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. 2024
    Threshold Ventures backed Asteroid at Series B
    New regionFirst deal in CEE. Before: 28 first cheques, 23 in North America, 3 in Benelux & France.
  2. 2024
    Tola Capital backed IngredientAI at Series B
    New sectorFirst Healthcare & Life Sciences cheque. Before: 30 first cheques, 20 in Software & Developer Tools, 4 in Industry & Hardware.
  3. 2024
    Torch Capital backed aeoflo at Series A
    New regionFirst deal in Nordics. Before: 17 first cheques, 14 in North America, 1 in UK & Ireland.
  4. 2024
    UI-Investissement backed Oversee at Seed
    New regionFirst deal in MEA. Before: 50 first cheques, 46 in Benelux & France, 2 in DACH.
  5. 2024
    Underscore VC backed Moltin at Series A
    New regionFirst deal in UK & Ireland. Before: 30 first cheques, 26 in North America, 2 in DACH.
  6. 2024
    Vida Ventures backed Modelity at Seed
    New regionFirst deal in DACH. Before: 18 first cheques, 15 in North America, 1 in UK & Ireland.
  7. 2024
    Vivo Ventures backed TENAX at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 39 first cheques, 33 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
  8. 2024
    Vivo Ventures backed Regulus at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 39 first cheques, 33 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
    Source
  9. 2024
    Westwave Capital backed StackGen at Seed
    New regionFirst deal in APAC. Before: 17 first cheques, 17 in North America.
    Source
  10. 2024
    New sectorFirst Commerce & Marketing cheque. Before: 17 first cheques, 13 in Software & Developer Tools, 3 in Finance & Blockchain.