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.
- Oct 2022New regionFirst deal in Benelux & France. Before: 25 first cheques, 20 in North America, 3 in APAC.
- Oct 2022New regionFirst deal in North America. Before: 27 first cheques, 23 in Nordics, 2 in DACH.
- Sep 29, 2022SourceNew regionFirst deal in MEA. Before: 21 first cheques, 19 in North America, 1 in DACH.
- Sep 28, 2022SourceNew regionFirst deal in MEA. Before: 120 first cheques, 114 in DACH, 3 in North America.
- Sep 20, 2022SourceNew regionFirst deal in UK & Ireland. Before: 18 first cheques, 16 in DACH, 1 in APAC.
- Sep 7, 2022SourceNew sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 7 in Software & Developer Tools, 5 in Finance & Blockchain.New regionFirst deal in UK & Ireland. Before: 15 first cheques, 13 in North America, 2 in APAC.
- Sep 2022SourceNew sectorFirst Industry & Hardware cheque. Before: 32 first cheques, 25 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
- Sep 2022SourceNew regionFirst deal in UK & Ireland. Before: 25 first cheques, 21 in North America, 2 in LATAM.
- Sep 2022New regionFirst deal in UK & Ireland. Before: 26 first cheques, 24 in North America, 1 in APAC.
- Sep 2022SourceNew regionFirst deal in LATAM. Before: 68 first cheques, 56 in North America, 4 in UK & Ireland.
- Sep 2022SourceNew sectorFirst Industry & Hardware cheque. Before: 24 first cheques, 12 in Software & Developer Tools, 8 in Consumer, Lifestyle & Services.
- Sep 2022New regionFirst deal in North America. Before: 20 first cheques, 19 in UK & Ireland, 1 in CEE.
- Sep 2022SourceNew sectorFirst Software & Developer Tools cheque. Before: 26 first cheques, 26 in Healthcare & Life Sciences.
- Sep 2022New sectorFirst Consumer, Lifestyle & Services cheque. Before: 41 first cheques, 29 in Finance & Blockchain, 7 in Artificial Intelligence & Data.
- Aug 31, 2022SourceNew sectorFirst Artificial Intelligence & Data cheque. Before: 44 first cheques, 31 in Software & Developer Tools, 6 in Finance & Blockchain.
- Aug 30, 2022New sectorFirst Finance & Blockchain cheque. Before: 20 first cheques, 13 in Software & Developer Tools, 3 in Industry & Hardware.
- Aug 26, 2022New sectorFirst Finance & Blockchain cheque. Before: 18 first cheques, 14 in Energy, Environment & Mobility, 4 in Industry & Hardware.
- Aug 25, 2022New sectorFirst Consumer, Lifestyle & Services cheque. Before: 20 first cheques, 20 in Software & Developer Tools.
- Aug 9, 2022New regionFirst deal in CEE. Before: 20 first cheques, 20 in North America.
- Aug 2022New regionFirst deal in LATAM. Before: 25 first cheques, 20 in North America, 2 in MEA.
- Aug 2022SourceNew sectorFirst Industry & Hardware cheque. Before: 19 first cheques, 14 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
- Aug 2022New sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 10 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
- Aug 2022
- Aug 2022New sectorFirst Commerce & Marketing cheque. Before: 23 first cheques, 12 in Software & Developer Tools, 8 in Consumer, Lifestyle & Services.
- Aug 2022SourceNew regionFirst deal in DACH. Before: 27 first cheques, 23 in Southern Europe, 2 in UK & Ireland.
- Aug 2022SourceNew regionFirst deal in LATAM. Before: 64 first cheques, 54 in North America, 3 in DACH.
- Aug 2022SourceNew sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 10 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.New regionFirst deal in UK & Ireland. Before: 15 first cheques, 14 in North America, 1 in LATAM.
- Aug 2022SourceNew regionFirst deal in UK & Ireland. Before: 62 first cheques, 53 in APAC, 6 in North America.
- Jul 11, 2022SourceNew regionFirst deal in UK & Ireland. Before: 16 first cheques, 15 in Southern Europe, 1 in Benelux & France.
- Jul 4, 2022SourceNew regionFirst deal in UK & Ireland. Before: 17 first cheques, 16 in North America, 1 in MEA.
- Jul 2022New regionFirst deal in Benelux & France. Before: 33 first cheques, 31 in DACH, 2 in North America.
- Jul 2022SourceNew sectorFirst Software & Developer Tools cheque. Before: 17 first cheques, 15 in Energy, Environment & Mobility, 1 in Industry & Hardware.New regionFirst deal in Southern Europe. Before: 17 first cheques, 15 in North America, 1 in UK & Ireland.
- Jul 2022New sectorFirst Software & Developer Tools cheque. Before: 17 first cheques, 17 in Healthcare & Life Sciences.
- Jul 2022SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 22 first cheques, 9 in Software & Developer Tools, 9 in Healthcare & Life Sciences.
- Jul 2022New regionFirst deal in DACH. Before: 18 first cheques, 17 in North America, 1 in UK & Ireland.
- Jul 2022
- Jul 2022SourceNew regionFirst deal in MEA. Before: 22 first cheques, 19 in North America, 2 in UK & Ireland.
- Jul 2022
- Jul 2022SourceNew regionFirst deal in LATAM. Before: 18 first cheques, 15 in North America, 2 in APAC.
- Jun 30, 2022New regionFirst deal in DACH. Before: 19 first cheques, 18 in Nordics, 1 in North America.