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.
- Mar 10, 2026SourceNew sectorFirst Healthcare & Life Sciences cheque. Before: 43 first cheques, 18 in Software & Developer Tools, 17 in Consumer, Lifestyle & Services.
- Mar 6, 2026New regionFirst deal in Benelux & France. Before: 32 first cheques, 28 in North America, 2 in UK & Ireland.
- Mar 2, 2026New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 7 in Software & Developer Tools, 5 in Consumer, Lifestyle & Services.
- Mar 2, 2026New regionFirst deal in DACH. Before: 21 first cheques, 19 in Benelux & France, 1 in North America.
- Mar 2026SourceNew regionFirst deal in MEA. Before: 16 first cheques, 13 in North America, 1 in DACH.
- Mar 2026
- Mar 2026New regionFirst deal in Southern Europe. Before: 21 first cheques, 19 in North America, 1 in UK & Ireland.
- Mar 2026New sectorFirst Consumer, Lifestyle & Services cheque. Before: 19 first cheques, 16 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
- Mar 2026
- Mar 2026SourceNew regionFirst deal in Benelux & France. Before: 28 first cheques, 23 in North America, 2 in UK & Ireland.
- Mar 2026SourceNew regionFirst deal in MEA. Before: 48 first cheques, 40 in North America, 2 in DACH.
- Mar 2026SourceNew regionFirst deal in UK & Ireland. Before: 54 first cheques, 47 in North America, 2 in APAC.
- Mar 2026SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 3 in Industry & Hardware.
- Mar 2026
- Mar 2026
- Mar 2026SourceNew sectorFirst Industry & Hardware cheque. Before: 18 first cheques, 17 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
- Mar 2026SourceNew sectorFirst Healthcare & Life Sciences cheque. Before: 20 first cheques, 13 in Finance & Blockchain, 5 in Software & Developer Tools.
- Mar 2026SourceNew regionFirst deal in CEE. Before: 35 first cheques, 28 in LATAM, 4 in North America.
- Mar 2026SourceNew regionFirst deal in Nordics. Before: 39 first cheques, 34 in DACH, 3 in Benelux & France.
- Mar 2026New sectorFirst Energy, Environment & Mobility cheque. Before: 23 first cheques, 18 in Software & Developer Tools, 2 in Finance & Blockchain.
- Mar 2026
- Mar 2026SourceNew regionFirst deal in MEA. Before: 17 first cheques, 15 in APAC, 1 in North America.
- Mar 2026SourceNew sectorFirst Software & Developer Tools cheque. Before: 16 first cheques, 8 in Finance & Blockchain, 5 in Healthcare & Life Sciences.
- Feb 24, 2026SourceEarlier stageFirst entry as early as Pre-seed. Before: 45 entries with a sourced stage, 23 at Series A, 10 at Series B.
- Feb 13, 2026SourceNew regionFirst deal in North America. Before: 43 first cheques, 43 in DACH.
- Feb 10, 2026
- Feb 5, 2026New sectorFirst Finance & Blockchain cheque. Before: 40 first cheques, 29 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
- Feb 5, 2026New regionFirst deal in Benelux & France. Before: 18 first cheques, 17 in DACH, 1 in Southern Europe.
- Feb 2, 2026New regionFirst deal in DACH. Before: 18 first cheques, 15 in North America, 2 in MEA.
- Feb 2026SourceNew regionFirst deal in DACH. Before: 15 first cheques, 13 in APAC, 1 in Southern Europe.
- Feb 2026New regionFirst deal in Southern Europe. Before: 24 first cheques, 20 in North America, 1 in DACH.
- Feb 2026New sectorFirst Industry & Hardware cheque. Before: 18 first cheques, 16 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
- Feb 2026New regionFirst deal in Benelux & France. Before: 16 first cheques, 14 in DACH, 1 in North America.
- Feb 2026New regionFirst deal in DACH. Before: 53 first cheques, 47 in North America, 2 in APAC.
- Feb 2026SourceNew regionFirst deal in UK & Ireland. Before: 21 first cheques, 17 in North America, 2 in MEA.
- Feb 2026New regionFirst deal in Nordics. Before: 28 first cheques, 23 in CEE, 3 in North America.
- Feb 2026
- Feb 2026SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 11 in Healthcare & Life Sciences, 3 in Industry & Hardware.
- Feb 2026New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 10 in Software & Developer Tools, 2 in Industry & Hardware.
- Feb 2026New sectorFirst Commerce & Marketing cheque. Before: 35 first cheques, 22 in Software & Developer Tools, 6 in Industry & Hardware.