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.
- Aug 7, 2025SourceNew regionFirst deal in CEE. Before: 21 first cheques, 17 in North America, 1 in UK & Ireland.
- Aug 2025New regionFirst deal in Nordics. Before: 15 first cheques, 15 in North America.
- Aug 2025New regionFirst deal in LATAM. Before: 52 first cheques, 48 in DACH, 3 in North America.
- Aug 2025New regionFirst deal in APAC. Before: 39 first cheques, 32 in UK & Ireland, 6 in North America.
- Aug 2025SourceNew regionFirst deal in APAC. Before: 39 first cheques, 32 in UK & Ireland, 6 in North America.
- Aug 2025New regionFirst deal in APAC. Before: 39 first cheques, 37 in North America, 1 in UK & Ireland.
- Aug 2025New regionFirst deal in UK & Ireland. Before: 17 first cheques, 14 in North America, 1 in Benelux & France.
- Jul 23, 2025New regionFirst deal in APAC. Before: 35 first cheques, 29 in North America, 3 in Benelux & France.
- Jul 16, 2025SourceNew regionFirst deal in Benelux & France. Before: 26 first cheques, 23 in DACH, 1 in North America.
- Jul 8, 2025New regionFirst deal in Benelux & France. Before: 22 first cheques, 20 in North America, 1 in DACH.
- Jul 2025New regionFirst deal in UK & Ireland. Before: 35 first cheques, 33 in North America, 1 in DACH.
- Jul 2025New regionFirst deal in North America. Before: 36 first cheques, 32 in Southern Europe, 2 in DACH.
- Jul 2025New regionFirst deal in DACH. Before: 47 first cheques, 39 in North America, 6 in UK & Ireland.
- Jul 2025New regionFirst deal in North America. Before: 19 first cheques, 18 in Nordics, 1 in Benelux & France.
- Jul 2025SourceNew regionFirst deal in Benelux & France. Before: 39 first cheques, 32 in Nordics, 4 in North America.
- Jul 2025New regionFirst deal in Nordics. Before: 22 first cheques, 18 in North America, 1 in DACH.
- Jul 2025New regionFirst deal in CEE. Before: 84 first cheques, 71 in North America, 4 in APAC.
- Jul 2025New regionFirst deal in UK & Ireland. Before: 21 first cheques, 19 in North America, 1 in DACH.
- Jun 25, 2025SourceNew regionFirst deal in APAC. Before: 16 first cheques, 15 in Southern Europe, 1 in North America.
- Jun 18, 2025SourceNew regionFirst deal in Nordics. Before: 46 first cheques, 39 in Benelux & France, 2 in North America.
- Jun 12, 2025SourceNew regionFirst deal in North America. Before: 16 first cheques, 16 in DACH.
- Jun 2025New regionFirst deal in LATAM. Before: 114 first cheques, 94 in Nordics, 9 in North America.
- Jun 2025New regionFirst deal in UK & Ireland. Before: 22 first cheques, 19 in APAC, 3 in North America.
- May 28, 2025New regionFirst deal in Benelux & France. Before: 28 first cheques, 24 in North America, 2 in UK & Ireland.
- May 27, 2025SourceNew regionFirst deal in Benelux & France. Before: 25 first cheques, 22 in APAC, 2 in North America.
- May 2, 2025New regionFirst deal in UK & Ireland. Before: 34 first cheques, 29 in North America, 3 in Benelux & France.
- May 2025New regionFirst deal in DACH. Before: 28 first cheques, 24 in North America, 2 in UK & Ireland.
- May 2025New regionFirst deal in APAC. Before: 28 first cheques, 25 in North America, 2 in UK & Ireland.
- Apr 30, 2025SourceNew regionFirst deal in Southern Europe. Before: 29 first cheques, 25 in North America, 2 in APAC.
- Apr 2025New regionFirst deal in Southern Europe. Before: 27 first cheques, 25 in Benelux & France, 1 in North America.
- Apr 2025New regionFirst deal in Southern Europe. Before: 60 first cheques, 48 in North America, 4 in Benelux & France.
- Apr 2025New regionFirst deal in DACH. Before: 46 first cheques, 45 in Benelux & France, 1 in North America.
- Apr 2025SourceNew regionFirst deal in Benelux & France. Before: 40 first cheques, 34 in APAC, 5 in North America.
- Mar 27, 2025New regionFirst deal in DACH. Before: 18 first cheques, 15 in North America, 1 in UK & Ireland.
- Mar 18, 2025New regionFirst deal in Southern Europe. Before: 16 first cheques, 14 in North America, 2 in Benelux & France.
- Mar 18, 2025New regionFirst deal in Southern Europe. Before: 40 first cheques, 33 in North America, 3 in APAC.
- Mar 10, 2025New regionFirst deal in UK & Ireland. Before: 22 first cheques, 20 in North America, 1 in DACH.
- Mar 2025New regionFirst deal in CEE. Before: 20 first cheques, 17 in DACH, 2 in North America.
- Mar 2025SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 14 in Software & Developer Tools, 3 in Industry & Hardware.New regionFirst deal in Benelux & France. Before: 20 first cheques, 16 in DACH, 2 in North America.
- Mar 2025New regionFirst deal in CEE. Before: 52 first cheques, 42 in North America, 4 in MEA.Earlier stageFirst entry as early as Pre-seed. Before: 43 entries with a sourced stage, 17 at Series B, 14 at Series A.