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 2025
    Venture Catalysts backed Evenflow at Series A
    New regionFirst deal in Benelux & France. Before: 40 first cheques, 34 in APAC, 5 in North America.
    Source
  2. Mar 27, 2025
    Signia Venture Partners backed Towns at Series B
    New regionFirst deal in DACH. Before: 18 first cheques, 15 in North America, 1 in UK & Ireland.
  3. Mar 26, 2025
    Ballistic Ventures backed GetReal at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 25 first cheques, 18 in Software & Developer Tools, 3 in Commerce & Marketing.
    Source
  4. Mar 18, 2025
    New regionFirst deal in Southern Europe. Before: 16 first cheques, 14 in North America, 2 in Benelux & France.
  5. Mar 18, 2025
    New regionFirst deal in Southern Europe. Before: 40 first cheques, 33 in North America, 3 in APAC.
  6. Mar 18, 2025
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 16 first cheques, 11 in Software & Developer Tools, 2 in Finance & Blockchain.
  7. Mar 10, 2025
    Material Impact Fund backed HerdVision at Series A
    New regionFirst deal in UK & Ireland. Before: 22 first cheques, 20 in North America, 1 in DACH.
  8. Mar 2025
    DI Capital backed Bioelektra at Series A
    New regionFirst deal in CEE. Before: 20 first cheques, 17 in DACH, 2 in North America.
  9. Mar 2025
    Four Rivers Group backed WeLevel at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 20 first cheques, 13 in Software & Developer Tools, 3 in Industry & Hardware.
  10. Mar 2025
    LEA Partners backed Moonwatt at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 14 in Software & Developer Tools, 3 in Industry & Hardware.
    New regionFirst deal in Benelux & France. Before: 20 first cheques, 16 in DACH, 2 in North America.
    Source
  11. Mar 2025
    NexTech Invest backed Customerscore at Pre-seed
    New regionFirst deal in CEE. Before: 52 first cheques, 42 in North America, 4 in MEA.
    Earlier stageFirst entry as early as Pre-seed. Before: 43 entries with a sourced stage, 17 at Series B, 14 at Series A.
  12. Mar 2025
    New regionFirst deal in LATAM. Before: 21 first cheques, 19 in Southern Europe, 1 in UK & Ireland.
    Source
  13. Mar 2025
    Target Partners backed TIS at Series B
    New regionFirst deal in APAC. Before: 17 first cheques, 15 in DACH, 2 in North America.
  14. Feb 26, 2025
    New regionFirst deal in Nordics. Before: 155 first cheques, 131 in North America, 8 in UK & Ireland.
  15. Feb 2025
    New regionFirst deal in DACH. Before: 31 first cheques, 27 in North America, 2 in UK & Ireland.
  16. Feb 2025
    New regionFirst deal in DACH. Before: 39 first cheques, 35 in North America, 1 in UK & Ireland.
  17. Feb 2025
    Kiko Ventures backed Mantle8 at Seed
    New sectorFirst Software & Developer Tools cheque. Before: 15 first cheques, 7 in Energy, Environment & Mobility, 5 in Industry & Hardware.
    Source
  18. Feb 2025
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 13 in North America, 2 in MEA.
  19. Feb 2025
    New regionFirst deal in DACH. Before: 55 first cheques, 50 in North America, 2 in UK & Ireland.
  20. Feb 2025
    Panakes Partners backed Approxima at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 22 first cheques, 21 in Healthcare & Life Sciences, 1 in Artificial Intelligence & Data.
    Source
  21. Feb 2025
    Robin Capital backed Uvionix at Seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 2 in Finance & Blockchain.
    Source
  22. Feb 2025
    SFC Capital backed Gröna Lund at Seed
    New regionFirst deal in Nordics. Before: 376 first cheques, 346 in UK & Ireland, 12 in North America.
  23. Jan 30, 2025
    KOMPAS VC backed NALA at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 18 first cheques, 8 in Software & Developer Tools, 7 in Industry & Hardware.
    Source
  24. Jan 30, 2025
    New sectorFirst Software & Developer Tools cheque. Before: 18 first cheques, 17 in Healthcare & Life Sciences, 1 in Finance & Blockchain.
  25. Jan 28, 2025
    o2h Ventures backed Atelerix at Pre-seed
    New sectorFirst Artificial Intelligence & Data cheque. Before: 21 first cheques, 21 in Healthcare & Life Sciences.
    Source
  26. Jan 28, 2025
    New regionFirst deal in UK & Ireland. Before: 27 first cheques, 22 in Nordics, 1 in North America.
    Source
  27. Jan 23, 2025
    ABAC Nest Ventures backed Xnova at Pre-seed
    New regionFirst deal in MEA. Before: 16 first cheques, 13 in Southern Europe, 1 in North America.
    Source
  28. Jan 14, 2025
    Two Sigma Ventures backed Zymergen at Series A
    New sectorFirst Industry & Hardware cheque. Before: 44 first cheques, 31 in Software & Developer Tools, 7 in Healthcare & Life Sciences.
    Source
  29. Jan 2, 2025
    New regionFirst deal in LATAM. Before: 34 first cheques, 30 in APAC, 2 in North America.
    Source
  30. 2025
    4DX Ventures backed Zoie at Series B
    New regionFirst deal in APAC. Before: 27 first cheques, 22 in MEA, 2 in Benelux & France.
  31. 2025
    50partners backed Ewake at Pre-seed
    New regionFirst deal in APAC. Before: 57 first cheques, 55 in Benelux & France, 1 in UK & Ireland.
    Source
  32. 2025
    Agent Capital backed One Health at Series A
    New regionFirst deal in MEA. Before: 22 first cheques, 18 in North America, 2 in Benelux & France.
  33. 2025
    Amgen Ventures backed Strands at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 20 first cheques, 16 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  34. 2025
    Amgen Ventures backed Stx at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 20 first cheques, 16 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  35. 2025
    Angels Den backed AAZZUR at Seed
    New regionFirst deal in DACH. Before: 17 first cheques, 14 in UK & Ireland, 2 in Southern Europe.
  36. 2025
    Ankur Capital backed Offgrid.Finance at Series A
    New regionFirst deal in UK & Ireland. Before: 26 first cheques, 23 in APAC, 2 in North America.
  37. 2025
    New regionFirst deal in Southern Europe. Before: 26 first cheques, 23 in APAC, 2 in North America.
  38. 2025
    Arboretum Ventures backed Francis at Series C+
    New regionFirst deal in Nordics. Before: 32 first cheques, 29 in North America, 1 in Benelux & France.
  39. 2025
    New sectorFirst Industry & Hardware cheque. Before: 34 first cheques, 30 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
  40. 2025
    New regionFirst deal in Nordics. Before: 56 first cheques, 45 in North America, 4 in Benelux & France.