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.
- Dec 15, 2021SourceNew sectorFirst Commerce & Marketing cheque. Before: 23 first cheques, 15 in Healthcare & Life Sciences, 4 in Software & Developer Tools.Earlier stageFirst entry as early as Pre-seed. Before: 19 entries with a sourced stage, 8 at Series A, 6 at Series B.
- Dec 2, 2021SourceNew sectorFirst Commerce & Marketing cheque. Before: 15 first cheques, 7 in Software & Developer Tools, 5 in Finance & Blockchain.
- Dec 2021New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Industry & Hardware.
- Dec 2021SourceNew sectorFirst Consumer, Lifestyle & Services cheque. Before: 41 first cheques, 29 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
- Dec 2021
- Dec 2021New sectorFirst Consumer, Lifestyle & Services cheque. Before: 20 first cheques, 14 in Finance & Blockchain, 3 in Software & Developer Tools.
- Nov 23, 2021New sectorFirst Healthcare & Life Sciences cheque. Before: 18 first cheques, 14 in Software & Developer Tools, 1 in Finance & Blockchain.
- Nov 19, 2021SourceNew sectorFirst Consumer, Lifestyle & Services cheque. Before: 33 first cheques, 22 in Finance & Blockchain, 6 in Software & Developer Tools.
- Nov 16, 2021SourceNew sectorFirst Finance & Blockchain cheque. Before: 18 first cheques, 10 in Software & Developer Tools, 6 in Consumer, Lifestyle & Services.
- Nov 5, 2021New sectorFirst Industry & Hardware cheque. Before: 25 first cheques, 15 in Finance & Blockchain, 8 in Software & Developer Tools.
- Nov 2021New sectorFirst Industry & Hardware cheque. Before: 34 first cheques, 23 in Finance & Blockchain, 8 in Software & Developer Tools.
- Nov 2021New sectorFirst Artificial Intelligence & Data cheque. Before: 34 first cheques, 23 in Finance & Blockchain, 8 in Software & Developer Tools.
- Nov 2021New sectorFirst Finance & Blockchain cheque. Before: 19 first cheques, 13 in Consumer, Lifestyle & Services, 3 in Software & Developer Tools.
- Nov 2021SourceNew sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 17 in Software & Developer Tools, 1 in Healthcare & Life Sciences.
- Nov 2021New sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 11 in Finance & Blockchain, 2 in Software & Developer Tools.
- Nov 2021SourceNew sectorFirst Commerce & Marketing cheque. Before: 36 first cheques, 28 in Consumer, Lifestyle & Services, 7 in Software & Developer Tools.
- Nov 2021New sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 11 in Finance & Blockchain, 1 in Software & Developer Tools.
- Oct 19, 2021SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 22 first cheques, 12 in Software & Developer Tools, 6 in Finance & Blockchain.
- Oct 15, 2021New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 14 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
- Oct 2021New sectorFirst Artificial Intelligence & Data cheque. Before: 38 first cheques, 19 in Software & Developer Tools, 12 in Healthcare & Life Sciences.New regionFirst deal in Benelux & France. Before: 37 first cheques, 32 in North America, 3 in UK & Ireland.
- Oct 2021New sectorFirst Commerce & Marketing cheque. Before: 51 first cheques, 34 in Software & Developer Tools, 7 in Healthcare & Life Sciences.
- Oct 2021
- Oct 2021New sectorFirst Artificial Intelligence & Data cheque. Before: 17 first cheques, 12 in Software & Developer Tools, 3 in Industry & Hardware.
- Oct 2021SourceNew sectorFirst Finance & Blockchain cheque. Before: 20 first cheques, 12 in Software & Developer Tools, 4 in Industry & Hardware.
- Sep 28, 2021New sectorFirst Software & Developer Tools cheque. Before: 26 first cheques, 24 in Healthcare & Life Sciences, 1 in Consumer, Lifestyle & Services.
- Sep 2, 2021SourceNew sectorFirst Finance & Blockchain cheque. Before: 20 first cheques, 13 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
- Sep 2021New sectorFirst Artificial Intelligence & Data cheque. Before: 32 first cheques, 21 in Software & Developer Tools, 5 in Finance & Blockchain.
- Sep 2021
- Sep 2021New sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 8 in Finance & Blockchain, 6 in Software & Developer Tools.
- Sep 2021SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 15 first cheques, 8 in Software & Developer Tools, 6 in Consumer, Lifestyle & Services.
- Sep 2021New sectorFirst Finance & Blockchain cheque. Before: 19 first cheques, 11 in Software & Developer Tools, 5 in Consumer, Lifestyle & Services.
- Sep 2021New sectorFirst Industry & Hardware cheque. Before: 42 first cheques, 38 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
- Aug 17, 2021SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 22 first cheques, 12 in Software & Developer Tools, 6 in Finance & Blockchain.
- Aug 2021New sectorFirst Commerce & Marketing cheque. Before: 25 first cheques, 13 in Software & Developer Tools, 7 in Finance & Blockchain.
- Aug 2021SourceNew sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Industry & Hardware.
- Jul 8, 2021New sectorFirst Industry & Hardware cheque. Before: 23 first cheques, 14 in Software & Developer Tools, 8 in Energy, Environment & Mobility.
- Jul 2021SourceNew sectorFirst Industry & Hardware cheque. Before: 19 first cheques, 18 in Healthcare & Life Sciences, 1 in Artificial Intelligence & Data.
- Jul 2021New sectorFirst Energy, Environment & Mobility cheque. Before: 15 first cheques, 7 in Industry & Hardware, 6 in Healthcare & Life Sciences.
- Jul 2021SourceNew sectorFirst Consumer, Lifestyle & Services cheque. Before: 21 first cheques, 13 in Software & Developer Tools, 8 in Energy, Environment & Mobility.
- Jul 2021SourceNew sectorFirst Industry & Hardware cheque. Before: 38 first cheques, 30 in Software & Developer Tools, 2 in Finance & Blockchain.