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 2025
- May 2025Earlier stageFirst entry as early as Pre-seed. Before: 25 entries with a sourced stage, 10 at Series A, 9 at Series B.
- Apr 2025
- 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.
- 2025Earlier stageFirst entry as early as Pre-seed. Before: 39 entries with a sourced stage, 20 at Series C+, 9 at Series A.
- 2025Earlier stageFirst entry as early as Pre-seed. Before: 21 entries with a sourced stage, 10 at Series B, 6 at Series A.
- 2025Earlier stageFirst entry as early as Pre-seed. Before: 15 entries with a sourced stage, 8 at Series C+, 4 at Series A.