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
    Nyca Partners backed Ovation at Series C+
    New sectorFirst Healthcare & Life Sciences cheque. Before: 28 first cheques, 17 in Finance & Blockchain, 6 in Software & Developer Tools.
  2. 2022
    Oak HC/FT. backed Majo Immo at Series B
    New regionFirst deal in Benelux & France. Before: 47 first cheques, 38 in North America, 2 in UK & Ireland.
  3. 2022
    Oak HC/FT. backed Cuurios at Series C+
    New regionFirst deal in Benelux & France. Before: 47 first cheques, 38 in North America, 2 in UK & Ireland.
  4. 2022
    Oak HC/FT. backed ETIC at Series C+
    New regionFirst deal in Benelux & France. Before: 47 first cheques, 38 in North America, 2 in UK & Ireland.
  5. 2022
    One Peak Partners backed Solwena at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 20 first cheques, 14 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
  6. 2022
    Par Equity backed StretchSense at Series A
    New regionFirst deal in APAC. Before: 28 first cheques, 24 in UK & Ireland, 3 in North America.
    Source
  7. 2022
    PeakSpan Capital backed Tapcheck at Series A
    New sectorFirst Finance & Blockchain cheque. Before: 19 first cheques, 16 in Software & Developer Tools, 1 in Healthcare & Life Sciences.
    Source
  8. 2022
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 85 first cheques, 75 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
  9. 2022
    Playground Global backed Devialet at Series C+
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 15 in North America, 2 in MEA.
  10. 2022
    PMV backed Chilli Connect Limited at Series B
    New regionFirst deal in UK & Ireland. Before: 27 first cheques, 23 in Benelux & France, 2 in Nordics.
  11. 2022
    Pontifax Capital backed Raziele Inc at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 24 first cheques, 23 in Healthcare & Life Sciences, 1 in Commerce & Marketing.
  12. 2022
    Presto Ventures backed Finmap at Seed
    New regionFirst deal in DACH. Before: 16 first cheques, 14 in CEE, 1 in MEA.
    Source
  13. 2022
    Prosus Ventures backed EPUR at Pre-seed
    Earlier stageFirst entry as early as Pre-seed. Before: 39 entries with a sourced stage, 15 at Series B, 13 at Series C+.
  14. 2022
    PSG backed Penny at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 21 first cheques, 12 in Software & Developer Tools, 5 in Commerce & Marketing.
  15. 2022
    Earlier stageFirst entry as early as Pre-seed. Before: 38 entries with a sourced stage, 22 at Series C+, 12 at Series B.
    Source
  16. 2022
    New regionFirst deal in DACH. Before: 24 first cheques, 22 in MEA, 1 in APAC.
  17. 2022
    New regionFirst deal in MEA. Before: 20 first cheques, 16 in UK & Ireland, 2 in North America.
  18. 2022
    Samsara Ventures backed ACELYRIN at Series C+
    New sectorFirst Software & Developer Tools cheque. Before: 31 first cheques, 29 in Healthcare & Life Sciences, 1 in Industry & Hardware.
    Source
  19. 2022
    Section 32 backed ONI at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 10 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
    Source
  20. 2022
    SFC Capital backed Arcstrike at Series A
    New regionFirst deal in MEA. Before: 89 first cheques, 79 in UK & Ireland, 5 in North America.
  21. 2022
    Ship2B Ventures backed DANA at Series C+
    New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 6 in Software & Developer Tools, 6 in Healthcare & Life Sciences.
  22. 2022
    Slow Ventures backed Mayk at Seed
    New regionFirst deal in Southern Europe. Before: 27 first cheques, 23 in North America, 2 in DACH.
    Source
  23. 2022
    Sozo Ventures backed Firebolt at Series C+
    New regionFirst deal in DACH. Before: 15 first cheques, 12 in North America, 2 in APAC.
    Source
  24. 2022
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 19 first cheques, 13 in Software & Developer Tools, 3 in Industry & Hardware.
  25. 2022
    New regionFirst deal in Benelux & France. Before: 24 first cheques, 22 in North America, 1 in UK & Ireland.
    Source
  26. 2022
    SV Angel backed Latú at Seed
    New regionFirst deal in LATAM. Before: 87 first cheques, 73 in North America, 5 in DACH.
    Source
  27. 2022
    SV Angel backed Azitek at Series B
    New regionFirst deal in Southern Europe. Before: 87 first cheques, 73 in North America, 5 in DACH.
  28. 2022
    Techstart backed Unfolded at Seed
    New regionFirst deal in North America. Before: 17 first cheques, 15 in UK & Ireland, 1 in DACH.
  29. 2022
    Thoma Bravo backed Personetics at Series C+
    New regionFirst deal in LATAM. Before: 19 first cheques, 16 in North America, 2 in UK & Ireland.
    Source
  30. 2022
    TTV Capital backed FairPlay at Series A
    New regionFirst deal in LATAM. Before: 20 first cheques, 16 in North America, 1 in UK & Ireland.
    Source
  31. 2022
    New regionFirst deal in MEA. Before: 108 first cheques, 102 in UK & Ireland, 4 in North America.
  32. 2022
    New regionFirst deal in MEA. Before: 108 first cheques, 102 in UK & Ireland, 4 in North America.
  33. 2022
    New regionFirst deal in MEA. Before: 108 first cheques, 102 in UK & Ireland, 4 in North America.
  34. 2022
    Venrock backed EnLiven Therapeutics at Series C+
    New regionFirst deal in MEA. Before: 41 first cheques, 34 in North America, 3 in DACH.
    Source
  35. 2022
    New sectorFirst Energy, Environment & Mobility cheque. Before: 45 first cheques, 35 in Software & Developer Tools, 3 in Commerce & Marketing.
  36. 2022
    Voima Ventures backed Bilance at Seed
    New regionFirst deal in CEE. Before: 20 first cheques, 18 in Nordics, 1 in DACH.
  37. 2022
    WestCap backed Zupee at Series B
    New regionFirst deal in APAC. Before: 26 first cheques, 21 in North America, 3 in DACH.
    Source
  38. 2022
    Wintermute backed HAL.xyz at Seed
    New sectorFirst Software & Developer Tools cheque. Before: 15 first cheques, 11 in Finance & Blockchain, 3 in Artificial Intelligence & Data.