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.
- Jul 2021SourceNew sectorFirst Consumer, Lifestyle & Services cheque. Before: 19 first cheques, 13 in Finance & Blockchain, 3 in Healthcare & Life Sciences.
- Jul 2021New sectorFirst Industry & Hardware cheque. Before: 26 first cheques, 18 in Finance & Blockchain, 4 in Software & Developer Tools.
- Jul 2021New sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 12 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
- Jul 2021SourceNew sectorFirst Consumer, Lifestyle & Services cheque. Before: 27 first cheques, 22 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
- Jul 2021New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 12 in Software & Developer Tools, 1 in Consumer, Lifestyle & Services.
- Jul 2021SourceNew sectorFirst Artificial Intelligence & Data cheque. Before: 18 first cheques, 12 in Software & Developer Tools, 3 in Industry & Hardware.
- Jun 2021New sectorFirst Artificial Intelligence & Data cheque. Before: 19 first cheques, 15 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
- Jun 2021SourceNew sectorFirst Healthcare & Life Sciences cheque. Before: 17 first cheques, 12 in Consumer, Lifestyle & Services, 3 in Software & Developer Tools.New regionFirst deal in MEA. Before: 17 first cheques, 14 in North America, 1 in DACH.
- Jun 2021SourceNew sectorFirst Healthcare & Life Sciences cheque. Before: 17 first cheques, 12 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
- Jun 2021SourceNew sectorFirst Commerce & Marketing cheque. Before: 20 first cheques, 12 in Software & Developer Tools, 4 in Finance & Blockchain.
- May 14, 2021
- May 2021SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 18 first cheques, 17 in Healthcare & Life Sciences, 1 in Consumer, Lifestyle & Services.
- May 2021New sectorFirst Finance & Blockchain cheque. Before: 25 first cheques, 17 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
- May 2021New sectorFirst Commerce & Marketing cheque. Before: 18 first cheques, 16 in Software & Developer Tools, 1 in Healthcare & Life Sciences.
- May 2021New sectorFirst Industry & Hardware cheque. Before: 30 first cheques, 20 in Software & Developer Tools, 5 in Consumer, Lifestyle & Services.
- Apr 14, 2021New sectorFirst Industry & Hardware cheque. Before: 32 first cheques, 26 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
- Apr 7, 2021SourceNew sectorFirst Artificial Intelligence & Data cheque. Before: 50 first cheques, 42 in Healthcare & Life Sciences, 3 in Industry & Hardware.
- Apr 2021SourceNew sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 12 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
- Apr 2021New sectorFirst Healthcare & Life Sciences cheque. Before: 17 first cheques, 10 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
- Apr 2021New sectorFirst Energy, Environment & Mobility cheque. Before: 27 first cheques, 18 in Software & Developer Tools, 5 in Consumer, Lifestyle & Services.
- Apr 2021SourceNew sectorFirst Commerce & Marketing cheque. Before: 17 first cheques, 10 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
- Apr 2021SourceNew sectorFirst Healthcare & Life Sciences cheque. Before: 17 first cheques, 10 in Finance & Blockchain, 4 in Software & Developer Tools.
- Apr 2021SourceNew sectorFirst Healthcare & Life Sciences cheque. Before: 32 first cheques, 23 in Software & Developer Tools, 6 in Consumer, Lifestyle & Services.
- Apr 2021New sectorFirst Industry & Hardware cheque. Before: 32 first cheques, 23 in Software & Developer Tools, 6 in Consumer, Lifestyle & Services.
- Mar 3, 2021New sectorFirst Healthcare & Life Sciences cheque. Before: 18 first cheques, 12 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
- 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 2021SourceNew sectorFirst Finance & Blockchain cheque. Before: 17 first cheques, 14 in Software & Developer Tools, 2 in Artificial Intelligence & Data.
- Mar 2021New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 12 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
- Mar 2021SourceNew sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 2 in Industry & Hardware.
- Mar 2021New sectorFirst Energy, Environment & Mobility cheque. Before: 25 first cheques, 19 in Software & Developer Tools, 2 in Industry & Hardware.
- Mar 2021SourceNew sectorFirst Healthcare & Life Sciences cheque. Before: 18 first cheques, 11 in Finance & Blockchain, 6 in Software & Developer Tools.
- Mar 2021New sectorFirst Healthcare & Life Sciences cheque. Before: 22 first cheques, 18 in Software & Developer Tools, 1 in Finance & Blockchain.
- Mar 2021SourceNew sectorFirst Commerce & Marketing cheque. Before: 63 first cheques, 50 in Software & Developer Tools, 7 in Finance & Blockchain.
- Mar 2021New sectorFirst Commerce & Marketing cheque. Before: 22 first cheques, 19 in Software & Developer Tools, 1 in Healthcare & Life Sciences.
- Mar 2021SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 39 first cheques, 31 in Software & Developer Tools, 3 in Industry & Hardware.
- Mar 2021
- Feb 25, 2021New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 15 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
- Feb 24, 2021SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 20 first cheques, 19 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
- Feb 8, 2021New sectorFirst Energy, Environment & Mobility cheque. Before: 16 first cheques, 11 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
- Feb 2021