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.
- Dec 24, 2020New sectorFirst Commerce & Marketing cheque. Before: 15 first cheques, 12 in Software & Developer Tools, 1 in Healthcare & Life Sciences.
- Dec 16, 2020
- Dec 16, 2020New sectorFirst Software & Developer Tools cheque. Before: 48 first cheques, 45 in Healthcare & Life Sciences, 1 in Industry & Hardware.
- Dec 16, 2020New sectorFirst Software & Developer Tools cheque. Before: 19 first cheques, 19 in Healthcare & Life Sciences.New regionFirst deal in LATAM. Before: 19 first cheques, 17 in North America, 2 in DACH.
- Dec 15, 2020New regionFirst deal in APAC. Before: 46 first cheques, 41 in Nordics, 3 in DACH.
- Dec 8, 2020SourceNew regionFirst deal in CEE. Before: 19 first cheques, 17 in DACH, 1 in Benelux & France.
- Dec 2, 2020SourceNew regionFirst deal in North America. Before: 20 first cheques, 18 in Nordics, 1 in DACH.
- Dec 2020New regionFirst deal in MEA. Before: 17 first cheques, 14 in North America, 1 in UK & Ireland.
- Dec 2020New sectorFirst Software & Developer Tools cheque. Before: 15 first cheques, 13 in Healthcare & Life Sciences, 2 in Industry & Hardware.
- Dec 2020SourceNew regionFirst deal in UK & Ireland. Before: 16 first cheques, 13 in North America, 1 in DACH.
- Dec 2020New regionFirst deal in APAC. Before: 38 first cheques, 32 in North America, 2 in UK & Ireland.
- Dec 2020New regionFirst deal in APAC. Before: 21 first cheques, 18 in North America, 1 in UK & Ireland.
- Dec 2020SourceNew regionFirst deal in UK & Ireland. Before: 216 first cheques, 184 in DACH, 16 in Benelux & France.
- Dec 2020New sectorFirst Consumer, Lifestyle & Services cheque. Before: 22 first cheques, 18 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
- Dec 2020
- Dec 2020SourceNew regionFirst deal in North America. Before: 24 first cheques, 23 in UK & Ireland, 1 in APAC.
- Dec 2020
- Nov 19, 2020New sectorFirst Energy, Environment & Mobility cheque. Before: 17 first cheques, 17 in Healthcare & Life Sciences.New regionFirst deal in Benelux & France. Before: 17 first cheques, 15 in North America, 1 in UK & Ireland.
- Nov 19, 2020New regionFirst deal in DACH. Before: 94 first cheques, 82 in North America, 4 in UK & Ireland.
- Nov 18, 2020SourceNew regionFirst deal in MEA. Before: 23 first cheques, 20 in North America, 3 in Benelux & France.
- Nov 12, 2020New sectorFirst Healthcare & Life Sciences cheque. Before: 16 first cheques, 8 in Commerce & Marketing, 5 in Consumer, Lifestyle & Services.
- Nov 6, 2020
- Nov 6, 2020
- Nov 5, 2020SourceNew regionFirst deal in Nordics. Before: 22 first cheques, 20 in Southern Europe, 1 in North America.
- Nov 2020New sectorFirst Healthcare & Life Sciences cheque. Before: 25 first cheques, 16 in Finance & Blockchain, 4 in Software & Developer Tools.
- Nov 2020
- Nov 2020New regionFirst deal in DACH. Before: 15 first cheques, 14 in North America, 1 in MEA.
- Nov 2020SourceNew regionFirst deal in UK & Ireland. Before: 32 first cheques, 31 in North America, 1 in DACH.
- Nov 2020
- Nov 2020New regionFirst deal in Nordics. Before: 17 first cheques, 14 in UK & Ireland, 3 in North America.
- Nov 2020New regionFirst deal in DACH. Before: 20 first cheques, 17 in North America, 1 in APAC.
- Nov 2020SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 16 first cheques, 11 in Software & Developer Tools, 2 in Healthcare & Life Sciences.
- Oct 28, 2020New sectorFirst Consumer, Lifestyle & Services cheque. Before: 29 first cheques, 20 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
- Oct 21, 2020SourceNew regionFirst deal in Nordics. Before: 32 first cheques, 26 in North America, 2 in UK & Ireland.
- Oct 7, 2020
- Oct 2020New regionFirst deal in Benelux & France. Before: 16 first cheques, 15 in APAC, 1 in North America.
- Oct 2020New sectorFirst Artificial Intelligence & Data cheque. Before: 17 first cheques, 10 in Software & Developer Tools, 4 in Consumer, Lifestyle & Services.
- Oct 2020SourceNew sectorFirst Commerce & Marketing cheque. Before: 16 first cheques, 7 in Energy, Environment & Mobility, 6 in Industry & Hardware.
- Oct 2020New regionFirst deal in APAC. Before: 18 first cheques, 16 in North America, 1 in Benelux & France.
- Oct 2020New regionFirst deal in UK & Ireland. Before: 16 first cheques, 14 in North America, 1 in Nordics.