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.
- 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 regionFirst deal in APAC. Before: 39 first cheques, 35 in North America, 2 in UK & Ireland.
- Nov 2021
- Nov 2021New regionFirst deal in UK & Ireland. Before: 31 first cheques, 26 in CEE, 2 in DACH.
- 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.
- Nov 2021SourceNew regionFirst deal in UK & Ireland. Before: 15 first cheques, 14 in LATAM, 1 in North America.
- Nov 2021SourceNew regionFirst deal in LATAM. Before: 45 first cheques, 37 in North America, 2 in UK & Ireland.
- Nov 2021New regionFirst deal in UK & Ireland. Before: 55 first cheques, 48 in Benelux & France, 3 in North America.
- Nov 2021New regionFirst deal in CEE. Before: 32 first cheques, 28 in Nordics, 1 in North America.
- Oct 26, 2021SourceNew regionFirst deal in North America. Before: 23 first cheques, 22 in LATAM, 1 in Benelux & France.
- Oct 22, 2021New regionFirst deal in Benelux & France. Before: 18 first cheques, 15 in North America, 1 in UK & Ireland.
- 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 11, 2021
- Oct 11, 2021SourceNew regionFirst deal in Southern Europe. Before: 43 first cheques, 39 in North America, 2 in UK & Ireland.
- Oct 5, 2021SourceNew regionFirst deal in APAC. Before: 39 first cheques, 35 in North America, 2 in UK & Ireland.
- Oct 5, 2021SourceNew regionFirst deal in North America. Before: 24 first cheques, 24 in Benelux & France.
- 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 2021New regionFirst deal in MEA. Before: 37 first cheques, 31 in DACH, 3 in Benelux & France.
- Oct 2021SourceNew regionFirst deal in UK & Ireland. Before: 21 first cheques, 17 in APAC, 2 in Benelux & France.
- Oct 2021
- Oct 2021New regionFirst deal in APAC. Before: 20 first cheques, 18 in North America, 2 in MEA.
- Oct 2021
- Oct 2021SourceNew regionFirst deal in DACH. Before: 17 first cheques, 15 in North America, 1 in Benelux & France.
- Oct 2021SourceNew regionFirst deal in MEA. Before: 17 first cheques, 15 in North America, 2 in DACH.
- Oct 2021New sectorFirst Artificial Intelligence & Data cheque. Before: 17 first cheques, 12 in Software & Developer Tools, 3 in Industry & Hardware.
- Oct 2021SourceNew regionFirst deal in DACH. Before: 16 first cheques, 14 in North America, 1 in UK & Ireland.
- 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 28, 2021SourceNew regionFirst deal in UK & Ireland. Before: 52 first cheques, 46 in North America, 2 in DACH.
- Sep 21, 2021New regionFirst deal in DACH. Before: 15 first cheques, 13 in North America, 1 in UK & Ireland.
- Sep 21, 2021SourceNew regionFirst deal in UK & Ireland. Before: 28 first cheques, 24 in North America, 1 in DACH.
- Sep 17, 2021New regionFirst deal in APAC. Before: 15 first cheques, 13 in UK & Ireland, 2 in North America.
- Sep 2, 2021SourceNew sectorFirst Finance & Blockchain cheque. Before: 20 first cheques, 13 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
- Sep 2021New regionFirst deal in UK & Ireland. Before: 50 first cheques, 41 in Benelux & France, 4 in DACH.