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.
- Jun 18, 2025SourceNew regionFirst deal in Nordics. Before: 46 first cheques, 39 in Benelux & France, 2 in North America.
- Jun 12, 2025SourceNew regionFirst deal in North America. Before: 16 first cheques, 16 in DACH.
- Jun 10, 2025New sectorFirst Commerce & Marketing cheque. Before: 20 first cheques, 15 in Software & Developer Tools, 3 in Finance & Blockchain.
- Jun 5, 2025New sectorFirst Finance & Blockchain cheque. Before: 19 first cheques, 11 in Software & Developer Tools, 5 in Healthcare & Life Sciences.
- Jun 2025New sectorFirst Healthcare & Life Sciences cheque. Before: 19 first cheques, 14 in Software & Developer Tools, 2 in Finance & Blockchain.
- Jun 2025
- Jun 2025New regionFirst deal in LATAM. Before: 114 first cheques, 94 in Nordics, 9 in North America.
- Jun 2025New regionFirst deal in UK & Ireland. Before: 22 first cheques, 19 in APAC, 3 in North America.
- Jun 2025SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 12 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
- Jun 2025SourceNew sectorFirst Healthcare & Life Sciences cheque. Before: 23 first cheques, 15 in Energy, Environment & Mobility, 6 in Software & Developer Tools.
- May 28, 2025New regionFirst deal in Benelux & France. Before: 28 first cheques, 24 in North America, 2 in UK & Ireland.
- May 27, 2025SourceNew regionFirst deal in Benelux & France. Before: 25 first cheques, 22 in APAC, 2 in North America.
- May 20, 2025SourceNew sectorFirst Industry & Hardware cheque. Before: 22 first cheques, 11 in Software & Developer Tools, 7 in Consumer, Lifestyle & Services.
- May 6, 2025SourceNew sectorFirst Industry & Hardware cheque. Before: 23 first cheques, 15 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
- May 2, 2025New regionFirst deal in UK & Ireland. Before: 34 first cheques, 29 in North America, 3 in Benelux & France.
- May 2025New regionFirst deal in DACH. Before: 28 first cheques, 24 in North America, 2 in UK & Ireland.
- May 2025Earlier stageFirst entry as early as Pre-seed. Before: 25 entries with a sourced stage, 10 at Series A, 9 at Series B.
- May 2025New regionFirst deal in APAC. Before: 28 first cheques, 25 in North America, 2 in UK & Ireland.
- May 2025New sectorFirst Consumer, Lifestyle & Services cheque. Before: 35 first cheques, 32 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
- May 2025New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 15 in Healthcare & Life Sciences, 1 in Finance & Blockchain.
- May 2025New sectorFirst Consumer, Lifestyle & Services cheque. Before: 24 first cheques, 16 in Software & Developer Tools, 4 in Industry & Hardware.
- May 2025
- May 2025SourceNew sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 9 in Finance & Blockchain, 3 in Software & Developer Tools.
- Apr 30, 2025SourceNew regionFirst deal in Southern Europe. Before: 29 first cheques, 25 in North America, 2 in APAC.
- Apr 20, 2025New sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 9 in Finance & Blockchain, 4 in Software & Developer Tools.
- Apr 16, 2025New sectorFirst Commerce & Marketing cheque. Before: 20 first cheques, 14 in Finance & Blockchain, 3 in Software & Developer Tools.
- Apr 15, 2025SourceNew sectorFirst Consumer, Lifestyle & Services cheque. Before: 23 first cheques, 12 in Finance & Blockchain, 7 in Software & Developer Tools.
- Apr 14, 2025New sectorFirst Energy, Environment & Mobility cheque. Before: 22 first cheques, 16 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
- Apr 10, 2025New sectorFirst Finance & Blockchain cheque. Before: 25 first cheques, 17 in Software & Developer Tools, 4 in Commerce & Marketing.
- Apr 2, 2025SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 12 in Healthcare & Life Sciences, 5 in Industry & Hardware.
- Apr 2025New regionFirst deal in Southern Europe. Before: 27 first cheques, 25 in Benelux & France, 1 in North America.
- Apr 2025New regionFirst deal in Southern Europe. Before: 60 first cheques, 48 in North America, 4 in Benelux & France.
- Apr 2025New sectorFirst Consumer, Lifestyle & Services cheque. Before: 17 first cheques, 11 in Finance & Blockchain, 4 in Software & Developer Tools.
- Apr 2025New sectorFirst Artificial Intelligence & Data cheque. Before: 45 first cheques, 35 in Software & Developer Tools, 3 in Finance & Blockchain.
- Apr 2025New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 10 in Finance & Blockchain, 3 in Industry & Hardware.
- Apr 2025SourceNew sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 9 in Software & Developer Tools, 4 in Finance & Blockchain.
- Apr 2025New sectorFirst Finance & Blockchain cheque. Before: 16 first cheques, 13 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
- Apr 2025New sectorFirst Artificial Intelligence & Data cheque. Before: 30 first cheques, 23 in Software & Developer Tools, 3 in Industry & Hardware.
- Apr 2025
- Apr 2025New regionFirst deal in DACH. Before: 46 first cheques, 45 in Benelux & France, 1 in North America.