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. 2025
    New regionFirst deal in DACH. Before: 24 first cheques, 20 in North America, 2 in UK & Ireland.
  2. 2025
    Join Capital backed Graphene Energy at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 23 first cheques, 15 in Software & Developer Tools, 7 in Industry & Hardware.
  3. 2025
    Jungle Ventures backed Dedem at Series C+
    New regionFirst deal in Southern Europe. Before: 50 first cheques, 41 in APAC, 6 in North America.
  4. 2025
    KAE Capital backed EMI at Series B
    New regionFirst deal in DACH. Before: 27 first cheques, 23 in APAC, 3 in North America.
  5. 2025
    Kalaari Capital backed Mater-AI at Seed
    New regionFirst deal in UK & Ireland. Before: 58 first cheques, 54 in APAC, 2 in North America.
  6. 2025
    Kalaari Capital backed Modulous at Series A
    New regionFirst deal in UK & Ireland. Before: 58 first cheques, 54 in APAC, 2 in North America.
  7. 2025
    Kapor Capital backed Hmlet at Series B
    New regionFirst deal in APAC. Before: 33 first cheques, 28 in North America, 2 in MEA.
  8. 2025
    Kaszek backed Crabi Robotics at Series A
    New regionFirst deal in DACH. Before: 86 first cheques, 74 in LATAM, 3 in UK & Ireland.
  9. 2025
    Kennet Partners backed Sabant at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 19 first cheques, 13 in Software & Developer Tools, 3 in Commerce & Marketing.
  10. 2025
    KTH Ventures backed A2O Realty at Series A
    New regionFirst deal in APAC. Before: 16 first cheques, 16 in Nordics.
  11. 2025
    KTH Ventures backed Inclined Labs at Series B
    New regionFirst deal in North America. Before: 16 first cheques, 16 in Nordics.
  12. 2025
    KTH Ventures backed Preferences at Seed
    New regionFirst deal in UK & Ireland. Before: 16 first cheques, 16 in Nordics.
  13. 2025
    KTH Ventures backed Dialog at Seed
    New regionFirst deal in Benelux & France. Before: 16 first cheques, 16 in Nordics.
  14. 2025
    KTH Ventures backed Bright Materia at Series A
    New regionFirst deal in DACH. Before: 16 first cheques, 16 in Nordics.
  15. 2025
    New regionFirst deal in LATAM. Before: 27 first cheques, 25 in North America, 1 in UK & Ireland.
  16. 2025
    Lilly Asia Ventures backed Timberlyne at Series A
    New sectorFirst Industry & Hardware cheque. Before: 25 first cheques, 23 in Healthcare & Life Sciences, 1 in Finance & Blockchain.
    Source
  17. 2025
    Lilly Asia Ventures backed Verdiva Bio at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 25 first cheques, 23 in Healthcare & Life Sciences, 1 in Finance & Blockchain.
    Source
  18. 2025
    LionBird backed Phasev at Series A
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 8 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
    Source
  19. 2025
    Logos Capital backed Verdiva Bio at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 40 first cheques, 33 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
    Source
  20. 2025
    Longwall Ventures backed Lightcast at Series B
    New regionFirst deal in Benelux & France. Before: 16 first cheques, 14 in UK & Ireland, 1 in North America.
    Source
  21. 2025
    LRV Health backed Diana at Series C+
    New sectorFirst Commerce & Marketing cheque. Before: 28 first cheques, 26 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    New regionFirst deal in CEE. Before: 27 first cheques, 24 in North America, 2 in DACH.
  22. 2025
    LRV Health backed Reema at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 28 first cheques, 26 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
    Source
  23. 2025
    Ludlow Ventures backed Offramp at Seed
    New regionFirst deal in DACH. Before: 15 first cheques, 14 in North America, 1 in UK & Ireland.
  24. 2025
    New regionFirst deal in Southern Europe. Before: 15 first cheques, 14 in North America, 1 in UK & Ireland.
  25. 2025
    M13 backed Corndel at Series A
    New regionFirst deal in UK & Ireland. Before: 20 first cheques, 19 in North America, 1 in Nordics.
  26. 2025
    M13 backed Daylight at Series C+
    New regionFirst deal in DACH. Before: 20 first cheques, 19 in North America, 1 in Nordics.
  27. 2025
    New regionFirst deal in DACH. Before: 20 first cheques, 19 in North America, 1 in CEE.
  28. 2025
    Maveron backed Picasso at Series C+
    New regionFirst deal in MEA. Before: 48 first cheques, 40 in North America, 3 in UK & Ireland.
  29. 2025
    Monashees backed NG Group at Series B
    New regionFirst deal in Nordics. Before: 81 first cheques, 69 in LATAM, 4 in North America.
  30. 2025
    New regionFirst deal in APAC. Before: 16 first cheques, 13 in North America, 1 in UK & Ireland.
  31. 2025
    New regionFirst deal in APAC. Before: 35 first cheques, 28 in North America, 3 in DACH.
  32. 2025
    New regionFirst deal in MEA. Before: 35 first cheques, 28 in North America, 3 in DACH.
  33. 2025
    Norte Ventures backed Iniciador at Seed
    New regionFirst deal in Southern Europe. Before: 26 first cheques, 22 in LATAM, 2 in North America.
    Source
  34. 2025
    Northpond Ventures backed Ansa at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 59 first cheques, 46 in Healthcare & Life Sciences, 5 in Artificial Intelligence & Data.
  35. 2025
    Omega Fund backed Ousia Pharma at Pre-seed
    Earlier stageFirst entry as early as Pre-seed. Before: 21 entries with a sourced stage, 10 at Series B, 6 at Series A.
  36. 2025
    New regionFirst deal in Southern Europe. Before: 20 first cheques, 16 in North America, 1 in UK & Ireland.
  37. 2025
    OTIF Ventures backed Salunda at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 9 in Healthcare & Life Sciences, 4 in Artificial Intelligence & Data.
  38. 2025
    New sectorFirst Healthcare & Life Sciences cheque. Before: 46 first cheques, 29 in Finance & Blockchain, 8 in Software & Developer Tools.
  39. 2025
    Pine Ventures backed Atomik at Series C+
    New regionFirst deal in Benelux & France. Before: 55 first cheques, 45 in UK & Ireland, 6 in North America.
  40. 2025
    New sectorFirst Industry & Hardware cheque. Before: 24 first cheques, 16 in Finance & Blockchain, 5 in Software & Developer Tools.