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 2021
    Monashees backed Vortexa at Series B
    New regionFirst deal in UK & Ireland. Before: 42 first cheques, 38 in LATAM, 2 in North America.
    Source
  2. Feb 2021
    Nauta Capital backed Gophr at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 33 first cheques, 25 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
    Source
  3. Feb 2021
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 17 first cheques, 11 in Finance & Blockchain, 6 in Software & Developer Tools.
    Source
  4. Feb 2021
    RA Capital Management backed DayOne at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 92 first cheques, 78 in Healthcare & Life Sciences, 10 in Software & Developer Tools.
  5. Feb 2021
    Rheingau Founders backed Lengoo at Series B
    New regionFirst deal in Southern Europe. Before: 21 first cheques, 18 in DACH, 1 in Benelux & France.
  6. Feb 2021
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 36 first cheques, 29 in Software & Developer Tools, 3 in Industry & Hardware.
  7. Feb 2021
    SV Angel backed Architect at Seed
    New regionFirst deal in Benelux & France. Before: 69 first cheques, 61 in North America, 3 in DACH.
    Source
  8. Jan 28, 2021
    Wing Venture Capital backed Classiq at Series A
    New regionFirst deal in MEA. Before: 47 first cheques, 38 in North America, 3 in UK & Ireland.
    Source
  9. Jan 26, 2021
    New sectorFirst Finance & Blockchain cheque. Before: 21 first cheques, 14 in Software & Developer Tools, 3 in Industry & Hardware.
    Source
  10. Jan 15, 2021
    New sectorFirst Commerce & Marketing cheque. Before: 55 first cheques, 50 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
  11. 2021
    9Yards Capital backed ONIQ at Seed
    New regionFirst deal in DACH. Before: 16 first cheques, 13 in North America, 1 in UK & Ireland.
  12. 2021
    Adams Street Partners backed Homeward at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 15 first cheques, 9 in Software & Developer Tools, 3 in Finance & Blockchain.
    Source
  13. 2021
    Aquiti backed YGO at Pre-seed
    New regionFirst deal in DACH. Before: 19 first cheques, 19 in Benelux & France.
  14. 2021
    Ascension backed GDevelop at Pre-seed
    New regionFirst deal in Benelux & France. Before: 32 first cheques, 27 in UK & Ireland, 3 in North America.
  15. 2021
    Atlantic.vc backed Krate at Seed
    New regionFirst deal in APAC. Before: 15 first cheques, 12 in DACH, 1 in North America.
  16. 2021
    Atlantic.vc backed Sendify at Series A
    New regionFirst deal in Nordics. Before: 15 first cheques, 12 in DACH, 1 in North America.
    Source
  17. 2021
    Atlas Venture backed RECTIFY Master at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 25 first cheques, 15 in Healthcare & Life Sciences, 6 in Consumer, Lifestyle & Services.
  18. 2021
    Audacia backed Orbify at Seed
    New regionFirst deal in CEE. Before: 18 first cheques, 16 in Benelux & France, 1 in DACH.
  19. 2021
    Axeleo Ventures backed Seedata at Pre-seed
    New regionFirst deal in UK & Ireland. Before: 24 first cheques, 21 in Benelux & France, 2 in North America.
  20. 2021
    Axeleo Ventures backed Bifrost at Pre-seed
    New regionFirst deal in Nordics. Before: 24 first cheques, 21 in Benelux & France, 2 in North America.
  21. 2021
    Bain Capital backed Interius at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 27 first cheques, 16 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
    Source
  22. 2021
    BDC Capital backed Ellie Care at Series A
    New regionFirst deal in LATAM. Before: 27 first cheques, 25 in North America, 2 in APAC.
  23. 2021
    New regionFirst deal in UK & Ireland. Before: 25 first cheques, 24 in North America, 1 in LATAM.
  24. 2021
    New sectorFirst Energy, Environment & Mobility cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 3 in Commerce & Marketing.
  25. 2021
    Boldstart Ventures backed YipitData at Series C+
    New sectorFirst Commerce & Marketing cheque. Before: 15 first cheques, 13 in Software & Developer Tools, 1 in Finance & Blockchain.
  26. 2021
    Bullpen Capital backed Cyrus at Series A
    New regionFirst deal in MEA. Before: 30 first cheques, 24 in North America, 4 in UK & Ireland.
  27. 2021
    Casdin Capital backed Sonomo at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 20 first cheques, 19 in Healthcare & Life Sciences, 1 in Energy, Environment & Mobility.
  28. 2021
    Casdin Capital backed Deepcell at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 19 in Healthcare & Life Sciences, 1 in Energy, Environment & Mobility.
    Source
  29. 2021
    Casdin Capital backed Komodor at Series C+
    New sectorFirst Software & Developer Tools cheque. Before: 20 first cheques, 19 in Healthcare & Life Sciences, 1 in Energy, Environment & Mobility.
    New regionFirst deal in MEA. Before: 20 first cheques, 17 in North America, 1 in UK & Ireland.
  30. 2021
    Casdin Capital backed Sonoma at Series B
    New sectorFirst Software & Developer Tools cheque. Before: 20 first cheques, 19 in Healthcare & Life Sciences, 1 in Energy, Environment & Mobility.
  31. 2021
    Casdin Capital backed soNomad at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 20 first cheques, 19 in Healthcare & Life Sciences, 1 in Energy, Environment & Mobility.
  32. 2021
    Chicago Ventures backed Menda at Series A
    New regionFirst deal in CEE. Before: 24 first cheques, 21 in North America, 1 in APAC.
  33. 2021
    New sectorFirst Energy, Environment & Mobility cheque. Before: 15 first cheques, 12 in Finance & Blockchain, 2 in Software & Developer Tools.
    Source
  34. 2021
    New sectorFirst Commerce & Marketing cheque. Before: 25 first cheques, 20 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
    Source
  35. 2021
    Costanoa Ventures backed Vinaver at Series A
    New sectorFirst Healthcare & Life Sciences cheque. Before: 23 first cheques, 16 in Software & Developer Tools, 3 in Finance & Blockchain.
    New regionFirst deal in CEE. Before: 22 first cheques, 20 in North America, 1 in UK & Ireland.
  36. 2021
    Cota Capital backed Fortify Ai at Series B
    New regionFirst deal in DACH. Before: 25 first cheques, 23 in North America, 1 in APAC.
  37. 2021
    Cultivation Capital backed POD FOODS at Series A
    New regionFirst deal in LATAM. Before: 25 first cheques, 22 in North America, 1 in UK & Ireland.
  38. 2021
    DCVC backed Halter at Series B
    New regionFirst deal in APAC. Before: 70 first cheques, 59 in North America, 6 in UK & Ireland.
  39. 2021
    New regionFirst deal in Southern Europe. Before: 17 first cheques, 17 in UK & Ireland.
  40. 2021
    Digital+ Partners backed SevenSenders at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 18 first cheques, 13 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
    Source