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 12, 2020
    Acrew Capital backed PredictHQ at Series B
    New regionFirst deal in APAC. Before: 18 first cheques, 15 in North America, 2 in DACH.
  2. Feb 5, 2020
    New regionFirst deal in MEA. Before: 21 first cheques, 20 in DACH, 1 in UK & Ireland.
    Source
  3. Feb 4, 2020
    Lead Edge Capital backed Hinge Health at Series C+
    New sectorFirst Healthcare & Life Sciences cheque. Before: 38 first cheques, 26 in Software & Developer Tools, 7 in Commerce & Marketing.
  4. Feb 2020
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 19 in North America, 1 in DACH.
  5. Feb 2020
    New regionFirst deal in North America. Before: 30 first cheques, 29 in DACH, 1 in APAC.
  6. Feb 2020
    Capnamic Ventures backed Nomagic at Series A
    New regionFirst deal in CEE. Before: 33 first cheques, 27 in DACH, 3 in UK & Ireland.
    Source
  7. Feb 2020
    Elaia Partners backed Ekinnox at Seed
    New regionFirst deal in APAC. Before: 56 first cheques, 45 in Benelux & France, 4 in North America.
  8. Feb 2020
    Georgian backed Tractable at Series B
    New regionFirst deal in UK & Ireland. Before: 19 first cheques, 18 in North America, 1 in APAC.
    Source
  9. Feb 2020
    New sectorFirst Artificial Intelligence & Data cheque. Before: 24 first cheques, 17 in Software & Developer Tools, 3 in Industry & Hardware.
    Source
  10. Feb 2020
    Raine backed Voy at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 30 first cheques, 17 in Consumer, Lifestyle & Services, 9 in Software & Developer Tools.
  11. Feb 2020
    Shasta Ventures backed Accion at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 26 first cheques, 16 in Software & Developer Tools, 5 in Consumer, Lifestyle & Services.
  12. Jan 7, 2020
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 18 first cheques, 15 in Software & Developer Tools, 2 in Finance & Blockchain.
    Source
  13. 2020
    New regionFirst deal in MEA. Before: 16 first cheques, 13 in North America, 2 in DACH.
  14. 2020
    5AM Ventures backed Envoy at Series C+
    New sectorFirst Software & Developer Tools cheque. Before: 17 first cheques, 14 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  15. 2020
    New regionFirst deal in MEA. Before: 20 first cheques, 17 in Benelux & France, 2 in North America.
  16. 2020
    Bpifrance backed Eartex Ltd at Series A
    New regionFirst deal in UK & Ireland. Before: 209 first cheques, 193 in Benelux & France, 5 in North America.
  17. 2020
    Collaborative Fund backed Veloz Bio at Series B
    New regionFirst deal in LATAM. Before: 20 first cheques, 18 in North America, 1 in Benelux & France.
  18. 2020
    Collaborative Fund backed Steps at Series B
    New regionFirst deal in DACH. Before: 20 first cheques, 18 in North America, 1 in Benelux & France.
  19. 2020
    Crosslink Capital backed Steps at Series B
    New regionFirst deal in DACH. Before: 24 first cheques, 24 in North America.
  20. 2020
    Elaia Partners backed Dexory at Seed
    New regionFirst deal in UK & Ireland. Before: 52 first cheques, 44 in Benelux & France, 4 in Southern Europe.
  21. 2020
    New regionFirst deal in Benelux & France. Before: 21 first cheques, 20 in APAC, 1 in North America.
  22. 2020
    HBM Healthcare Investments backed Seer at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 32 first cheques, 31 in Healthcare & Life Sciences, 1 in Consumer, Lifestyle & Services.
  23. 2020
    India Quotient. backed Gimi at Pre-seed
    New regionFirst deal in Nordics. Before: 19 first cheques, 19 in APAC.
    Source
  24. 2020
    Kaszek backed Internxt at Seed
    New regionFirst deal in Southern Europe. Before: 18 first cheques, 17 in LATAM, 1 in North America.
  25. 2020
    New sectorFirst Commerce & Marketing cheque. Before: 19 first cheques, 13 in Healthcare & Life Sciences, 3 in Industry & Hardware.
  26. 2020
    MaC Venture Capital backed FidoCure at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 9 in Consumer, Lifestyle & Services, 5 in Software & Developer Tools.
  27. 2020
    New sectorFirst Energy, Environment & Mobility cheque. Before: 16 first cheques, 9 in Consumer, Lifestyle & Services, 5 in Software & Developer Tools.
    Source
  28. 2020
    MMC Ventures backed Recycla at Seed
    New regionFirst deal in CEE. Before: 28 first cheques, 23 in UK & Ireland, 3 in DACH.
  29. 2020
    MMC Ventures backed Joynt at Series A
    New regionFirst deal in CEE. Before: 28 first cheques, 23 in UK & Ireland, 3 in DACH.
  30. 2020
    New regionFirst deal in CEE. Before: 16 first cheques, 13 in UK & Ireland, 3 in North America.
    Source
  31. 2020
    Newion backed Occtoo at Seed
    New regionFirst deal in Nordics. Before: 19 first cheques, 16 in Benelux & France, 2 in North America.
    Source
  32. 2020
    Omnes Capital backed AB Tasty at Series C+
    New regionFirst deal in DACH. Before: 26 first cheques, 21 in Benelux & France, 1 in UK & Ireland.
    Source
  33. 2020
    New sectorFirst Software & Developer Tools cheque. Before: 17 first cheques, 15 in Healthcare & Life Sciences, 1 in Finance & Blockchain.
  34. 2020
    Quona Capital backed RentOK at Pre-seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 10 in Finance & Blockchain, 3 in Software & Developer Tools.
  35. 2020
    New regionFirst deal in North America. Before: 16 first cheques, 14 in Southern Europe, 2 in LATAM.
  36. 2020
    StartupYard backed iKast.io at Pre-seed
    New regionFirst deal in Benelux & France. Before: 20 first cheques, 17 in CEE, 1 in North America.
  37. 2020
    New sectorFirst Healthcare & Life Sciences cheque. Before: 40 first cheques, 22 in Software & Developer Tools, 10 in Consumer, Lifestyle & Services.
  38. 2020
    Upfront Ventures backed In&motion at Series A
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 16 in North America, 1 in Nordics.