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 2021
- Apr 2021SourceNew sectorFirst Industry & Hardware cheque. Before: 16 first cheques, 12 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
- Apr 2021SourceNew regionFirst deal in Benelux & France. Before: 30 first cheques, 27 in North America, 3 in UK & Ireland.
- Apr 2021New sectorFirst Healthcare & Life Sciences cheque. Before: 17 first cheques, 10 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
- Apr 2021New regionFirst deal in UK & Ireland. Before: 20 first cheques, 17 in North America, 1 in DACH.
- Apr 2021New sectorFirst Energy, Environment & Mobility cheque. Before: 27 first cheques, 18 in Software & Developer Tools, 5 in Consumer, Lifestyle & Services.
- Apr 2021SourceNew sectorFirst Commerce & Marketing cheque. Before: 17 first cheques, 10 in Software & Developer Tools, 4 in Healthcare & Life Sciences.
- Apr 2021New regionFirst deal in UK & Ireland. Before: 19 first cheques, 18 in North America, 1 in DACH.
- Apr 2021
- Apr 2021SourceNew sectorFirst Healthcare & Life Sciences cheque. Before: 17 first cheques, 10 in Finance & Blockchain, 4 in Software & Developer Tools.
- Apr 2021SourceNew sectorFirst Healthcare & Life Sciences cheque. Before: 32 first cheques, 23 in Software & Developer Tools, 6 in Consumer, Lifestyle & Services.
- Apr 2021New sectorFirst Industry & Hardware cheque. Before: 32 first cheques, 23 in Software & Developer Tools, 6 in Consumer, Lifestyle & Services.
- Apr 2021New regionFirst deal in UK & Ireland. Before: 31 first cheques, 26 in North America, 2 in DACH.
- Mar 11, 2021SourceNew regionFirst deal in CEE. Before: 32 first cheques, 30 in North America, 1 in UK & Ireland.
- Mar 11, 2021
- Mar 3, 2021New sectorFirst Healthcare & Life Sciences cheque. Before: 18 first cheques, 12 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
- Mar 2021SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 33 first cheques, 18 in Software & Developer Tools, 9 in Healthcare & Life Sciences.New regionFirst deal in CEE. Before: 32 first cheques, 28 in North America, 3 in UK & Ireland.
- Mar 2021
- Mar 2021SourceNew sectorFirst Finance & Blockchain cheque. Before: 17 first cheques, 14 in Software & Developer Tools, 2 in Artificial Intelligence & Data.
- Mar 2021
- Mar 2021Earlier stageFirst entry as early as Pre-seed. Before: 30 entries with a sourced stage, 13 at Series C+, 9 at Series A.
- Mar 2021
- Mar 2021New sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 12 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
- Mar 2021SourceNew sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 2 in Industry & Hardware.
- Mar 2021New regionFirst deal in Benelux & France. Before: 20 first cheques, 18 in UK & Ireland, 2 in DACH.
- Mar 2021New sectorFirst Energy, Environment & Mobility cheque. Before: 25 first cheques, 19 in Software & Developer Tools, 2 in Industry & Hardware.
- Mar 2021SourceNew sectorFirst Healthcare & Life Sciences cheque. Before: 18 first cheques, 11 in Finance & Blockchain, 6 in Software & Developer Tools.
- Mar 2021New sectorFirst Healthcare & Life Sciences cheque. Before: 22 first cheques, 18 in Software & Developer Tools, 1 in Finance & Blockchain.
- Mar 2021SourceNew regionFirst deal in Benelux & France. Before: 29 first cheques, 24 in North America, 2 in UK & Ireland.
- Mar 2021SourceNew sectorFirst Commerce & Marketing cheque. Before: 63 first cheques, 50 in Software & Developer Tools, 7 in Finance & Blockchain.
- Mar 2021New regionFirst deal in LATAM. Before: 49 first cheques, 44 in UK & Ireland, 2 in North America.
- Mar 2021New sectorFirst Commerce & Marketing cheque. Before: 22 first cheques, 19 in Software & Developer Tools, 1 in Healthcare & Life Sciences.
- Mar 2021SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 39 first cheques, 31 in Software & Developer Tools, 3 in Industry & Hardware.
- Mar 2021
- Mar 2021New regionFirst deal in DACH. Before: 21 first cheques, 17 in North America, 1 in UK & Ireland.
- Feb 25, 2021New sectorFirst Artificial Intelligence & Data cheque. Before: 20 first cheques, 15 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
- Feb 24, 2021SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 20 first cheques, 19 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
- Feb 17, 2021New regionFirst deal in MEA. Before: 21 first cheques, 18 in UK & Ireland, 3 in North America.
- Feb 8, 2021New sectorFirst Energy, Environment & Mobility cheque. Before: 16 first cheques, 11 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
- Feb 2021