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.
- Oct 2020SourceNew sectorFirst Healthcare & Life Sciences cheque. Before: 51 first cheques, 40 in Software & Developer Tools, 6 in Finance & Blockchain.
- Oct 2020SourceNew sectorFirst Artificial Intelligence & Data cheque. Before: 16 first cheques, 13 in Consumer, Lifestyle & Services, 1 in Healthcare & Life Sciences.
- Oct 2020New sectorFirst Commerce & Marketing cheque. Before: 33 first cheques, 27 in Software & Developer Tools, 3 in Industry & Hardware.
- Sep 29, 2020SourceNew sectorFirst Industry & Hardware cheque. Before: 18 first cheques, 14 in Software & Developer Tools, 2 in Finance & Blockchain.
- Sep 10, 2020New regionFirst deal in UK & Ireland. Before: 20 first cheques, 18 in North America, 1 in MEA.
- Sep 2, 2020SourceNew regionFirst deal in UK & Ireland. Before: 22 first cheques, 20 in North America, 1 in Benelux & France.
- Sep 2020New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 14 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
- Sep 2020SourceNew regionFirst deal in Benelux & France. Before: 28 first cheques, 23 in North America, 4 in UK & Ireland.
- Sep 2020New regionFirst deal in Benelux & France. Before: 39 first cheques, 37 in DACH, 1 in North America.
- Sep 2020New regionFirst deal in Benelux & France. Before: 26 first cheques, 22 in North America, 2 in LATAM.
- Sep 2020New sectorFirst Healthcare & Life Sciences cheque. Before: 25 first cheques, 18 in Software & Developer Tools, 2 in Finance & Blockchain.
- Sep 2020New regionFirst deal in LATAM. Before: 15 first cheques, 14 in North America, 1 in DACH.
- Sep 2020New sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 13 in Consumer, Lifestyle & Services, 1 in Finance & Blockchain.
- Sep 2020New regionFirst deal in Benelux & France. Before: 15 first cheques, 13 in North America, 1 in UK & Ireland.
- Sep 2020New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
- Aug 31, 2020New sectorFirst Industry & Hardware cheque. Before: 42 first cheques, 40 in Healthcare & Life Sciences, 1 in Consumer, Lifestyle & Services.
- Aug 19, 2020New sectorFirst Industry & Hardware cheque. Before: 25 first cheques, 17 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
- Aug 3, 2020SourceNew regionFirst deal in MEA. Before: 23 first cheques, 22 in North America, 1 in DACH.
- Aug 2020SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 29 first cheques, 18 in Software & Developer Tools, 9 in Industry & Hardware.
- Aug 2020SourceNew sectorFirst Finance & Blockchain cheque. Before: 16 first cheques, 12 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
- Aug 2020New sectorFirst Industry & Hardware cheque. Before: 29 first cheques, 21 in Software & Developer Tools, 4 in Commerce & Marketing.
- Jul 30, 2020SourceNew sectorFirst Commerce & Marketing cheque. Before: 17 first cheques, 12 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
- Jul 2020SourceNew sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 12 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
- Jul 2020New sectorFirst Finance & Blockchain cheque. Before: 21 first cheques, 14 in Software & Developer Tools, 4 in Commerce & Marketing.
- Jul 2020
- Jul 2020
- Jul 2020SourceNew sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
- Jul 2020Earlier stageFirst entry as early as Pre-seed. Before: 16 entries with a sourced stage, 6 at Series C+, 5 at Series A.
- Jul 2020SourceNew sectorFirst Industry & Hardware cheque. Before: 38 first cheques, 31 in Software & Developer Tools, 3 in Commerce & Marketing.
- Jun 29, 2020New sectorFirst Finance & Blockchain cheque. Before: 31 first cheques, 27 in Software & Developer Tools, 3 in Industry & Hardware.
- Jun 2020SourceNew regionFirst deal in UK & Ireland. Before: 20 first cheques, 16 in North America, 2 in DACH.
- Jun 2020New regionFirst deal in North America. Before: 25 first cheques, 21 in DACH, 2 in Benelux & France.
- Jun 2020SourceNew regionFirst deal in Southern Europe. Before: 32 first cheques, 29 in DACH, 1 in North America.
- Jun 2020New regionFirst deal in Nordics. Before: 19 first cheques, 17 in North America, 2 in APAC.
- Jun 2020New regionFirst deal in UK & Ireland. Before: 21 first cheques, 20 in Southern Europe, 1 in North America.
- Jun 2020New regionFirst deal in North America. Before: 59 first cheques, 59 in DACH.
- May 26, 2020New regionFirst deal in APAC. Before: 18 first cheques, 15 in North America, 1 in UK & Ireland.
- May 2020SourceNew sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 6 in Software & Developer Tools, 6 in Finance & Blockchain.
- May 2020SourceNew sectorFirst Healthcare & Life Sciences cheque. Before: 30 first cheques, 27 in Software & Developer Tools, 3 in Industry & Hardware.
- Apr 21, 2020New sectorFirst Consumer, Lifestyle & Services cheque. Before: 19 first cheques, 13 in Software & Developer Tools, 3 in Finance & Blockchain.New regionFirst deal in Southern Europe. Before: 16 first cheques, 14 in North America, 1 in APAC.