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.

AllNew sectorNew regionEarlier stage2026202520242023202220212020
  1. Dec 22, 2022
    Summit Partners backed Energy Aspects at Seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 52 first cheques, 38 in Software & Developer Tools, 4 in Commerce & Marketing.
  2. Dec 14, 2022
    British Patient Capital backed Pragmatic at Series C+
    New regionFirst deal in North America. Before: 15 first cheques, 13 in UK & Ireland, 1 in APAC.
    Source
  3. Dec 14, 2022
    Navitas Capital backed Oda at Seed
    New regionFirst deal in Nordics. Before: 19 first cheques, 17 in North America, 1 in UK & Ireland.
  4. Dec 13, 2022
    Flagship Pioneering backed Montai Therapeutics at Series A
    New sectorFirst Industry & Hardware cheque. Before: 34 first cheques, 25 in Healthcare & Life Sciences, 5 in Energy, Environment & Mobility.
  5. Dec 6, 2022
    CV VC backed Leto at Seed
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 15 in DACH, 1 in North America.
  6. Dec 5, 2022
    Garage Capital backed Lancey at Seed
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 14 in North America, 2 in DACH.
    Source
  7. Dec 5, 2022
    Panache Ventures backed Lancey at Seed
    New regionFirst deal in Benelux & France. Before: 30 first cheques, 28 in North America, 1 in UK & Ireland.
    Source
  8. Dec 2022
    Anzu Partners backed Arduino at Series B
    New regionFirst deal in Southern Europe. Before: 27 first cheques, 25 in North America, 2 in APAC.
  9. Dec 2022
    Bonfire Ventures backed Operative Intelligence at Seed
    New regionFirst deal in MEA. Before: 44 first cheques, 38 in North America, 4 in Benelux & France.
  10. Dec 2022
    Inovia Capital backed commercebear at Seed
    New regionFirst deal in DACH. Before: 53 first cheques, 46 in North America, 4 in UK & Ireland.
    Source
  11. Dec 2022
    Inovia Capital backed vital at Series B
    New regionFirst deal in DACH. Before: 53 first cheques, 46 in North America, 4 in UK & Ireland.
  12. Dec 2022
    Resolute Ventures backed .lumen at Series C+
    New regionFirst deal in CEE. Before: 37 first cheques, 34 in North America, 2 in MEA.
  13. Dec 2022
    Two Sigma Ventures backed Enveda at Series B
    New sectorFirst Energy, Environment & Mobility cheque. Before: 34 first cheques, 26 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
    Source
  14. Nov 28, 2022
    Radical Ventures backed V7 at Series A
    New regionFirst deal in UK & Ireland. Before: 17 first cheques, 14 in North America, 2 in MEA.
    Source
  15. Nov 23, 2022
    Two Sigma Ventures backed Placed at Series B
    New sectorFirst Consumer, Lifestyle & Services cheque. Before: 33 first cheques, 26 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
  16. Nov 4, 2022
    Bling Capital backed Tagado at Seed
    New regionFirst deal in MEA. Before: 45 first cheques, 40 in North America, 2 in UK & Ireland.
  17. Nov 2022
    Alchemist backed Segmed at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 12 in Software & Developer Tools, 2 in Finance & Blockchain.
    Source
  18. Nov 2022
    Atlassian Ventures backed Tabnine at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 21 first cheques, 20 in Software & Developer Tools, 1 in Consumer, Lifestyle & Services.
    Source
  19. Nov 2022
    BOLD Capital Partners backed Bionaut Labs at Series B
    New regionFirst deal in Benelux & France. Before: 20 first cheques, 20 in North America.
    Source
  20. Nov 2022
    Brighteye Ventures backed Rosaly at Series B
    New sectorFirst Finance & Blockchain cheque. Before: 23 first cheques, 17 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
  21. Nov 2022
    Grotech Ventures backed Subsalt at Seed
    New sectorFirst Healthcare & Life Sciences cheque. Before: 48 first cheques, 34 in Software & Developer Tools, 5 in Commerce & Marketing.
