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.
- 2024New regionFirst deal in MEA. Before: 47 first cheques, 39 in North America, 3 in Benelux & France.
- 2024New sectorFirst Consumer, Lifestyle & Services cheque. Before: 43 first cheques, 38 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
- 2024New regionFirst deal in APAC. Before: 24 first cheques, 21 in North America, 3 in UK & Ireland.
- 2024New regionFirst deal in CEE. Before: 24 first cheques, 21 in North America, 3 in UK & Ireland.
- 2024New regionFirst deal in DACH. Before: 21 first cheques, 17 in North America, 2 in UK & Ireland.
- 2024SourceNew regionFirst deal in APAC. Before: 28 first cheques, 23 in North America, 2 in DACH.
- 2024New regionFirst deal in APAC. Before: 28 first cheques, 23 in North America, 2 in DACH.
- 2024New regionFirst deal in CEE. Before: 28 first cheques, 24 in North America, 2 in APAC.
- 2024New regionFirst deal in APAC. Before: 105 first cheques, 104 in DACH, 1 in North America.
- 2024New regionFirst deal in CEE. Before: 28 first cheques, 23 in North America, 3 in Benelux & France.
- 2024New sectorFirst Healthcare & Life Sciences cheque. Before: 30 first cheques, 20 in Software & Developer Tools, 4 in Industry & Hardware.
- 2024New regionFirst deal in Nordics. Before: 17 first cheques, 14 in North America, 1 in UK & Ireland.
- 2024New regionFirst deal in MEA. Before: 50 first cheques, 46 in Benelux & France, 2 in DACH.
- 2024New regionFirst deal in UK & Ireland. Before: 30 first cheques, 26 in North America, 2 in DACH.
- 2024New regionFirst deal in DACH. Before: 18 first cheques, 15 in North America, 1 in UK & Ireland.
- 2024New sectorFirst Artificial Intelligence & Data cheque. Before: 39 first cheques, 33 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
- 2024SourceNew sectorFirst Artificial Intelligence & Data cheque. Before: 39 first cheques, 33 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
- 2024New sectorFirst Commerce & Marketing cheque. Before: 17 first cheques, 13 in Software & Developer Tools, 3 in Finance & Blockchain.
- 2024SourceNew regionFirst deal in APAC. Before: 17 first cheques, 17 in North America.
- Dec 15, 2023SourceNew regionFirst deal in LATAM. Before: 26 first cheques, 22 in DACH, 1 in North America.
- Dec 13, 2023SourceNew sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Industry & Hardware.
- Dec 12, 2023New regionFirst deal in UK & Ireland. Before: 17 first cheques, 17 in North America.
- Dec 2023SourceNew regionFirst deal in DACH. Before: 40 first cheques, 34 in APAC, 4 in North America.
- Dec 2023New sectorFirst Software & Developer Tools cheque. Before: 26 first cheques, 25 in Healthcare & Life Sciences, 1 in Finance & Blockchain.
- Dec 2023Earlier stageFirst entry as early as Seed. Before: 21 entries with a sourced stage, 13 at Series C+, 7 at Series B.
- Dec 2023SourceNew regionFirst deal in Nordics. Before: 97 first cheques, 78 in North America, 7 in UK & Ireland.
- Dec 2023New sectorFirst Software & Developer Tools cheque. Before: 15 first cheques, 7 in Industry & Hardware, 5 in Energy, Environment & Mobility.
- Dec 2023SourceNew regionFirst deal in APAC. Before: 55 first cheques, 46 in North America, 3 in UK & Ireland.
- Dec 2023SourceNew regionFirst deal in DACH. Before: 18 first cheques, 17 in APAC, 1 in North America.
- Nov 22, 2023New regionFirst deal in UK & Ireland. Before: 42 first cheques, 38 in North America, 2 in APAC.
- Nov 16, 2023New regionFirst deal in Benelux & France. Before: 56 first cheques, 45 in North America, 4 in UK & Ireland.
- Nov 16, 2023New sectorFirst Commerce & Marketing cheque. Before: 47 first cheques, 33 in Software & Developer Tools, 6 in Industry & Hardware.
- Nov 2023New regionFirst deal in Benelux & France. Before: 22 first cheques, 19 in MEA, 1 in North America.
- Nov 2023New sectorFirst Consumer, Lifestyle & Services cheque. Before: 42 first cheques, 31 in Healthcare & Life Sciences, 5 in Software & Developer Tools.New regionFirst deal in APAC. Before: 41 first cheques, 33 in North America, 3 in UK & Ireland.
- Nov 2023New regionFirst deal in North America. Before: 50 first cheques, 45 in DACH, 2 in Benelux & France.
- Nov 2023New sectorFirst Industry & Hardware cheque. Before: 24 first cheques, 16 in Software & Developer Tools, 4 in Commerce & Marketing.
- Nov 2023New regionFirst deal in UK & Ireland. Before: 20 first cheques, 17 in North America, 2 in APAC.
- Nov 2023New regionFirst deal in Benelux & France. Before: 84 first cheques, 69 in North America, 5 in DACH.
- Nov 2023SourceNew regionFirst deal in LATAM. Before: 25 first cheques, 21 in Benelux & France, 3 in Southern Europe.
- Nov 2023New regionFirst deal in CEE. Before: 42 first cheques, 36 in UK & Ireland, 4 in North America.