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maciek gnutek

T3 · host / generalist

Partner at Credo Ventures, a leading Central and Eastern European venture capital firm; focuses on pre-seed investments in CEE founders and diaspora; involved in firm succession planning.

1 call·1 name·100% bull·last heard 6 months ago·Scaling Europe
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no scored calls yet — needs a stated position or a categorical verdict, with a matured window vs SPY

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$CREDO-VENTURESCredo Venturesposition

Credo Ventures keeps Fund V at $88M, cites strategy capacity constraints for outlier returns

Credo Ventures deliberately maintains $88M fund size because the CEE pre-seed niche has limited capacity; scaling beyond would dilute returns and prevent 10-20x fund outcomes driven by rare regional breakouts like Eleven Labs or UiPath.

Scaling Europe2026-03episode →

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  • $CREDO-VENTURES

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  • Venture Capital3
  • Private Markets1
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$CREDO-VENTURES
Credo Ventures
HIGHmaciek gnutek·Scaling Europe·6 months ago·Credo announces $88m Fund V: Maciek Gnutek & Jakub Krikava, Parters at Credo Ventures· position
Credo Ventures keeps Fund V at $88M, cites strategy capacity constraints for outlier returns
Credo Ventures deliberately maintains $88M fund size because the CEE pre-seed niche has limited capacity; scaling beyond would dilute returns and prevent 10-20x fund outcomes driven by rare regional breakouts like Eleven Labs or UiPath.
"look, we do not generally like the the trend or the the pattern that when you have a successful fund, you raise more just because you can, but then you might not know how to even…"
2:22
8
Venture Capitaltailwind
Credo Ventures caps fund at $88M to match CEE pre-seed capacity for 10-20x returns
Right-sizing fund capital to the addressable deal flow in a constrained niche (CEE pre-seed) preserves the mathematical possibility of outlier 10-20x fund returns, whereas upsizing forces deployment into lower-quality opportunities and caps upside at 3-4x.
8
Venture Capitaltailwind
Pre-seed edge in emerging markets comes from cultural fluency enabling high-school-level reference checks
At pre-seed where bets are on people, the ability to reference-check founders through shared cultural context (high school, university, local reputation) creates a defensible moat that multi-stage US funds cannot replicate, even as they move earlier.
7
Private Marketstailwind
CEE diaspora networks overlap with home ecosystems, enabling cultural-affinity deal access for local VCs
Founders from CEE who move to London, Zurich, Munich, or the US maintain strong ties to home-country networks; local VCs leverage cultural affinity and overlapping connections to access diaspora deals that global firms cannot easily penetrate.
7
Venture Capitaltailwind
Credo Ventures implements equal-partner succession, arguing next-gen must own economics to succeed
VC succession fails when founding partners retain majority carry; Credo's transition to equal partnership for the next generation (Maciek, Jakub, Max, Matěj) aligns risk, responsibility, and economics, which is rare but necessary for multi-decade firm continuity.