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.
- Jun 2021SourceNew regionFirst deal in UK & Ireland. Before: 16 first cheques, 14 in MEA, 1 in APAC.
- Jun 2021New regionFirst deal in UK & Ireland. Before: 16 first cheques, 16 in North America.
- Jun 2021New regionFirst deal in CEE. Before: 67 first cheques, 61 in UK & Ireland, 2 in North America.
- May 12, 2021
- May 11, 2021New regionFirst deal in DACH. Before: 17 first cheques, 14 in UK & Ireland, 1 in North America.
- May 5, 2021SourceNew regionFirst deal in LATAM. Before: 85 first cheques, 69 in North America, 6 in DACH.
- May 2021New regionFirst deal in UK & Ireland. Before: 32 first cheques, 26 in North America, 3 in Benelux & France.
- May 2021SourceNew regionFirst deal in Benelux & France. Before: 16 first cheques, 14 in North America, 1 in DACH.
- May 2021New regionFirst deal in North America. Before: 17 first cheques, 14 in CEE, 1 in UK & Ireland.
- May 2021SourceNew regionFirst deal in North America. Before: 22 first cheques, 21 in APAC, 1 in Benelux & France.
- May 2021New regionFirst deal in UK & Ireland. Before: 15 first cheques, 12 in North America, 2 in DACH.
- May 2021New regionFirst deal in DACH. Before: 24 first cheques, 20 in North America, 2 in Benelux & France.
- May 2021SourceNew regionFirst deal in DACH. Before: 24 first cheques, 20 in North America, 2 in Benelux & France.
- Apr 26, 2021SourceNew regionFirst deal in APAC. Before: 21 first cheques, 18 in UK & Ireland, 2 in DACH.
- Apr 21, 2021SourceNew regionFirst deal in Benelux & France. Before: 21 first cheques, 21 in LATAM.
- Apr 2021New regionFirst deal in MEA. Before: 24 first cheques, 20 in North America, 2 in CEE.
- Apr 2021
- Apr 2021SourceNew regionFirst deal in Benelux & France. Before: 30 first cheques, 27 in North America, 3 in UK & Ireland.
- Apr 2021New regionFirst deal in UK & Ireland. Before: 20 first cheques, 17 in North America, 1 in DACH.
- Apr 2021New regionFirst deal in UK & Ireland. Before: 19 first cheques, 18 in North America, 1 in DACH.
- Apr 2021
- Apr 2021New regionFirst deal in UK & Ireland. Before: 31 first cheques, 26 in North America, 2 in DACH.
- Mar 11, 2021SourceNew regionFirst deal in CEE. Before: 32 first cheques, 30 in North America, 1 in UK & Ireland.
- Mar 11, 2021
- Mar 2021SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 33 first cheques, 18 in Software & Developer Tools, 9 in Healthcare & Life Sciences.New regionFirst deal in CEE. Before: 32 first cheques, 28 in North America, 3 in UK & Ireland.
- Mar 2021
- Mar 2021
- Mar 2021
- Mar 2021New regionFirst deal in Benelux & France. Before: 20 first cheques, 18 in UK & Ireland, 2 in DACH.
- Mar 2021SourceNew regionFirst deal in Benelux & France. Before: 29 first cheques, 24 in North America, 2 in UK & Ireland.
- Mar 2021New regionFirst deal in LATAM. Before: 49 first cheques, 44 in UK & Ireland, 2 in North America.
- Mar 2021New regionFirst deal in DACH. Before: 21 first cheques, 17 in North America, 1 in UK & Ireland.
- Feb 17, 2021New regionFirst deal in MEA. Before: 21 first cheques, 18 in UK & Ireland, 3 in North America.
- Feb 2021
- Feb 2021
- Feb 2021New regionFirst deal in Southern Europe. Before: 21 first cheques, 18 in DACH, 1 in Benelux & France.
- Feb 2021
- Jan 28, 2021SourceNew regionFirst deal in MEA. Before: 47 first cheques, 38 in North America, 3 in UK & Ireland.
- 2021New regionFirst deal in DACH. Before: 16 first cheques, 13 in North America, 1 in UK & Ireland.
- 2021