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. 2022
    New sectorFirst Artificial Intelligence & Data cheque. Before: 22 first cheques, 18 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  2. 2022
    Chicago Ventures backed Mayk at Seed
    New regionFirst deal in Southern Europe. Before: 35 first cheques, 31 in North America, 1 in APAC.
    Source
  3. 2022
    Clearlake Capital Group backed GI Cell at Series B
    New regionFirst deal in APAC. Before: 16 first cheques, 15 in North America, 1 in Nordics.
  4. 2022
    New sectorFirst Energy, Environment & Mobility cheque. Before: 20 first cheques, 11 in Finance & Blockchain, 6 in Software & Developer Tools.
  5. 2022
    Comcast Ventures backed Evabot at Series A
    New regionFirst deal in APAC. Before: 115 first cheques, 101 in North America, 4 in UK & Ireland.
    Source
  6. 2022
    New sectorFirst Commerce & Marketing cheque. Before: 21 first cheques, 9 in Software & Developer Tools, 8 in Healthcare & Life Sciences.
  7. 2022
    Crosslink Capital backed Omada AI at Series C+
    New regionFirst deal in MEA. Before: 55 first cheques, 53 in North America, 1 in UK & Ireland.
  8. 2022
    E14 backed Primitives at Seed
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 13 in North America, 1 in Benelux & France.
  9. 2022
    Eldridge Capital backed Reveni at Seed
    New regionFirst deal in Southern Europe. Before: 21 first cheques, 17 in North America, 2 in UK & Ireland.
  10. 2022
    Energy Impact Partners backed Sibros at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 29 first cheques, 16 in Software & Developer Tools, 10 in Energy, Environment & Mobility.
    Source
  11. 2022
    EnjoyVenture backed Cutting Edge at Series C+
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 16 in DACH, 1 in APAC.
  12. 2022
    Forerunner Ventures backed Calii at Series A
    New regionFirst deal in LATAM. Before: 31 first cheques, 28 in North America, 1 in UK & Ireland.
    Source
  13. 2022
    Gaingels backed 6Minded at Seed
    New regionFirst deal in CEE. Before: 75 first cheques, 61 in North America, 5 in APAC.
  14. 2022
    Golden Gate Ventures backed Nybl at Series B
    New regionFirst deal in MEA. Before: 32 first cheques, 29 in APAC, 2 in North America.
  15. 2022
    GreatPoint Ventures backed Pretzel AI at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 16 first cheques, 8 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  16. 2022
    GS VENTURES backed Antwalk at Series A
    New sectorFirst Industry & Hardware cheque. Before: 18 first cheques, 11 in Software & Developer Tools, 7 in Consumer, Lifestyle & Services.
    Source
  17. 2022
    Hack VC backed Reecall at Series A
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 13 in North America, 1 in Nordics.
  18. 2022
    HubSpot backed Vection at Seed
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 14 in Software & Developer Tools, 1 in Healthcare & Life Sciences.
  19. 2022
    Icon Ventures backed Nomad at Series C+
    New regionFirst deal in LATAM. Before: 32 first cheques, 26 in North America, 2 in APAC.
  20. 2022
    Inovia Capital backed Talent Class at Series B
    New regionFirst deal in Southern Europe. Before: 41 first cheques, 37 in North America, 3 in UK & Ireland.
  21. 2022
    New regionFirst deal in North America. Before: 22 first cheques, 18 in UK & Ireland, 2 in DACH.
  22. 2022
    Jungle Ventures backed Believ at Series C+
    New regionFirst deal in UK & Ireland. Before: 29 first cheques, 26 in APAC, 3 in North America.
  23. 2022
    Kalaari Capital backed Zluri at Series A
    New regionFirst deal in North America. Before: 44 first cheques, 44 in APAC.
    Source
  24. 2022
    Kalaari Capital backed Plop at Pre-seed
    New regionFirst deal in DACH. Before: 44 first cheques, 44 in APAC.
  25. 2022
    Kapor Capital backed ETIC at Series C+
    New regionFirst deal in Benelux & France. Before: 22 first cheques, 19 in North America, 2 in MEA.
  26. 2022
    K Fund backed Quivers at Seed
    New regionFirst deal in North America. Before: 25 first cheques, 21 in Southern Europe, 3 in Benelux & France.
  27. 2022
    LetsVenture backed Epigene Labs at Seed
    New regionFirst deal in Benelux & France. Before: 20 first cheques, 17 in APAC, 2 in North America.
  28. 2022
    New sectorFirst Energy, Environment & Mobility cheque. Before: 54 first cheques, 43 in Healthcare & Life Sciences, 5 in Industry & Hardware.
  29. 2022
    Logos Capital backed BFree at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 25 first cheques, 23 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
    New regionFirst deal in MEA. Before: 25 first cheques, 21 in North America, 1 in UK & Ireland.
    Source
  30. 2022
    Logos Capital backed MiMARK at Series B
    New regionFirst deal in Southern Europe. Before: 25 first cheques, 21 in North America, 1 in UK & Ireland.
  31. 2022
    New regionFirst deal in Nordics. Before: 39 first cheques, 34 in North America, 3 in DACH.
  32. 2022
    MaC Venture Capital backed Kabal at Seed
    New regionFirst deal in Nordics. Before: 39 first cheques, 34 in North America, 3 in DACH.
  33. 2022
    MaC Venture Capital backed Evity at Seed
    New regionFirst deal in CEE. Before: 39 first cheques, 34 in North America, 3 in DACH.
  34. 2022
    MetaProp backed Join at Series A
    New regionFirst deal in Benelux & France. Before: 32 first cheques, 28 in North America, 2 in APAC.
  35. 2022
    MetaProp backed Spleet at Seed
    New regionFirst deal in MEA. Before: 32 first cheques, 28 in North America, 2 in APAC.
  36. 2022
    Next47 backed EVA at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 35 first cheques, 22 in Software & Developer Tools, 9 in Industry & Hardware.
  37. 2022
    Next47 backed neo2 at Series C+
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 35 first cheques, 22 in Software & Developer Tools, 9 in Industry & Hardware.
  38. 2022
    New regionFirst deal in Benelux & France. Before: 35 first cheques, 31 in North America, 2 in MEA.
    Source
  39. 2022
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 18 in North America, 1 in APAC.
  40. 2022
    Noshaq backed ECLO at Series A
    New regionFirst deal in APAC. Before: 18 first cheques, 15 in Benelux & France, 1 in North America.
    Source