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.
- 2021New regionFirst deal in MEA. Before: 33 first cheques, 27 in North America, 3 in Benelux & France.
- 2021New sectorFirst Industry & Hardware cheque. Before: 15 first cheques, 13 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
- 2021New regionFirst deal in LATAM. Before: 29 first cheques, 24 in North America, 3 in Benelux & France.
- 2021New regionFirst deal in APAC. Before: 29 first cheques, 24 in North America, 3 in Benelux & France.
- 2021SourceNew sectorFirst Commerce & Marketing cheque. Before: 15 first cheques, 11 in Software & Developer Tools, 1 in Healthcare & Life Sciences.
- 2021SourceNew sectorFirst Artificial Intelligence & Data cheque. Before: 18 first cheques, 18 in Healthcare & Life Sciences.
- 2021New sectorFirst Industry & Hardware cheque. Before: 18 first cheques, 18 in Healthcare & Life Sciences.
- 2021New regionFirst deal in MEA. Before: 35 first cheques, 32 in APAC, 2 in North America.
- 2021New regionFirst deal in APAC. Before: 17 first cheques, 14 in North America, 2 in DACH.
- 2021New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 9 in Energy, Environment & Mobility, 4 in Commerce & Marketing.
- 2021SourceNew sectorFirst Finance & Blockchain cheque. Before: 16 first cheques, 9 in Energy, Environment & Mobility, 4 in Commerce & Marketing.
- 2021New regionFirst deal in North America. Before: 22 first cheques, 18 in DACH, 2 in Benelux & France.
- 2021New sectorFirst Energy, Environment & Mobility cheque. Before: 22 first cheques, 10 in Software & Developer Tools, 9 in Industry & Hardware.New regionFirst deal in APAC. Before: 22 first cheques, 20 in Nordics, 1 in North America.
- 2021
- 2021New regionFirst deal in UK & Ireland. Before: 16 first cheques, 13 in North America, 3 in APAC.
- 2021New regionFirst deal in Benelux & France. Before: 44 first cheques, 39 in North America, 2 in DACH.
- 2021New regionFirst deal in North America. Before: 15 first cheques, 13 in Benelux & France, 1 in DACH.
- 2021New regionFirst deal in Nordics. Before: 67 first cheques, 63 in UK & Ireland, 3 in North America.
- 2021New sectorFirst Consumer, Lifestyle & Services cheque. Before: 21 first cheques, 12 in Finance & Blockchain, 5 in Software & Developer Tools.
- 2021SourceNew regionFirst deal in UK & Ireland. Before: 17 first cheques, 15 in APAC, 2 in North America.
- 2021New sectorFirst Energy, Environment & Mobility cheque. Before: 22 first cheques, 19 in Healthcare & Life Sciences, 1 in Software & Developer Tools.
- 2021New regionFirst deal in APAC. Before: 17 first cheques, 14 in North America, 1 in UK & Ireland.
- 2021SourceNew sectorFirst Commerce & Marketing cheque. Before: 17 first cheques, 13 in Software & Developer Tools, 2 in Finance & Blockchain.
- 2021SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 33 first cheques, 21 in Healthcare & Life Sciences, 8 in Software & Developer Tools.