  22. Nov 2022
    High-Tech Gründerfonds backed UrbanSolutions at Seed
    New regionFirst deal in APAC. Before: 301 first cheques, 256 in DACH, 19 in Benelux & France.
  23. Nov 2022
    Konvoy Ventures backed Spark Advisors at Seed
    New sectorFirst Finance & Blockchain cheque. Before: 30 first cheques, 15 in Consumer, Lifestyle & Services, 12 in Software & Developer Tools.
    Source
  24. Nov 2022
    Pontifax AgTech backed Agriconomie at Series B
    New regionFirst deal in Benelux & France. Before: 15 first cheques, 13 in North America, 1 in UK & Ireland.
    Source
  25. Nov 2022
    Tesi backed VoltAero at Series B
    New regionFirst deal in Benelux & France. Before: 47 first cheques, 40 in Nordics, 3 in CEE.
    Source
  26. Oct 27, 2022
    TTV Capital backed Onward at Series A
    New regionFirst deal in APAC. Before: 27 first cheques, 22 in North America, 1 in UK & Ireland.
  27. Oct 10, 2022
    Chiratae Ventures backed Aritum at Seed
    New regionFirst deal in Southern Europe. Before: 45 first cheques, 37 in APAC, 7 in North America.
  28. Oct 5, 2022
    SET Ventures backed Frequenz at Series A
    New sectorFirst Software & Developer Tools cheque. Before: 15 first cheques, 12 in Energy, Environment & Mobility, 2 in Industry & Hardware.
    Source
  29. Oct 2022
    Calculus Capital backed Oé at Series A
    New regionFirst deal in Benelux & France. Before: 26 first cheques, 23 in UK & Ireland, 3 in North America.
  30. Oct 2022
    Congruent Ventures backed Planet FWD at Series A
    New regionFirst deal in Benelux & France. Before: 18 first cheques, 17 in North America, 1 in DACH.
    Source
  31. Oct 2022
    Equity Gap backed Oé at Series A
    New regionFirst deal in Benelux & France. Before: 17 first cheques, 16 in UK & Ireland, 1 in North America.
  32. Oct 2022
    Fuse backed GoodShip at Pre-seed
    New sectorFirst Energy, Environment & Mobility cheque. Before: 23 first cheques, 14 in Software & Developer Tools, 6 in Finance & Blockchain.
    Source
  33. Oct 2022
    Gaingels backed Vermut at Seed
    New regionFirst deal in Southern Europe. Before: 120 first cheques, 97 in North America, 8 in APAC.
    Source
  34. Oct 2022
    Mosaic Ventures backed Ninetailed at Seed
    New sectorFirst Commerce & Marketing cheque. Before: 29 first cheques, 14 in Software & Developer Tools, 10 in Finance & Blockchain.
    Source
  35. Oct 2022
    NextGen Venture Partners backed Utrechts Moveshelf at Seed
    New regionFirst deal in Benelux & France. Before: 25 first cheques, 20 in North America, 3 in APAC.
  36. Oct 2022
    Voima Ventures backed thtRobotics at Pre-seed
    New regionFirst deal in North America. Before: 27 first cheques, 23 in Nordics, 2 in DACH.
  37. Sep 29, 2022
    Remarkable Ventures backed Tongo at Seed
    New regionFirst deal in MEA. Before: 21 first cheques, 19 in North America, 1 in DACH.
    Source
  38. Sep 28, 2022
    Business angels from the SICTIC network backed Taskbase at Pre-seed
    New regionFirst deal in MEA. Before: 120 first cheques, 114 in DACH, 3 in North America.
    Source
  39. Sep 20, 2022
    APX backed NeuralSpace at Seed
    New regionFirst deal in UK & Ireland. Before: 18 first cheques, 16 in DACH, 1 in APAC.
    Source
  40. Sep 7, 2022
    NewView Capital backed ClearMotion at Series B
    New sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 7 in Software & Developer Tools, 5 in Finance & Blockchain.
    New regionFirst deal in UK & Ireland. Before: 15 first cheques, 13 in North America, 2 in APAC.
    Source