in UK & Ireland.
    Source
  27. 2022
    Baird Capital backed EDO Interactive at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 32 first cheques, 16 in Healthcare & Life Sciences, 10 in Software & Developer Tools.
  28. 2022
    BDC Capital backed Quanteq at Seed
    New regionFirst deal in DACH. Before: 50 first cheques, 46 in North America, 2 in APAC.
  29. 2022
    BDC Capital backed Talent Class at Series B
    New regionFirst deal in Southern Europe. Before: 50 first cheques, 46 in North America, 2 in APAC.
  30. 2022
    BDC Capital backed neo2 at Series C+
    New regionFirst deal in DACH. Before: 50 first cheques, 46 in North America, 2 in APAC.
  31. 2022
    New regionFirst deal in North America. Before: 33 first cheques, 30 in APAC, 3 in UK & Ireland.
  32. 2022
    BeeNext backed Trueplatform at Seed
    New regionFirst deal in North America. Before: 33 first cheques, 30 in APAC, 3 in UK & Ireland.
  33. 2022
    BeeNext backed SOSav at Seed
    New regionFirst deal in Benelux & France. Before: 33 first cheques, 30 in APAC, 3 in UK & Ireland.
  34. 2022
    Bitkraft backed Gearbox at Seed
    New sectorFirst Industry & Hardware cheque. Before: 41 first cheques, 32 in Consumer, Lifestyle & Services, 6 in Software & Developer Tools.
  35. 2022
    New sectorFirst Artificial Intelligence & Data cheque. Before: 18 first cheques, 15 in Finance & Blockchain, 3 in Software & Developer Tools.
  36. 2022
    Bloomberg Beta backed Black Crows at Series A
    New regionFirst deal in DACH. Before: 27 first cheques, 22 in North America, 3 in Benelux & France.
  37. 2022
    New regionFirst deal in APAC. Before: 49 first cheques, 45 in Benelux & France, 2 in DACH.
    Source
  38. 2022
    Bonfire Ventures backed Bransch at Series C+
    New regionFirst deal in DACH. Before: 37 first cheques, 33 in North America, 3 in Benelux & France.
  39. 2022
    New regionFirst deal in UK & Ireland. Before: 82 first cheques, 78 in DACH, 2 in North America.
  40. 2022
    New sectorFirst Artificial Intelligence & Data cheque. Before: 22 first cheques, 18 in Healthcare & Life Sciences, 2 in Software & Developer Tools.