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
New sectorNew regionEarlier stage
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.
- Oct 14, 2026New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 15 in Energy, Environment & Mobility, 3 in Industry & Hardware.
- Oct 9, 2026New regionFirst deal in MEA. Before: 137 first cheques, 111 in North America, 11 in UK & Ireland.
- Oct 8, 2026New regionFirst deal in Benelux & France. Before: 23 first cheques, 19 in APAC, 3 in North America.
- Oct 2026SourceNew regionFirst deal in CEE. Before: 62 first cheques, 52 in North America, 6 in UK & Ireland.
- Oct 2026SourceNew sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 8 in Energy, Environment & Mobility, 6 in Software & Developer Tools.
- Oct 2026SourceNew regionFirst deal in DACH. Before: 20 first cheques, 19 in North America, 1 in UK & Ireland.
- Oct 2026
- Oct 2026
- Oct 2026SourceNew regionFirst deal in DACH. Before: 23 first cheques, 19 in North America, 2 in UK & Ireland.
- Oct 2026SourceNew regionFirst deal in APAC. Before: 16 first cheques, 13 in LATAM, 2 in North America.
- Oct 2026
- Sep 30, 2026SourceNew sectorFirst Artificial Intelligence & Data cheque. Before: 18 first cheques, 14 in Software & Developer Tools, 2 in Finance & Blockchain.
- Sep 24, 2026New sectorFirst Commerce & Marketing cheque. Before: 22 first cheques, 13 in Finance & Blockchain, 5 in Software & Developer Tools.
- Sep 21, 2026
- Sep 17, 2026SourceNew sectorFirst Industry & Hardware cheque. Before: 20 first cheques, 11 in Software & Developer Tools, 5 in Finance & Blockchain.
- Sep 15, 2026
- Sep 15, 2026New sectorFirst Consumer, Lifestyle & Services cheque. Before: 16 first cheques, 7 in Industry & Hardware, 6 in Software & Developer Tools.
- Sep 6, 2026SourceNew regionFirst deal in Benelux & France. Before: 17 first cheques, 14 in APAC, 1 in DACH.
- Sep 6, 2026SourceNew sectorFirst Industry & Hardware cheque. Before: 20 first cheques, 10 in Software & Developer Tools, 6 in Healthcare & Life Sciences.
- Sep 2026SourceNew regionFirst deal in DACH. Before: 16 first cheques, 13 in North America, 1 in UK & Ireland.
- Sep 2026SourceNew sectorFirst Finance & Blockchain cheque. Before: 18 first cheques, 12 in Software & Developer Tools, 3 in Industry & Hardware.
- Sep 2026SourceNew sectorFirst Artificial Intelligence & Data cheque. Before: 18 first cheques, 12 in Software & Developer Tools, 3 in Industry & Hardware.
- Sep 2026SourceNew sectorFirst Industry & Hardware cheque. Before: 23 first cheques, 18 in Software & Developer Tools, 3 in Artificial Intelligence & Data.
- Sep 2026SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 38 first cheques, 33 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
- Sep 2026SourceNew regionFirst deal in DACH. Before: 16 first cheques, 14 in Nordics, 1 in North America.
- Aug 21, 2026New sectorFirst Consumer, Lifestyle & Services cheque. Before: 21 first cheques, 14 in Software & Developer Tools, 5 in Healthcare & Life Sciences.
- Aug 20, 2026New regionFirst deal in MEA. Before: 40 first cheques, 33 in North America, 3 in DACH.
- Aug 3, 2026New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 9 in Industry & Hardware, 7 in Software & Developer Tools.
- Aug 2026SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 16 first cheques, 12 in Software & Developer Tools, 2 in Industry & Hardware.
- Aug 2026New regionFirst deal in UK & Ireland. Before: 30 first cheques, 25 in Benelux & France, 3 in Southern Europe.
- Aug 2026SourceNew sectorFirst Software & Developer Tools cheque. Before: 18 first cheques, 16 in Healthcare & Life Sciences, 1 in Finance & Blockchain.
- Aug 2026SourceNew regionFirst deal in APAC. Before: 18 first cheques, 15 in North America, 2 in Benelux & France.
- Aug 2026
- Aug 2026SourceNew sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 8 in Finance & Blockchain, 5 in Software & Developer Tools.
- Jul 22, 2026New sectorFirst Industry & Hardware cheque. Before: 23 first cheques, 15 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
- Jul 15, 2026New regionFirst deal in APAC. Before: 23 first cheques, 19 in North America, 2 in DACH.
- Jul 10, 2026New regionFirst deal in Southern Europe. Before: 16 first cheques, 14 in North America, 1 in DACH.
- Jul 7, 2026
- Jul 2, 2026New sectorFirst Healthcare & Life Sciences cheque. Before: 19 first cheques, 15 in Software & Developer Tools, 1 in Finance & Blockchain.
- Jul 2026