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 13, 2025New regionFirst deal in MEA. Before: 40 first cheques, 35 in LATAM, 2 in North America.
- Oct 9, 2025New regionFirst deal in UK & Ireland. Before: 27 first cheques, 22 in North America, 3 in DACH.
- Oct 8, 2025New sectorFirst Energy, Environment & Mobility cheque. Before: 39 first cheques, 17 in Software & Developer Tools, 17 in Consumer, Lifestyle & Services.
- Oct 2025
- Oct 2025New regionFirst deal in Nordics. Before: 37 first cheques, 31 in North America, 3 in UK & Ireland.
- Oct 2025New regionFirst deal in DACH. Before: 15 first cheques, 12 in North America, 2 in APAC.
- Oct 2025New regionFirst deal in MEA. Before: 29 first cheques, 24 in North America, 2 in UK & Ireland.
- Oct 2025New regionFirst deal in Southern Europe. Before: 26 first cheques, 22 in North America, 2 in UK & Ireland.
- Oct 2025SourceNew sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 8 in Consumer, Lifestyle & Services, 6 in Healthcare & Life Sciences.
- Oct 2025New sectorFirst Industry & Hardware cheque. Before: 21 first cheques, 17 in Healthcare & Life Sciences, 2 in Software & Developer Tools.New regionFirst deal in DACH. Before: 20 first cheques, 17 in North America, 1 in UK & Ireland.
- Oct 2025SourceNew regionFirst deal in DACH. Before: 18 first cheques, 15 in North America, 1 in UK & Ireland.
- Oct 2025New sectorFirst Industry & Hardware cheque. Before: 21 first cheques, 9 in Software & Developer Tools, 8 in Energy, Environment & Mobility.
- Oct 2025New sectorFirst Industry & Hardware cheque. Before: 45 first cheques, 36 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
- Oct 2025New sectorFirst Finance & Blockchain cheque. Before: 46 first cheques, 37 in Healthcare & Life Sciences, 7 in Software & Developer Tools.
- Oct 2025New regionFirst deal in Nordics. Before: 40 first cheques, 37 in North America, 1 in UK & Ireland.
- Oct 2025New sectorFirst Finance & Blockchain cheque. Before: 19 first cheques, 15 in Healthcare & Life Sciences, 2 in Industry & Hardware.
- Oct 2025
- Oct 2025SourceNew regionFirst deal in DACH. Before: 83 first cheques, 72 in UK & Ireland, 8 in North America.
- Oct 2025New regionFirst deal in DACH. Before: 51 first cheques, 43 in North America, 3 in UK & Ireland.
- Oct 2025New sectorFirst Consumer, Lifestyle & Services cheque. Before: 36 first cheques, 29 in Software & Developer Tools, 3 in Commerce & Marketing.
- Oct 2025SourceNew regionFirst deal in APAC. Before: 35 first cheques, 29 in North America, 2 in DACH.
- Oct 2025New sectorFirst Industry & Hardware cheque. Before: 29 first cheques, 22 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
- Sep 30, 2025New sectorFirst Finance & Blockchain cheque. Before: 69 first cheques, 57 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
- Sep 30, 2025SourceNew sectorFirst Industry & Hardware cheque. Before: 33 first cheques, 22 in Finance & Blockchain, 10 in Software & Developer Tools.
- Sep 30, 2025New sectorFirst Finance & Blockchain cheque. Before: 23 first cheques, 18 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
- Sep 30, 2025
- Sep 26, 2025New sectorFirst Industry & Hardware cheque. Before: 22 first cheques, 12 in Software & Developer Tools, 6 in Healthcare & Life Sciences.
- Sep 26, 2025
- Sep 18, 2025New sectorFirst Healthcare & Life Sciences cheque. Before: 18 first cheques, 16 in Software & Developer Tools, 1 in Finance & Blockchain.
- Sep 18, 2025
- Sep 17, 2025SourceNew sectorFirst Commerce & Marketing cheque. Before: 55 first cheques, 47 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
- Sep 10, 2025SourceNew sectorFirst Artificial Intelligence & Data cheque. Before: 22 first cheques, 17 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
- Sep 9, 2025SourceNew regionFirst deal in MEA. Before: 98 first cheques, 86 in Nordics, 6 in DACH.
- Sep 9, 2025SourceNew regionFirst deal in MEA. Before: 89 first cheques, 75 in Nordics, 7 in North America.
- Sep 8, 2025New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 3 in Commerce & Marketing.
- Sep 2025New sectorFirst Energy, Environment & Mobility cheque. Before: 45 first cheques, 32 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
- Sep 2025New regionFirst deal in Southern Europe. Before: 15 first cheques, 12 in UK & Ireland, 1 in North America.
- Sep 2025New sectorFirst Consumer, Lifestyle & Services cheque. Before: 51 first cheques, 34 in Healthcare & Life Sciences, 7 in Industry & Hardware.
- Sep 2025SourceNew sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 13 in Energy, Environment & Mobility, 1 in Software & Developer Tools.
- Sep 2025New regionFirst deal in Benelux & France. Before: 17 first cheques, 17 in DACH.