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.
- 2025New sectorFirst Industry & Hardware cheque. Before: 34 first cheques, 30 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
- 2025New regionFirst deal in Nordics. Before: 56 first cheques, 45 in North America, 4 in Benelux & France.
- 2025New regionFirst deal in Benelux & France. Before: 79 first cheques, 64 in North America, 6 in UK & Ireland.
- 2025New regionFirst deal in Nordics. Before: 79 first cheques, 64 in North America, 6 in UK & Ireland.
- 2025New regionFirst deal in Nordics. Before: 79 first cheques, 64 in North America, 6 in UK & Ireland.
- 2025SourceNew regionFirst deal in Benelux & France. Before: 79 first cheques, 64 in North America, 6 in UK & Ireland.
- 2025New sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 7 in Software & Developer Tools, 7 in Healthcare & Life Sciences.
- 2025New regionFirst deal in Benelux & France. Before: 15 first cheques, 12 in North America, 2 in UK & Ireland.
- 2025New sectorFirst Industry & Hardware cheque. Before: 29 first cheques, 19 in Finance & Blockchain, 7 in Software & Developer Tools.
- 2025New regionFirst deal in APAC. Before: 31 first cheques, 27 in UK & Ireland, 2 in North America.
- 2025Earlier stageFirst entry as early as Pre-seed. Before: 39 entries with a sourced stage, 20 at Series C+, 9 at Series A.
- 2025New regionFirst deal in CEE. Before: 42 first cheques, 34 in North America, 4 in Benelux & France.
- 2025New regionFirst deal in CEE. Before: 42 first cheques, 34 in North America, 4 in Benelux & France.
- 2025New sectorFirst Software & Developer Tools cheque. Before: 41 first cheques, 40 in Healthcare & Life Sciences, 1 in Industry & Hardware.
- 2025New sectorFirst Industry & Hardware cheque. Before: 55 first cheques, 41 in Software & Developer Tools, 8 in Finance & Blockchain.
- 2025New sectorFirst Finance & Blockchain cheque. Before: 41 first cheques, 30 in Energy, Environment & Mobility, 5 in Industry & Hardware.
- 2025New sectorFirst Consumer, Lifestyle & Services cheque. Before: 20 first cheques, 13 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
- 2025New regionFirst deal in DACH. Before: 24 first cheques, 21 in North America, 2 in UK & Ireland.
- 2025New regionFirst deal in Nordics. Before: 217 first cheques, 204 in DACH, 5 in North America.
- 2025New sectorFirst Industry & Hardware cheque. Before: 28 first cheques, 25 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
- 2025New regionFirst deal in DACH. Before: 30 first cheques, 28 in North America, 1 in APAC.
- 2025New regionFirst deal in Benelux & France. Before: 30 first cheques, 28 in North America, 1 in APAC.
- 2025New regionFirst deal in Benelux & France. Before: 30 first cheques, 28 in North America, 1 in APAC.
- 2025
- 2025New regionFirst deal in DACH. Before: 16 first cheques, 13 in North America, 1 in UK & Ireland.
- 2025New regionFirst deal in Benelux & France. Before: 43 first cheques, 36 in North America, 3 in UK & Ireland.
- 2025New regionFirst deal in Southern Europe. Before: 43 first cheques, 36 in North America, 3 in UK & Ireland.
- 2025New regionFirst deal in Benelux & France. Before: 46 first cheques, 39 in Nordics, 6 in North America.
- 2025New regionFirst deal in Benelux & France. Before: 46 first cheques, 39 in Nordics, 6 in North America.
- 2025New regionFirst deal in DACH. Before: 46 first cheques, 39 in Nordics, 6 in North America.
- 2025New regionFirst deal in LATAM. Before: 67 first cheques, 55 in APAC, 9 in North America.
- 2025New sectorFirst Commerce & Marketing cheque. Before: 59 first cheques, 38 in Software & Developer Tools, 12 in Industry & Hardware.
- 2025SourceNew sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 11 in Finance & Blockchain, 2 in Industry & Hardware.
- 2025New sectorFirst Artificial Intelligence & Data cheque. Before: 57 first cheques, 48 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
- 2025New regionFirst deal in CEE. Before: 56 first cheques, 47 in North America, 3 in UK & Ireland.
- 2025New regionFirst deal in Nordics. Before: 25 first cheques, 22 in North America, 1 in DACH.
- 2025New regionFirst deal in Benelux & France. Before: 99 first cheques, 91 in North America, 3 in UK & Ireland.
- 2025New regionFirst deal in Benelux & France. Before: 99 first cheques, 91 in North America, 3 in UK & Ireland.
- 2025New regionFirst deal in Benelux & France. Before: 99 first cheques, 91 in North America, 3 in UK & Ireland.
- 2025SourceNew regionFirst deal in Southern Europe. Before: 99 first cheques, 91 in North America, 3 in UK & Ireland.