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.
- Sep 2021New sectorFirst Artificial Intelligence & Data cheque. Before: 32 first cheques, 21 in Software & Developer Tools, 5 in Finance & Blockchain.
- Sep 2021
- Sep 2021New sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 8 in Finance & Blockchain, 6 in Software & Developer Tools.
- Sep 2021
- Sep 2021SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 15 first cheques, 8 in Software & Developer Tools, 6 in Consumer, Lifestyle & Services.
- Sep 2021New sectorFirst Finance & Blockchain cheque. Before: 19 first cheques, 11 in Software & Developer Tools, 5 in Consumer, Lifestyle & Services.
- Sep 2021SourceNew regionFirst deal in DACH. Before: 28 first cheques, 25 in CEE, 1 in North America.
- Sep 2021SourceNew regionFirst deal in North America. Before: 18 first cheques, 15 in MEA, 1 in UK & Ireland.
- Sep 2021SourceNew regionFirst deal in UK & Ireland. Before: 33 first cheques, 30 in North America, 2 in MEA.
- Sep 2021New regionFirst deal in LATAM. Before: 21 first cheques, 17 in North America, 2 in DACH.
- Sep 2021New sectorFirst Industry & Hardware cheque. Before: 42 first cheques, 38 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
- Sep 2021New regionFirst deal in LATAM. Before: 40 first cheques, 32 in North America, 4 in Benelux & France.
- Sep 2021New regionFirst deal in DACH. Before: 15 first cheques, 13 in North America, 2 in Benelux & France.
- Sep 2021SourceNew regionFirst deal in UK & Ireland. Before: 38 first cheques, 33 in North America, 4 in Benelux & France.
- Sep 2021SourceNew regionFirst deal in DACH. Before: 15 first cheques, 14 in Nordics, 1 in Benelux & France.
- Aug 19, 2021SourceNew regionFirst deal in North America. Before: 57 first cheques, 51 in Nordics, 3 in DACH.
- Aug 19, 2021SourceNew regionFirst deal in UK & Ireland. Before: 32 first cheques, 29 in North America, 1 in DACH.
- Aug 17, 2021SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 22 first cheques, 12 in Software & Developer Tools, 6 in Finance & Blockchain.
- Aug 2021New sectorFirst Commerce & Marketing cheque. Before: 25 first cheques, 13 in Software & Developer Tools, 7 in Finance & Blockchain.
- Aug 2021SourceNew regionFirst deal in DACH. Before: 42 first cheques, 41 in Benelux & France, 1 in UK & Ireland.
- Aug 2021New regionFirst deal in APAC. Before: 57 first cheques, 48 in North America, 3 in DACH.
- Aug 2021New regionFirst deal in UK & Ireland. Before: 25 first cheques, 24 in APAC, 1 in Nordics.
- Aug 2021SourceNew sectorFirst Healthcare & Life Sciences cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Industry & Hardware.
- Aug 2021
- Jul 30, 2021SourceNew regionFirst deal in CEE. Before: 27 first cheques, 22 in North America, 1 in UK & Ireland.
- Jul 20, 2021
- Jul 20, 2021New regionFirst deal in MEA. Before: 19 first cheques, 18 in North America, 1 in APAC.
- Jul 14, 2021New regionFirst deal in Southern Europe. Before: 21 first cheques, 17 in CEE, 1 in UK & Ireland.
- Jul 8, 2021New regionFirst deal in DACH. Before: 20 first cheques, 16 in UK & Ireland, 3 in North America.
- Jul 8, 2021New sectorFirst Industry & Hardware cheque. Before: 23 first cheques, 14 in Software & Developer Tools, 8 in Energy, Environment & Mobility.
- Jul 2021SourceNew sectorFirst Industry & Hardware cheque. Before: 19 first cheques, 18 in Healthcare & Life Sciences, 1 in Artificial Intelligence & Data.
- Jul 2021New sectorFirst Energy, Environment & Mobility cheque. Before: 15 first cheques, 7 in Industry & Hardware, 6 in Healthcare & Life Sciences.
- Jul 2021New regionFirst deal in CEE. Before: 22 first cheques, 21 in UK & Ireland, 1 in Southern Europe.
- Jul 2021New regionFirst deal in DACH. Before: 17 first cheques, 14 in APAC, 2 in Benelux & France.
- Jul 2021SourceNew sectorFirst Consumer, Lifestyle & Services cheque. Before: 21 first cheques, 13 in Software & Developer Tools, 8 in Energy, Environment & Mobility.
- Jul 2021SourceNew sectorFirst Industry & Hardware cheque. Before: 38 first cheques, 30 in Software & Developer Tools, 2 in Finance & Blockchain.
- Jul 2021SourceNew sectorFirst Consumer, Lifestyle & Services cheque. Before: 19 first cheques, 13 in Finance & Blockchain, 3 in Healthcare & Life Sciences.
- Jul 2021SourceNew regionFirst deal in Benelux & France. Before: 17 first cheques, 16 in North America, 1 in UK & Ireland.
- Jul 2021New sectorFirst Industry & Hardware cheque. Before: 26 first cheques, 18 in Finance & Blockchain, 4 in Software & Developer Tools.
- Jul 2021New sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 12 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.