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. Dec 24, 2020
    New sectorFirst Commerce & Marketing cheque. Before: 15 first cheques, 12 in Software & Developer Tools, 1 in Healthcare & Life Sciences.
  2. Dec 16, 2020
    Bm|t backed siOPTICA
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 13 in DACH, 2 in North America.
    Source
  3. Dec 16, 2020
    New sectorFirst Software & Developer Tools cheque. Before: 48 first cheques, 45 in Healthcare & Life Sciences, 1 in Industry & Hardware.
  4. Dec 16, 2020
    Redmile backed Neuron Inc at Series B
    New sectorFirst Software & Developer Tools cheque. Before: 19 first cheques, 19 in Healthcare & Life Sciences.
    New regionFirst deal in LATAM. Before: 19 first cheques, 17 in North America, 2 in DACH.
  5. Dec 15, 2020
    Almi Invest backed Boet at Series A
    New regionFirst deal in APAC. Before: 46 first cheques, 41 in Nordics, 3 in DACH.
  6. Dec 8, 2020
    Rheingau Founders backed Jutro Medical at Pre-seed
    New regionFirst deal in CEE. Before: 19 first cheques, 17 in DACH, 1 in Benelux & France.
    Source
  7. Dec 2, 2020
    Innovestor backed PromoRepublic at Seed
    New regionFirst deal in North America. Before: 20 first cheques, 18 in Nordics, 1 in DACH.
    Source
  8. Dec 2020
    2AM Ventures backed Enliven at Series B
    New regionFirst deal in MEA. Before: 17 first cheques, 14 in North America, 1 in UK & Ireland.
  9. Dec 2020
    New sectorFirst Software & Developer Tools cheque. Before: 15 first cheques, 13 in Healthcare & Life Sciences, 2 in Industry & Hardware.
  10. Dec 2020
    Edison Partners backed GoHenry at Series B
    New regionFirst deal in UK & Ireland. Before: 16 first cheques, 13 in North America, 1 in DACH.
    Source
  11. Dec 2020
    Emergence Capital backed Dnk at Seed
    New regionFirst deal in APAC. Before: 38 first cheques, 32 in North America, 2 in UK & Ireland.
  12. Dec 2020
    New regionFirst deal in APAC. Before: 21 first cheques, 18 in North America, 1 in UK & Ireland.
  13. Dec 2020
    High-Tech Gründerfonds backed Orbex at Series B
    New regionFirst deal in UK & Ireland. Before: 216 first cheques, 184 in DACH, 16 in Benelux & France.
    Source
  14. Dec 2020
    Kurma Partners backed Dnk at Seed
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 22 first cheques, 18 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
  15. Dec 2020
    MetaProp backed Dnk at Seed
    New regionFirst deal in APAC. Before: 21 first cheques, 20 in North America, 1 in UK & Ireland.
  16. Dec 2020
    New regionFirst deal in North America. Before: 24 first cheques, 23 in UK & Ireland, 1 in APAC.
    Source
  17. Dec 2020
    Sting backed Ed.Ai
    New regionFirst deal in Benelux & France. Before: 77 first cheques, 62 in Nordics, 8 in DACH.
  18. Nov 19, 2020
    Casdin Capital backed Aphea.Bio at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 17 in Healthcare & Life Sciences.
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 15 in North America, 1 in UK & Ireland.
  19. Nov 19, 2020
    Comcast Ventures backed ZATAP at Series A
    New regionFirst deal in DACH. Before: 94 first cheques, 82 in North America, 4 in UK & Ireland.
  20. Nov 18, 2020
    Valor Equity Partners backed K Health at Series C+
    New regionFirst deal in MEA. Before: 23 first cheques, 20 in North America, 3 in Benelux & France.
    Source
  21. Nov 12, 2020
    New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 8 in Commerce & Marketing, 5 in Consumer, Lifestyle & Services.
  22. Nov 6, 2020
    HgCapital backed Eucon at Series C+
    New sectorFirst Energy, Environment & Mobility cheque. Before: 15 first cheques, 8 in Software & Developer Tools, 4 in Finance & Blockchain.
  23. Nov 6, 2020
    Venrock backed Mable at Series A
    New sectorFirst Commerce & Marketing cheque. Before: 27 first cheques, 21 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
    Source
  24. Nov 5, 2020
    New regionFirst deal in Nordics. Before: 22 first cheques, 20 in Southern Europe, 1 in North America.
    Source
  25. Nov 2020
    New sectorFirst Healthcare & Life Sciences cheque. Before: 25 first cheques, 16 in Finance & Blockchain, 4 in Software & Developer Tools.
  26. Nov 2020
    CapitalG backed Manbang at Series C+
    New sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 11 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
    Source
  27. Nov 2020
    New regionFirst deal in DACH. Before: 15 first cheques, 14 in North America, 1 in MEA.
  28. Nov 2020
    Crosslink Capital backed RealBlocks at Series A
    New regionFirst deal in UK & Ireland. Before: 32 first cheques, 31 in North America, 1 in DACH.
    Source
  29. Nov 2020
    Next47 backed Zesty.co at Seed
    New regionFirst deal in MEA. Before: 18 first cheques, 16 in North America, 2 in DACH.
  30. Nov 2020
    New regionFirst deal in Nordics. Before: 17 first cheques, 14 in UK & Ireland, 3 in North America.
  31. Nov 2020
    Sorenson Ventures backed garden at Seed
    New regionFirst deal in DACH. Before: 20 first cheques, 17 in North America, 1 in APAC.
  32. Nov 2020
    Workday Ventures backed Northstar at Series A
    New sectorFirst Energy, Environment & Mobility cheque. Before: 16 first cheques, 11 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
    Source
  33. Oct 28, 2020
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 29 first cheques, 20 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
  34. Oct 21, 2020
    New regionFirst deal in Nordics. Before: 32 first cheques, 26 in North America, 2 in UK & Ireland.
    Source
  35. Oct 7, 2020
    Anthemis backed Hometree at Series A
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 24 first cheques, 16 in Finance & Blockchain, 4 in Software & Developer Tools.
    Source
  36. Oct 2020
    New regionFirst deal in Benelux & France. Before: 16 first cheques, 15 in APAC, 1 in North America.
  37. Oct 2020
    Base Ventures backed Armory at Series C+
    New sectorFirst Artificial Intelligence & Data cheque. Before: 17 first cheques, 10 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
  38. Oct 2020
    New sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 7 in Energy, Environment & Mobility, 6 in Industry & Hardware.
    Source
  39. Oct 2020
    New regionFirst deal in APAC. Before: 18 first cheques, 16 in North America, 1 in Benelux & France.
  40. Oct 2020
    Forerunner Ventures backed Fabric at Series A
    New regionFirst deal in UK & Ireland. Before: 16 first cheques, 14 in North America, 1 in Nordics.