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 2025New sectorFirst Energy, Environment & Mobility cheque. Before: 93 first cheques, 84 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
- Sep 2025New regionFirst deal in APAC. Before: 24 first cheques, 22 in North America, 1 in Benelux & France.
- Sep 2025New sectorFirst Healthcare & Life Sciences cheque. Before: 26 first cheques, 19 in Energy, Environment & Mobility, 3 in Software & Developer Tools.
- Sep 2025SourceNew regionFirst deal in LATAM. Before: 18 first cheques, 15 in DACH, 1 in UK & Ireland.
- Sep 2025SourceNew sectorFirst Industry & Hardware cheque. Before: 17 first cheques, 11 in Software & Developer Tools, 3 in Healthcare & Life Sciences.
- Aug 27, 2025New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 15 in Software & Developer Tools, 3 in Commerce & Marketing.
- Aug 19, 2025New regionFirst deal in Southern Europe. Before: 36 first cheques, 29 in North America, 2 in UK & Ireland.
- Aug 18, 2025New regionFirst deal in UK & Ireland. Before: 20 first cheques, 16 in North America, 3 in DACH.
- Aug 11, 2025SourceNew sectorFirst Finance & Blockchain cheque. Before: 43 first cheques, 33 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
- Aug 7, 2025
- Aug 7, 2025SourceNew regionFirst deal in CEE. Before: 21 first cheques, 17 in North America, 1 in UK & Ireland.
- Aug 2025New regionFirst deal in Nordics. Before: 15 first cheques, 15 in North America.
- Aug 2025New regionFirst deal in LATAM. Before: 52 first cheques, 48 in DACH, 3 in North America.
- Aug 2025SourceNew regionFirst deal in APAC. Before: 39 first cheques, 32 in UK & Ireland, 6 in North America.
- Aug 2025New regionFirst deal in APAC. Before: 39 first cheques, 32 in UK & Ireland, 6 in North America.
- Aug 2025
- Aug 2025New sectorFirst Artificial Intelligence & Data cheque. Before: 19 first cheques, 14 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
- Aug 2025New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 7 in Software & Developer Tools, 7 in Finance & Blockchain.
- Aug 2025New regionFirst deal in APAC. Before: 39 first cheques, 37 in North America, 1 in UK & Ireland.
- Aug 2025New sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 4 in Artificial Intelligence & Data.
- Aug 2025New regionFirst deal in UK & Ireland. Before: 17 first cheques, 14 in North America, 1 in Benelux & France.
- Jul 24, 2025New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
- Jul 24, 2025SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 92 first cheques, 48 in Finance & Blockchain, 31 in Software & Developer Tools.
- Jul 23, 2025New regionFirst deal in APAC. Before: 35 first cheques, 29 in North America, 3 in Benelux & France.
- Jul 16, 2025SourceNew regionFirst deal in Benelux & France. Before: 26 first cheques, 23 in DACH, 1 in North America.
- Jul 16, 2025New sectorFirst Artificial Intelligence & Data cheque. Before: 46 first cheques, 32 in Software & Developer Tools, 7 in Healthcare & Life Sciences.
- Jul 14, 2025SourceNew sectorFirst Industry & Hardware cheque. Before: 18 first cheques, 16 in Software & Developer Tools, 1 in Healthcare & Life Sciences.
- Jul 8, 2025New regionFirst deal in Benelux & France. Before: 22 first cheques, 20 in North America, 1 in DACH.
- Jul 2025New regionFirst deal in UK & Ireland. Before: 35 first cheques, 33 in North America, 1 in DACH.
- Jul 2025New regionFirst deal in North America. Before: 36 first cheques, 32 in Southern Europe, 2 in DACH.
- Jul 2025New regionFirst deal in DACH. Before: 47 first cheques, 39 in North America, 6 in UK & Ireland.
- Jul 2025New sectorFirst Consumer, Lifestyle & Services cheque. Before: 29 first cheques, 18 in Finance & Blockchain, 8 in Software & Developer Tools.
- Jul 2025SourceNew sectorFirst Commerce & Marketing cheque. Before: 20 first cheques, 10 in Industry & Hardware, 6 in Artificial Intelligence & Data.
- Jul 2025New regionFirst deal in North America. Before: 19 first cheques, 18 in Nordics, 1 in Benelux & France.
- Jul 2025SourceNew regionFirst deal in Benelux & France. Before: 39 first cheques, 32 in Nordics, 4 in North America.
- Jul 2025New regionFirst deal in Nordics. Before: 22 first cheques, 18 in North America, 1 in DACH.
- Jul 2025New regionFirst deal in CEE. Before: 84 first cheques, 71 in North America, 4 in APAC.
- Jul 2025New regionFirst deal in UK & Ireland. Before: 21 first cheques, 19 in North America, 1 in DACH.
- Jun 25, 2025SourceNew regionFirst deal in APAC. Before: 16 first cheques, 15 in Southern Europe, 1 in North America.
- Jun 20, 2025SourceNew sectorFirst Industry & Hardware cheque. Before: 35 first cheques, 31 in Healthcare & Life Sciences, 2 in Software & Developer Tools.