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. 2023
    New regionFirst deal in DACH. Before: 24 first cheques, 20 in North America, 2 in Nordics.
    Source
  2. 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.
  3. 2023
    Canary backed Gigapay at Seed
    New regionFirst deal in Nordics. Before: 44 first cheques, 41 in LATAM, 2 in North America.
  4. 2023
    New regionFirst deal in DACH. Before: 15 first cheques, 12 in North America, 2 in UK & Ireland.
  5. 2023
    New sectorFirst Energy, Environment & Mobility cheque. Before: 35 first cheques, 28 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  6. 2023
    New regionFirst deal in APAC. Before: 33 first cheques, 29 in North America, 3 in MEA.
    Source
  7. 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.
  8. 2023
    ClearSky Capital backed Ubiquicom at Series C+
    New regionFirst deal in LATAM. Before: 16 first cheques, 13 in North America, 1 in APAC.
  9. 2023
    Clear Ventures backed Virages at Series A
    New regionFirst deal in Benelux & France. Before: 16 first cheques, 16 in North America.
  10. 2023
    New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 14 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  11. 2023
    Congruent Ventures backed LeDap at Series A
    New regionFirst deal in Nordics. Before: 19 first cheques, 17 in North America, 1 in DACH.
  12. 2023
    New regionFirst deal in MEA. Before: 36 first cheques, 32 in North America, 2 in APAC.
  13. 2023
    Cota Capital backed Traction at Seed
    New regionFirst deal in MEA. Before: 48 first cheques, 42 in North America, 3 in UK & Ireland.
  14. 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.
  15. 2023
    Drive Capital backed Humly at Series A
    New regionFirst deal in Nordics. Before: 32 first cheques, 32 in North America.
  16. 2023
    Drive Capital backed Pass-ages at Seed
    New regionFirst deal in DACH. Before: 32 first cheques, 32 in North America.
  17. 2023
    Duro Ventures backed Wally at Seed
    New regionFirst deal in Benelux & France. Before: 21 first cheques, 17 in North America, 2 in MEA.
  18. 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
  19. 2023
    EcoR1 Capital backed Magenta at Series C+
    New sectorFirst Software & Developer Tools cheque. Before: 26 first cheques, 26 in Healthcare & Life Sciences.
  20. 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
  21. 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.
  22. 2023
    Epic Ventures backed Cordata at Series A
    New regionFirst deal in DACH. Before: 15 first cheques, 14 in North America, 1 in APAC.
  23. 2023
    Epidarex Capital backed Confluence at Pre-seed
    New sectorFirst Finance & Blockchain cheque. Before: 19 first cheques, 17 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
  24. 2023
    New regionFirst deal in LATAM. Before: 17 first cheques, 15 in North America, 1 in UK & Ireland.
  25. 2023
    Gateway Ventures backed Epyon at Series A
    New regionFirst deal in Benelux & France. Before: 27 first cheques, 24 in DACH, 2 in North America.
  26. 2023
    Georgian backed Darrow at Series B
    New regionFirst deal in MEA. Before: 37 first cheques, 30 in North America, 2 in UK & Ireland.
    Source
  27. 2023
    Glasswing Ventures backed Viva Labs at Series A
    New regionFirst deal in Nordics. Before: 18 first cheques, 15 in North America, 1 in UK & Ireland.
  28. 2023
    Golden Ventures backed Biossil at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 25 first cheques, 12 in Software & Developer Tools, 8 in Consumer, Lifestyle & Services.
  29. 2023
    Golden Ventures backed BenchSci at Series C+
    New sectorFirst Healthcare & Life Sciences cheque. Before: 25 first cheques, 12 in Software & Developer Tools, 8 in Consumer, Lifestyle & Services.
    Source
  30. 2023
    Greyhound Capital backed Dose at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 17 first cheques, 10 in Finance & Blockchain, 6 in Software & Developer Tools.
  31. 2023
    New regionFirst deal in APAC. Before: 50 first cheques, 43 in North America, 3 in Benelux & France.
  32. 2023
    GS VENTURES backed Maxima at Seed
    New sectorFirst Commerce & Marketing cheque. Before: 22 first cheques, 13 in Software & Developer Tools, 8 in Consumer, Lifestyle & Services.
  33. 2023
    HealthCap backed Prolifix at Series A
    New sectorFirst Industry & Hardware cheque. Before: 32 first cheques, 32 in Healthcare & Life Sciences.
  34. 2023
    HubSpot backed Cartisan at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 27 first cheques, 23 in Software & Developer Tools, 2 in Finance & Blockchain.
  35. 2023
    IA Capital Group backed Revé at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 26 first cheques, 17 in Finance & Blockchain, 8 in Software & Developer Tools.
    New regionFirst deal in Nordics. Before: 25 first cheques, 21 in North America, 2 in UK & Ireland.
  36. 2023
    IDG Ventures India backed We Innovate at Series A
    New regionFirst deal in LATAM. Before: 62 first cheques, 57 in APAC, 5 in North America.
  37. 2023
    New regionFirst deal in North America. Before: 31 first cheques, 29 in APAC, 1 in UK & Ireland.
  38. 2023
    New regionFirst deal in DACH. Before: 31 first cheques, 29 in APAC, 1 in UK & Ireland.
  39. 2023
    India Quotient. backed Distill at Series A
    New regionFirst deal in North America. Before: 31 first cheques, 29 in APAC, 1 in UK & Ireland.
  40. 2023
    Inovia Capital backed SonarHome at Series C+
    New regionFirst deal in CEE. Before: 56 first cheques, 47 in North America, 4 in UK & Ireland.