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.
- Apr 2025SourceNew regionFirst deal in Benelux & France. Before: 40 first cheques, 34 in APAC, 5 in North America.
- Mar 27, 2025New regionFirst deal in DACH. Before: 18 first cheques, 15 in North America, 1 in UK & Ireland.
- Mar 26, 2025SourceNew sectorFirst Consumer, Lifestyle & Services cheque. Before: 25 first cheques, 18 in Software & Developer Tools, 3 in Commerce & Marketing.
- Mar 18, 2025New regionFirst deal in Southern Europe. Before: 16 first cheques, 14 in North America, 2 in Benelux & France.
- Mar 18, 2025New regionFirst deal in Southern Europe. Before: 40 first cheques, 33 in North America, 3 in APAC.
- Mar 18, 2025New sectorFirst Consumer, Lifestyle & Services cheque. Before: 16 first cheques, 11 in Software & Developer Tools, 2 in Finance & Blockchain.
- Mar 10, 2025New regionFirst deal in UK & Ireland. Before: 22 first cheques, 20 in North America, 1 in DACH.
- Mar 2025New regionFirst deal in CEE. Before: 20 first cheques, 17 in DACH, 2 in North America.
- Mar 2025New sectorFirst Consumer, Lifestyle & Services cheque. Before: 20 first cheques, 13 in Software & Developer Tools, 3 in Industry & Hardware.
- Mar 2025SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 14 in Software & Developer Tools, 3 in Industry & Hardware.New regionFirst deal in Benelux & France. Before: 20 first cheques, 16 in DACH, 2 in North America.
- Mar 2025New regionFirst deal in CEE. Before: 52 first cheques, 42 in North America, 4 in MEA.Earlier stageFirst entry as early as Pre-seed. Before: 43 entries with a sourced stage, 17 at Series B, 14 at Series A.
- Mar 2025SourceNew regionFirst deal in LATAM. Before: 21 first cheques, 19 in Southern Europe, 1 in UK & Ireland.
- Mar 2025New regionFirst deal in APAC. Before: 17 first cheques, 15 in DACH, 2 in North America.
- Feb 26, 2025New regionFirst deal in Nordics. Before: 155 first cheques, 131 in North America, 8 in UK & Ireland.
- Feb 2025New regionFirst deal in DACH. Before: 31 first cheques, 27 in North America, 2 in UK & Ireland.
- Feb 2025New regionFirst deal in DACH. Before: 39 first cheques, 35 in North America, 1 in UK & Ireland.
- Feb 2025SourceNew sectorFirst Software & Developer Tools cheque. Before: 15 first cheques, 7 in Energy, Environment & Mobility, 5 in Industry & Hardware.
- Feb 2025New regionFirst deal in Benelux & France. Before: 15 first cheques, 13 in North America, 2 in MEA.
- Feb 2025New regionFirst deal in DACH. Before: 55 first cheques, 50 in North America, 2 in UK & Ireland.
- Feb 2025SourceNew sectorFirst Software & Developer Tools cheque. Before: 22 first cheques, 21 in Healthcare & Life Sciences, 1 in Artificial Intelligence & Data.
- Feb 2025SourceNew sectorFirst Artificial Intelligence & Data cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 2 in Finance & Blockchain.
- Feb 2025New regionFirst deal in Nordics. Before: 376 first cheques, 346 in UK & Ireland, 12 in North America.
- Jan 30, 2025
- Jan 30, 2025New sectorFirst Software & Developer Tools cheque. Before: 18 first cheques, 17 in Healthcare & Life Sciences, 1 in Finance & Blockchain.
- Jan 28, 2025SourceNew sectorFirst Artificial Intelligence & Data cheque. Before: 21 first cheques, 21 in Healthcare & Life Sciences.
- Jan 28, 2025SourceNew regionFirst deal in UK & Ireland. Before: 27 first cheques, 22 in Nordics, 1 in North America.
- Jan 23, 2025SourceNew regionFirst deal in MEA. Before: 16 first cheques, 13 in Southern Europe, 1 in North America.
- Jan 14, 2025SourceNew sectorFirst Industry & Hardware cheque. Before: 44 first cheques, 31 in Software & Developer Tools, 7 in Healthcare & Life Sciences.
- Jan 2, 2025SourceNew regionFirst deal in LATAM. Before: 34 first cheques, 30 in APAC, 2 in North America.
- 2025New regionFirst deal in APAC. Before: 27 first cheques, 22 in MEA, 2 in Benelux & France.
- 2025SourceNew regionFirst deal in APAC. Before: 57 first cheques, 55 in Benelux & France, 1 in UK & Ireland.
- 2025New regionFirst deal in MEA. Before: 22 first cheques, 18 in North America, 2 in Benelux & France.
- 2025New sectorFirst Finance & Blockchain cheque. Before: 20 first cheques, 16 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
- 2025New sectorFirst Finance & Blockchain cheque. Before: 20 first cheques, 16 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
- 2025New regionFirst deal in DACH. Before: 17 first cheques, 14 in UK & Ireland, 2 in Southern Europe.
- 2025New regionFirst deal in UK & Ireland. Before: 26 first cheques, 23 in APAC, 2 in North America.
- 2025New regionFirst deal in Southern Europe. Before: 26 first cheques, 23 in APAC, 2 in North America.
- 2025New regionFirst deal in Nordics. Before: 32 first cheques, 29 in North America, 1 in Benelux & France.
- 2025New sectorFirst Industry & Hardware cheque. Before: 34 first cheques, 30 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
- 2025New regionFirst deal in Nordics. Before: 56 first cheques, 45 in North America, 4 in Benelux & France.