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 2024New sectorFirst Industry & Hardware cheque. Before: 36 first cheques, 25 in Software & Developer Tools, 7 in Finance & Blockchain.
- Oct 2024New regionFirst deal in Nordics. Before: 43 first cheques, 37 in DACH, 2 in North America.
- Oct 2024SourceNew sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 9 in Software & Developer Tools, 3 in Healthcare & Life Sciences.
- Oct 2024
- Oct 2024New sectorFirst Energy, Environment & Mobility cheque. Before: 33 first cheques, 21 in Finance & Blockchain, 9 in Software & Developer Tools.
- Oct 2024New regionFirst deal in UK & Ireland. Before: 30 first cheques, 30 in North America.
- Oct 2024New sectorFirst Consumer, Lifestyle & Services cheque. Before: 29 first cheques, 14 in Industry & Hardware, 12 in Software & Developer Tools.
- Sep 30, 2024
- Sep 30, 2024SourceNew regionFirst deal in UK & Ireland. Before: 29 first cheques, 28 in DACH, 1 in Benelux & France.
- Sep 25, 2024SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 44 first cheques, 31 in Software & Developer Tools, 5 in Consumer, Lifestyle & Services.
- Sep 2024New regionFirst deal in DACH. Before: 42 first cheques, 36 in North America, 3 in APAC.
- Sep 2024New sectorFirst Artificial Intelligence & Data cheque. Before: 17 first cheques, 8 in Energy, Environment & Mobility, 7 in Software & Developer Tools.
- Sep 2024New sectorFirst Energy, Environment & Mobility cheque. Before: 15 first cheques, 9 in Software & Developer Tools, 3 in Industry & Hardware.
- Sep 2024New sectorFirst Healthcare & Life Sciences cheque. Before: 19 first cheques, 15 in Software & Developer Tools, 3 in Commerce & Marketing.New regionFirst deal in North America. Before: 19 first cheques, 17 in Benelux & France, 1 in DACH.
- Sep 2024
- Sep 2024New sectorFirst Healthcare & Life Sciences cheque. Before: 21 first cheques, 14 in Software & Developer Tools, 7 in Industry & Hardware.
- Sep 2024New sectorFirst Commerce & Marketing cheque. Before: 63 first cheques, 57 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
- Sep 2024New sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 16 in Software & Developer Tools, 3 in Finance & Blockchain.New regionFirst deal in UK & Ireland. Before: 21 first cheques, 20 in North America, 1 in APAC.
- Aug 22, 2024SourceEarlier stageFirst entry as early as Pre-seed. Before: 28 entries with a sourced stage, 10 at Series C+, 9 at Series A.
- Aug 20, 2024
- Aug 9, 2024New regionFirst deal in North America. Before: 15 first cheques, 13 in Benelux & France, 1 in APAC.
- Aug 9, 2024SourceNew sectorFirst Healthcare & Life Sciences cheque. Before: 23 first cheques, 13 in Software & Developer Tools, 6 in Consumer, Lifestyle & Services.
- Aug 2024New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 8 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
- Aug 2024
- Aug 2024
- Aug 2024New sectorFirst Software & Developer Tools cheque. Before: 16 first cheques, 11 in Finance & Blockchain, 3 in Consumer, Lifestyle & Services.
- Aug 2024SourceNew sectorFirst Consumer, Lifestyle & Services cheque. Before: 17 first cheques, 12 in Software & Developer Tools, 3 in Industry & Hardware.
- Aug 2024SourceNew sectorFirst Finance & Blockchain cheque. Before: 21 first cheques, 13 in Software & Developer Tools, 4 in Commerce & Marketing.
- Jul 29, 2024SourceNew regionFirst deal in LATAM. Before: 23 first cheques, 19 in Southern Europe, 2 in CEE.
- Jul 3, 2024SourceNew sectorFirst Consumer, Lifestyle & Services cheque. Before: 16 first cheques, 8 in Energy, Environment & Mobility, 7 in Software & Developer Tools.
- Jul 2024New sectorFirst Finance & Blockchain cheque. Before: 17 first cheques, 8 in Software & Developer Tools, 8 in Consumer, Lifestyle & Services.
- Jul 2024New regionFirst deal in Nordics. Before: 75 first cheques, 62 in UK & Ireland, 7 in North America.
- Jun 24, 2024SourceNew regionFirst deal in DACH. Before: 25 first cheques, 22 in APAC, 3 in North America.
- Jun 19, 2024SourceNew regionFirst deal in DACH. Before: 16 first cheques, 13 in North America, 1 in UK & Ireland.
- Jun 19, 2024SourceNew sectorFirst Healthcare & Life Sciences cheque. Before: 31 first cheques, 22 in Software & Developer Tools, 3 in Finance & Blockchain.
- Jun 12, 2024SourceNew regionFirst deal in MEA. Before: 58 first cheques, 48 in North America, 3 in UK & Ireland.
- Jun 12, 2024SourceNew regionFirst deal in MEA. Before: 18 first cheques, 15 in North America, 1 in UK & Ireland.
- Jun 5, 2024New sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 8 in Software & Developer Tools, 4 in Industry & Hardware.
- Jun 5, 2024New sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 8 in Software & Developer Tools, 4 in Industry & Hardware.
- Jun 2024New sectorFirst Finance & Blockchain cheque. Before: 22 first cheques, 21 in Healthcare & Life Sciences, 1 in Software & Developer Tools.