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 31, 2025New regionFirst deal in MEA. Before: 20 first cheques, 17 in North America, 1 in UK & Ireland.
- Dec 18, 2025
- Dec 15, 2025SourceNew sectorFirst Finance & Blockchain cheque. Before: 20 first cheques, 14 in Software & Developer Tools, 3 in Consumer, Lifestyle & Services.
- Dec 2025SourceNew sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 8 in Consumer, Lifestyle & Services, 5 in Software & Developer Tools.
- Dec 2025SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 38 first cheques, 26 in Finance & Blockchain, 7 in Software & Developer Tools.
- Dec 2025
- Dec 2025New regionFirst deal in Benelux & France. Before: 16 first cheques, 16 in North America.
- Dec 2025New regionFirst deal in MEA. Before: 17 first cheques, 15 in North America, 1 in APAC.
- Dec 2025New regionFirst deal in Southern Europe. Before: 18 first cheques, 17 in DACH, 1 in Benelux & France.
- Dec 2025SourceNew regionFirst deal in North America. Before: 15 first cheques, 14 in APAC, 1 in UK & Ireland.
- Dec 2025SourceNew regionFirst deal in Benelux & France. Before: 38 first cheques, 34 in North America, 1 in UK & Ireland.
- Dec 2025New sectorFirst Commerce & Marketing cheque. Before: 18 first cheques, 14 in Software & Developer Tools, 2 in Consumer, Lifestyle & Services.
- Dec 2025New regionFirst deal in UK & Ireland. Before: 16 first cheques, 15 in North America, 1 in DACH.
- Dec 2025New sectorFirst Commerce & Marketing cheque. Before: 25 first cheques, 16 in Healthcare & Life Sciences, 4 in Software & Developer Tools.
- Dec 2025SourceNew sectorFirst Consumer, Lifestyle & Services cheque. Before: 17 first cheques, 13 in Energy, Environment & Mobility, 1 in Software & Developer Tools.
- Dec 2025New sectorFirst Industry & Hardware cheque. Before: 18 first cheques, 9 in Finance & Blockchain, 6 in Consumer, Lifestyle & Services.
- Nov 27, 2025
- Nov 17, 2025New sectorFirst Artificial Intelligence & Data cheque. Before: 38 first cheques, 22 in Finance & Blockchain, 10 in Software & Developer Tools.
- Nov 5, 2025SourceNew sectorFirst Consumer, Lifestyle & Services cheque. Before: 26 first cheques, 19 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
- Nov 2025New regionFirst deal in DACH. Before: 15 first cheques, 14 in North America, 1 in UK & Ireland.
- Nov 2025New regionFirst deal in APAC. Before: 20 first cheques, 17 in North America, 1 in DACH.
- Nov 2025SourceNew regionFirst deal in Benelux & France. Before: 21 first cheques, 20 in APAC, 1 in North America.
- Nov 2025SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 9 in Software & Developer Tools, 9 in Healthcare & Life Sciences.
- Nov 2025SourceNew regionFirst deal in UK & Ireland. Before: 37 first cheques, 34 in North America, 1 in DACH.
- Nov 2025New sectorFirst Consumer, Lifestyle & Services cheque. Before: 15 first cheques, 12 in Software & Developer Tools, 2 in Industry & Hardware.
- Nov 2025SourceNew sectorFirst Finance & Blockchain cheque. Before: 15 first cheques, 12 in Software & Developer Tools, 2 in Industry & Hardware.
- Nov 2025New sectorFirst Finance & Blockchain cheque. Before: 46 first cheques, 32 in Healthcare & Life Sciences, 6 in Software & Developer Tools.
- Nov 2025New sectorFirst Finance & Blockchain cheque. Before: 50 first cheques, 41 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
- Nov 2025New sectorFirst Healthcare & Life Sciences cheque. Before: 21 first cheques, 12 in Software & Developer Tools, 5 in Finance & Blockchain.
- Nov 2025SourceNew sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 16 in Healthcare & Life Sciences, 3 in Software & Developer Tools.
- Nov 2025SourceNew sectorFirst Finance & Blockchain cheque. Before: 19 first cheques, 16 in Healthcare & Life Sciences, 2 in Software & Developer Tools.
- Nov 2025SourceNew regionFirst deal in APAC. Before: 20 first cheques, 16 in North America, 2 in DACH.
- Nov 2025New regionFirst deal in UK & Ireland. Before: 15 first cheques, 12 in North America, 1 in DACH.
- Oct 30, 2025New sectorFirst Industry & Hardware cheque. Before: 24 first cheques, 18 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
- Oct 30, 2025New sectorFirst Industry & Hardware cheque. Before: 57 first cheques, 48 in Healthcare & Life Sciences, 5 in Software & Developer Tools.
- Oct 30, 2025SourceNew regionFirst deal in Nordics. Before: 41 first cheques, 35 in North America, 3 in DACH.
- Oct 23, 2025
- Oct 22, 2025SourceNew regionFirst deal in Southern Europe. Before: 23 first cheques, 19 in DACH, 2 in North America.
- Oct 20, 2025New sectorFirst Energy, Environment & Mobility cheque. Before: 18 first cheques, 9 in Software & Developer Tools, 6 in Healthcare & Life Sciences.
- Oct 17, 2025New regionFirst deal in Southern Europe. Before: 25 first cheques, 20 in North America, 2 in UK & Ireland.