BlackSheep Ventures
Also known as BlackSheep SGR S.p.A., Blacksheep Società di Gestione del Risparmio S.p.A., BlackSheep
Milan VC manager (BlackSheep SGR) founded by entrepreneurs; Fund I (MadTech) is closed and BlackSheep II targets €120M for vertical and domain-specific AI, Seed to Series B in Europe.
- HEADQUARTERS
- Milan, Italy
- FOUNDED
- —
- AUM
- —
- OUTSIDE CAPITAL
- Yes
- TEAM LISTED
- 5 people
Focus
- STAGES
- SeedSeries ASeries B
- ASSET MIX
- Venture capital
- GEOGRAPHY
- Europe
Overview
BlackSheep Ventures is a Milan venture capital firm managed through BlackSheep SGR S.p.A., an AIFM authorised by the Bank of Italy and registered as an SGR and EuVECA manager in 2026. Its first fund, BlackSheep I MadTech Fund, invested in marketing and advertising technology between 2021 and 2025 and is fully deployed, with exits including Scibids (to DoubleVerify), Roibox (to Jakala) and Inflead (to TeamBlue). BlackSheep II, with a €120M target, invests from Seed to Series B in European B2B software companies building vertical and domain-specific AI platforms.
Investment thesis
Vertical AI and domain-specific AI: AI-native B2B software that embeds intelligence in the workflows of specific industries; also big data and analytics, automation and EU-compliant sovereign AI. Seed to Series B, Europe-based companies built for global markets; leads and co-invests with active board participation and flexible check size; revenue-first.
PORTFOLIO (13)
- ScibidsNOTABLEArtificial Intelligence · Acquired
- DomynNOTABLEArtificial Intelligence
- RoiboxMedia & Entertainment · Acquired
- InfleadMedia & Entertainment · Acquired
- CirceusSoftware & SaaS
- NexoyaMedia & Entertainment
- AdTonosMedia & Entertainment
- SpokiSoftware & SaaS
- KleecksArtificial Intelligence
- StreamwiseMedia & Entertainment
- Qapla'Software & SaaS
- Principled IntelligenceArtificial Intelligence
- AnonymisedMedia & Entertainment
People
Links
Frequently asked questions
BlackSheep Ventures is a VC fund based in Milan, Italy.
Yes. BlackSheep Ventures invests its own capital in private companies.
BlackSheep Ventures invests at Seed, Series A and Series B stages in Artificial Intelligence, Software & SaaS and Media & Entertainment.
Key people at BlackSheep Ventures include Umberto Bottesini (CEO & General Partner), Marco Caradonna (President & General Partner), Sandro Moretti (Board Member & General Partner) and Marcello Giordani (Partner).
BlackSheep Ventures's investments include Scibids, Domyn, Roibox, Inflead, Circeus, Nexoya, AdTonos and Spoki, among others.
BlackSheep Ventures states that it accepts submissions through its official contact page.
Yes. BlackSheep Ventures manages capital from outside investors.