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
    New regionFirst deal in MEA. Before: 22 first cheques, 21 in North America, 1 in Southern Europe.
  2. 2021
    First Round Capital backed Merlynn at Series A
    New regionFirst deal in MEA. Before: 43 first cheques, 36 in North America, 3 in DACH.
  3. 2021
    First Round Capital backed Pinwheel at Series A
    New regionFirst deal in UK & Ireland. Before: 43 first cheques, 36 in North America, 3 in DACH.
    Source
  4. 2021
    Five Elms Capital backed AuroraXMP at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 32 first cheques, 26 in Software & Developer Tools, 2 in Finance & Blockchain.
  5. 2021
    Forbion backed Oxular Limited at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 40 first cheques, 35 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
  6. 2021
    Georgian backed Noma Security at Series B
    New regionFirst deal in DACH. Before: 23 first cheques, 21 in North America, 1 in UK & Ireland.
  7. 2021
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 17 first cheques, 12 in Software & Developer Tools, 2 in Finance & Blockchain.
    Source
  8. 2021
    New sectorFirst Finance & Blockchain cheque. Before: 49 first cheques, 45 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
  9. 2021
    Ibex Investors backed Bluedot at Series B
    New sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 3 in Industry & Hardware.
  10. 2021
    Iconiq backed Monte Carlo Data at Series C+
    New regionFirst deal in UK & Ireland. Before: 45 first cheques, 38 in North America, 2 in Benelux & France.
  11. 2021
    Icon Ventures backed Fuzzie at Series C+
    New regionFirst deal in APAC. Before: 24 first cheques, 20 in North America, 1 in UK & Ireland.
  12. 2021
    Icon Ventures backed Bay Security at Series C+
    New regionFirst deal in APAC. Before: 24 first cheques, 20 in North America, 1 in UK & Ireland.
  13. 2021
    New regionFirst deal in North America. Before: 39 first cheques, 39 in APAC.
  14. 2021
    KAE Capital backed Anonyme at Seed
    New regionFirst deal in Benelux & France. Before: 21 first cheques, 21 in APAC.
  15. 2021
    New sectorFirst Finance & Blockchain cheque. Before: 23 first cheques, 18 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  16. 2021
    Longitude Capital backed Rivus at Series A
    New sectorFirst Industry & Hardware cheque. Before: 35 first cheques, 33 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
    Source
  17. 2021
    MaC Venture Capital backed Ajua at Seed
    New regionFirst deal in MEA. Before: 18 first cheques, 15 in North America, 2 in DACH.
  18. 2021
    Madrona Venture Group backed Valtech at Series B
    New regionFirst deal in Benelux & France. Before: 25 first cheques, 23 in North America, 1 in UK & Ireland.
  19. 2021
    Makers Fund backed Zenith at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 23 first cheques, 18 in Consumer, Lifestyle & Services, 5 in Software & Developer Tools.
  20. 2021
    Maveron backed Parade at Series B
    New regionFirst deal in Benelux & France. Before: 27 first cheques, 25 in North America, 1 in UK & Ireland.
  21. 2021
    Medicxi Ventures backed Rivus at Series A
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 13 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    Source
  22. 2021
    Mercia Ventures backed Surgical Theater at Series C+
    New regionFirst deal in North America. Before: 19 first cheques, 16 in UK & Ireland, 2 in APAC.
  23. 2021
    Mercia Ventures backed Zemble at Series C+
    New regionFirst deal in North America. Before: 19 first cheques, 16 in UK & Ireland, 2 in APAC.
  24. 2021
    Miton backed Marinade at Pre-seed
    New regionFirst deal in North America. Before: 27 first cheques, 26 in CEE, 1 in UK & Ireland.
  25. 2021
    Mucker Capital backed Papaya Gaming at Series B
    New regionFirst deal in Southern Europe. Before: 23 first cheques, 21 in North America, 1 in APAC.
  26. 2021
    Next47 backed Aforza at Series A
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 17 in North America, 2 in DACH.
    Source
  27. 2021
    NexTech Invest backed Profound at Series C+
    New sectorFirst Software & Developer Tools cheque. Before: 24 first cheques, 24 in Healthcare & Life Sciences.
  28. 2021
    One Peak Partners backed Habito at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
  29. 2021
    OpenView backed Conet at Series B
    New regionFirst deal in DACH. Before: 36 first cheques, 30 in North America, 2 in UK & Ireland.
  30. 2021
    PayPal Ventures backed Paxos Health at Series C+
    New sectorFirst Healthcare & Life Sciences cheque. Before: 18 first cheques, 8 in Finance & Blockchain, 7 in Software & Developer Tools.
  31. 2021
    New regionFirst deal in APAC. Before: 64 first cheques, 55 in North America, 5 in UK & Ireland.
    Source
  32. 2021
    Perceptive Advisors backed OnKure at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 68 first cheques, 61 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
    Source
  33. 2021
    New sectorFirst Commerce & Marketing cheque. Before: 17 first cheques, 14 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    Source
  34. 2021
    RA Capital Management backed Interius at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 71 first cheques, 59 in Healthcare & Life Sciences, 9 in Software & Developer Tools.
    Source
  35. 2021
    Raine backed Cyrus Biotechnology at Series B
    New sectorFirst Industry & Hardware cheque. Before: 36 first cheques, 19 in Consumer, Lifestyle & Services, 11 in Software & Developer Tools.
  36. 2021
    Rally Ventures backed Influ2 at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 19 first cheques, 16 in Software & Developer Tools, 1 in Finance & Blockchain.
    Source
  37. 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.
  38. 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.
  39. 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.
  40. 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