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. 2021
    Real Ventures backed Practice Ignition at Series B
    New regionFirst deal in APAC. Before: 33 first cheques, 31 in North America, 1 in UK & Ireland.
  2. 2021
    New sectorFirst Industry & Hardware cheque. Before: 20 first cheques, 19 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 17 in North America, 2 in DACH.
  3. 2021
    Resolute Ventures backed Cyrus at Series A
    New regionFirst deal in MEA. Before: 22 first cheques, 21 in North America, 1 in Benelux & France.
  4. 2021
    Ribbit Capital backed QuintoAndar at Series C+
    New sectorFirst Commerce & Marketing cheque. Before: 25 first cheques, 18 in Finance & Blockchain, 5 in Software & Developer Tools.
    Source
  5. 2021
    New regionFirst deal in MEA. Before: 33 first cheques, 27 in North America, 3 in Benelux & France.
  6. 2021
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 13 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  7. 2021
    RRE Ventures backed Healthspring at Series C+
    New regionFirst deal in APAC. Before: 29 first cheques, 24 in North America, 3 in Benelux & France.
  8. 2021
    RRE Ventures backed ARCA at Series A
    New regionFirst deal in LATAM. Before: 29 first cheques, 24 in North America, 3 in Benelux & France.
  9. 2021
    SaaS Capital backed EveryoneSocial at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 1 in Healthcare & Life Sciences.
    Source
  10. 2021
    New sectorFirst Industry & Hardware cheque. Before: 18 first cheques, 18 in Healthcare & Life Sciences.
  11. 2021
    Samsara Ventures backed OnKure at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 18 first cheques, 18 in Healthcare & Life Sciences.
    Source
  12. 2021
    New regionFirst deal in MEA. Before: 35 first cheques, 32 in APAC, 2 in North America.
  13. 2021
    Series B. Iconiq Capital backed ARTI at Series A
    New regionFirst deal in APAC. Before: 17 first cheques, 14 in North America, 2 in DACH.
  14. 2021
    New sectorFirst Finance & Blockchain cheque. Before: 16 first cheques, 9 in Energy, Environment & Mobility, 4 in Commerce & Marketing.
    Source
  15. 2021
    Shell Ventures backed Detect at Series B
    New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 9 in Energy, Environment & Mobility, 4 in Commerce & Marketing.
  16. 2021
    New regionFirst deal in North America. Before: 22 first cheques, 18 in DACH, 2 in Benelux & France.
  17. 2021
    Tesi backed Finnforel at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 22 first cheques, 10 in Software & Developer Tools, 9 in Industry & Hardware.
  18. 2021
    Tesi backed Singapore Airlines at Pre-seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 22 first cheques, 10 in Software & Developer Tools, 9 in Industry & Hardware.
    New regionFirst deal in APAC. Before: 22 first cheques, 20 in Nordics, 1 in North America.
  19. 2021
    Third Rock Ventures backed Cedilla at Series B
    New regionFirst deal in UK & Ireland. Before: 16 first cheques, 13 in North America, 3 in APAC.
  20. 2021
    Trinity Ventures backed Side at Series C+
    New regionFirst deal in Benelux & France. Before: 44 first cheques, 39 in North America, 2 in DACH.
  21. 2021
    New regionFirst deal in North America. Before: 15 first cheques, 13 in Benelux & France, 1 in DACH.
  22. 2021
    New regionFirst deal in Nordics. Before: 67 first cheques, 63 in UK & Ireland, 3 in North America.
  23. 2021
    Valar Ventures backed Simpl.Rent at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 21 first cheques, 12 in Finance & Blockchain, 5 in Software & Developer Tools.
  24. 2021
    New regionFirst deal in UK & Ireland. Before: 17 first cheques, 15 in APAC, 2 in North America.
    Source
  25. 2021
    Versant Ventures backed Genomatica at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 22 first cheques, 19 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
  26. 2021
    New regionFirst deal in APAC. Before: 17 first cheques, 14 in North America, 1 in UK & Ireland.
  27. 2021
    Vertex Ventures backed Licious at Series C+
    New sectorFirst Commerce & Marketing cheque. Before: 17 first cheques, 13 in Software & Developer Tools, 2 in Finance & Blockchain.
    Source
  28. 2021
    New sectorFirst Energy, Environment & Mobility cheque. Before: 33 first cheques, 21 in Healthcare & Life Sciences, 8 in Software & Developer Tools.
    Source
  29. Dec 24, 2020
    New sectorFirst Commerce & Marketing cheque. Before: 15 first cheques, 12 in Software & Developer Tools, 1 in Healthcare & Life Sciences.
  30. Dec 16, 2020
    Bm|t backed siOPTICA
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 13 in DACH, 2 in North America.
    Source
  31. Dec 16, 2020
    New sectorFirst Software & Developer Tools cheque. Before: 48 first cheques, 45 in Healthcare & Life Sciences, 1 in Industry & Hardware.
  32. Dec 16, 2020
    Redmile backed Neuron Inc at Series B
    New sectorFirst Software & Developer Tools cheque. Before: 19 first cheques, 19 in Healthcare & Life Sciences.
    New regionFirst deal in LATAM. Before: 19 first cheques, 17 in North America, 2 in DACH.
  33. Dec 15, 2020
    Almi Invest backed Boet at Series A
    New regionFirst deal in APAC. Before: 46 first cheques, 41 in Nordics, 3 in DACH.
  34. Dec 8, 2020
    Rheingau Founders backed Jutro Medical at Pre-seed
    New regionFirst deal in CEE. Before: 19 first cheques, 17 in DACH, 1 in Benelux & France.
    Source
  35. Dec 2, 2020
    Innovestor backed PromoRepublic at Seed
    New regionFirst deal in North America. Before: 20 first cheques, 18 in Nordics, 1 in DACH.
    Source
  36. Dec 2020
    2AM Ventures backed Enliven at Series B
    New regionFirst deal in MEA. Before: 17 first cheques, 14 in North America, 1 in UK & Ireland.
  37. Dec 2020
    New sectorFirst Software & Developer Tools cheque. Before: 15 first cheques, 13 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  38. Dec 2020
    Edison Partners backed GoHenry at Series B
    New regionFirst deal in UK & Ireland. Before: 16 first cheques, 13 in North America, 1 in DACH.
    Source
  39. Dec 2020
    Emergence Capital backed Dnk at Seed
    New regionFirst deal in APAC. Before: 38 first cheques, 32 in North America, 2 in UK & Ireland.
  40. Dec 2020
    New regionFirst deal in APAC. Before: 21 first cheques, 18 in North America, 1 in UK & Ireland.