The Prague and Krakow firm, notable for early investments in UiPath and ElevenLabs, is intensifying its focus on pre-seed funding in Central and Eastern Europe and its global diaspora, utilizing a team of six partners and typical investments ranging from $1 million to $5 million.
Credo Ventures has secured an $88 million fund, Credo Stage 5, in a single closing as part of its ongoing 15-year strategy to provide initial institutional funding to founders from Central and Eastern Europe and its diaspora.
This is Credo’s largest fund yet, increasing from the €75 million fund closed in 2022.
Founded in 2010 by Ondrej Bartos and Jan Habermann, Credo has supported over 100 companies across four funds.
The firm’s standout successes, such as UiPath, a Romania-based RPA platform that went public on the NYSE in 2021 valued at $35 billion, and ElevenLabs, valued at $11 billion, illustrate Credo’s strength in pre-seed investments. Maciek Gnutek, now a partner at Credo, was an early supporter of ElevenLabs.
Managed by six partners, including Bartos and Habermann, Credo’s team consists of Gnutek focusing on Poland and diaspora connections, Jakub Krikava with experience in public policy and the Czech defense ministry, Max Kolowrat-Krakowsky with international investment expertise, and Matej Micek focused on infrastructure, AI, and developer tools.
Credo’s multi-generational structure aims to bolster its positioning as the CEE ecosystem matures, though its pre-seed stage remains significantly underserved.
The strategy for Fund 5 refines what Credo has done all along, with typical investments between $1 million and $5 million while remaining adaptable.
Credo’s focus is founder-first and not theme-driven, with a particular interest in technical founders pursuing global goals, and increasing attention on AI companies due to the growth pace in its fourth fund portfolio.
Covering a CEE region with around 170 million people and $2 trillion GDP, Credo emphasizes the importance of diaspora founders in places like San Francisco and London as a vital sourcing channel.
Credo claims a competitive advantage due to the region’s fragmentation and cultural differences that pose challenges for outside investors, benefiting its well-established networks over the past 15 years.
Credo-backed companies have received follow-on investments from Sequoia, Andreessen Horowitz, Accel, and Index Ventures, showcasing the quality of its early-stage sourcing. Most funding is from institutional investors, with no public money involved.
The increase in fund size from €75 million to $88 million suggests a steady approach rather than anticipating a major shift in regional output, focusing on being the consistent first choice for emerging founders from the region.