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. Jul 2021
    LeapFrog Investments backed HealthifyMe at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 19 first cheques, 13 in Finance & Blockchain, 3 in Healthcare & Life Sciences.
    Source
  2. Jul 2021
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 16 in North America, 1 in UK & Ireland.
    Source
  3. Jul 2021
    Paradigm backed Genesis Digital Assets at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 26 first cheques, 18 in Finance & Blockchain, 4 in Software & Developer Tools.
  4. Jul 2021
    Ridge Ventures backed Loop Returns at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 12 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
  5. Jul 2021
    Serra Ventures backed Leo Cancer Care at Series B
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 13 in North America, 1 in Benelux & France.
  6. Jul 2021
    Slack Fund backed Sproutl at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 27 first cheques, 22 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
    Source
  7. Jul 2021
    Telstra Ventures backed reThought at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 12 in Software & Developer Tools, 1 in Consumer, Lifestyle & Services.
  8. Jul 2021
    Verizon Ventures backed Wiliot at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 18 first cheques, 12 in Software & Developer Tools, 3 in Industry & Hardware.
    Source
  9. Jun 25, 2021
    New regionFirst deal in DACH. Before: 17 first cheques, 15 in North America, 1 in UK & Ireland.
  10. Jun 2, 2021
    Wamda Capital backed LambdaTest at Series B
    New regionFirst deal in APAC. Before: 21 first cheques, 19 in MEA, 1 in UK & Ireland.
    Source
  11. Jun 2021
    3one4 Capital backed Loco at Seed
    New regionFirst deal in UK & Ireland. Before: 21 first cheques, 19 in APAC, 1 in North America.
  12. Jun 2021
    Ally Bridge Group backed Strateos at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 19 first cheques, 15 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  13. Jun 2021
    New regionFirst deal in APAC. Before: 17 first cheques, 15 in North America, 1 in DACH.
  14. Jun 2021
    Courtside Ventures backed Paceline at Series B
    New sectorFirst Healthcare & Life Sciences cheque. Before: 17 first cheques, 12 in Consumer, Lifestyle & Services, 3 in Software & Developer Tools.
    New regionFirst deal in MEA. Before: 17 first cheques, 14 in North America, 1 in DACH.
    Source
  15. Jun 2021
    Glilot Capital Partners backed Genoox at Series B
    New sectorFirst Healthcare & Life Sciences cheque. Before: 17 first cheques, 12 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
    Source
  16. Jun 2021
    New regionFirst deal in MEA. Before: 26 first cheques, 24 in CEE, 1 in North America.
  17. Jun 2021
    New regionFirst deal in UK & Ireland. Before: 16 first cheques, 14 in MEA, 1 in APAC.
    Source
  18. Jun 2021
    Next Play Ventures backed Poised at Seed
    New regionFirst deal in UK & Ireland. Before: 16 first cheques, 16 in North America.
  19. Jun 2021
    SFC Capital backed 3E Nano at Seed
    New regionFirst deal in CEE. Before: 67 first cheques, 61 in UK & Ireland, 2 in North America.
  20. Jun 2021
    Tribe Capital backed Arryved at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 20 first cheques, 12 in Software & Developer Tools, 4 in Finance & Blockchain.
    Source
  21. May 14, 2021
    Venrock backed Waybridge at Series B
    New sectorFirst Industry & Hardware cheque. Before: 33 first cheques, 25 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  22. May 12, 2021
    Alven backed Swarmia at Seed
    New regionFirst deal in Nordics. Before: 49 first cheques, 41 in Benelux & France, 4 in DACH.
    Source
  23. May 11, 2021
    Northstar Ventures backed Onda at Series A
    New regionFirst deal in DACH. Before: 17 first cheques, 14 in UK & Ireland, 1 in North America.
  24. May 5, 2021
    Union Square Ventures backed alt.bank at Series A
    New regionFirst deal in LATAM. Before: 85 first cheques, 69 in North America, 6 in DACH.
    Source
  25. May 2021
    New sectorFirst Energy, Environment & Mobility cheque. Before: 18 first cheques, 17 in Healthcare & Life Sciences, 1 in Consumer, Lifestyle & Services.
    Source
  26. May 2021
    BAM Ventures backed Flyp at Seed
    New regionFirst deal in UK & Ireland. Before: 32 first cheques, 26 in North America, 3 in Benelux & France.
  27. May 2021
    New sectorFirst Finance & Blockchain cheque. Before: 25 first cheques, 17 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  28. May 2021
    New regionFirst deal in Benelux & France. Before: 16 first cheques, 14 in North America, 1 in DACH.
    Source
  29. May 2021
    J&T Ventures backed Robotiq.ai at Seed
    New regionFirst deal in North America. Before: 17 first cheques, 14 in CEE, 1 in UK & Ireland.
  30. May 2021
    KAE Capital backed Wysa at Series A
    New regionFirst deal in North America. Before: 22 first cheques, 21 in APAC, 1 in Benelux & France.
    Source
  31. May 2021
    Next View Ventures backed Flyp at Seed
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 12 in North America, 2 in DACH.
  32. May 2021
    New regionFirst deal in DACH. Before: 24 first cheques, 20 in North America, 2 in Benelux & France.
  33. May 2021
    Owl Ventures backed morressier at Series A
    New regionFirst deal in DACH. Before: 24 first cheques, 20 in North America, 2 in Benelux & France.
    Source
  34. May 2021
    PeakSpan Capital backed Crayon at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 18 first cheques, 16 in Software & Developer Tools, 1 in Healthcare & Life Sciences.
  35. May 2021
    New sectorFirst Industry & Hardware cheque. Before: 30 first cheques, 20 in Software & Developer Tools, 5 in Consumer, Lifestyle & Services.
  36. Apr 26, 2021
    JamJar Investments backed Cuckoo at Seed
    New regionFirst deal in APAC. Before: 21 first cheques, 18 in UK & Ireland, 2 in DACH.
    Source
  37. Apr 21, 2021
    Redpoint eventures backed Deliverect at Series C+
    New regionFirst deal in Benelux & France. Before: 21 first cheques, 21 in LATAM.
    Source
  38. Apr 14, 2021
    Casdin Capital backed Multiply Labs at Series B
    New sectorFirst Industry & Hardware cheque. Before: 32 first cheques, 26 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  39. Apr 7, 2021
    Arch Venture Partners backed Vizgen at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 50 first cheques, 42 in Healthcare & Life Sciences, 3 in Industry & Hardware.
    Source
  40. Apr 2021
    New regionFirst deal in MEA. Before: 24 first cheques, 20 in North America, 2 in CEE.