BlackSheep Ventures
- Company typePrivate
- Founded2021
- HeadquartersMilano, Italy
- Headcount11–50
- GTM typeB2B
- OfferingServices
BlackSheep Ventures firmographics
Firmographics- Name
- BlackSheep Ventures
- Legal name
- BlackSheep SGR S.p.A.
- Website
- https://blacksheep.ventures
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Ownership category
- akta.pro rank
BlackSheep Ventures industry classification
Industry- Product category
- Venture Capital & Private Equity
- NAICS
- Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)
Keywords
Where BlackSheep Ventures is headquartered
LocationHeadquarters
- HQ city
- Milano
- HQ country
- Italy
- HQ region
- Europe
Offices1 record
Markets served
BlackSheep Ventures business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Management Fees: BlackSheep Ventures generates revenue through management fees charged on assets under management across its regulated AIFM platform (BlackSheep SGR S.p.A.), authorized by the Bank of Italy.
- Carried Interest: The firm earns carried interest (performance fees) on fund returns above the preferred return threshold, aligning incentives between the GP and LP investors.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Fund I - MadTech Fund closed at €50M |
| Subscription | Annual | Fund II - Domain-Specific AI targeting €120M |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels7 records
BlackSheep Ventures product offering
Product offeringCore offering
BlackSheep Ventures is a Milan-based venture capital firm (BlackSheep SGR S.p.A.) operating a two-fund investment platform that provides equity capital, operational support, and board participation to European AI-native B2B software companies from Seed to Series B. Fund I — MadTech Fund (€50M, closed) targets marketing technology and digital infrastructure, while Fund II — Domain-Specific AI (€120M target) invests in vertical AI platforms across six data-intensive industries including Finance, Cybersecurity, Identity/Privacy/Data Governance, Commerce/Retail, Media/Telco, and MadTech.
Product overview
BlackSheep Ventures operates as a dual-fund venture capital platform managed by BlackSheep SGR S.p.A. Fund I (MadTech Fund, €50M, closed) focuses on marketing technology, programmatic advertising, and data-driven marketing companies with three exits delivered. Fund II (Domain-Specific AI, targeting €170M AUM) invests in vertical AI platforms across six sectors. The portfolio comprises 14+ companies spanning AI-powered advertising optimization (Scibids, Nexoya), conversational AI (Spoki), creative automation (Connected Stories), eCommerce infrastructure (Shop Circle, Qapla', Kleecks), audio advertising (AdTonos), influencer marketing (Inflead), geospatial intelligence (Roibox), privacy-compliant data (Anonymised), AI governance (Principled Intelligence), and sovereign AI infrastructure (Domyn).
Differentiator
Problem solved
Functional benefit
Brands
- BlackSheep I — MadTech Fund: First fund focusing on marketing technology and digital infrastructure, achieving 3 exits and 1 unicorn status with €50M AUM.
- BlackSheep II — Domain-Specific AI
Products and services
- BlackSheep I — MadTech Fund Venture capital fund focused on marketing technology and digital infrastructure, investing in European leaders in programmatic advertising, retail media, and data-driven marketing. Delivered a strong track record with three realized exits (Scibids to DoubleVerify, Roibox to Jakala, Inflead to team.blue) and one unicorn (Domyn), achieving 21% Net IRR and 1.65x TVPI.
- BlackSheep II — Domain-Specific AI Venture capital fund investing in the next generation of vertical AI software companies — platforms that embed intelligence into specific industry workflows across six verticals: Finance, Cybersecurity, Identity/Privacy/Data Governance, Commerce/Retail, Media/Telco, and MadTech. Targets €120M with first closing of ~€60M in September 2026 and total AUM ambition of €170M across both funds.
Quantifiable outcome
- 3 realized exits (Scibids to DoubleVerify/Nasdaq:DV, Roibox to Jakala, Inflead to team.blue)
- +4 more outcomes
Companies that use BlackSheep Ventures
Customer profileNamed customers9 records
Segments5 records
Ideal customer profiles2 records
BlackSheep Ventures technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
BlackSheep Ventures partnerships and signals
Strategic signalScale indicators12 records
Recent moves7 records
Expansion highlights6 records
BlackSheep Ventures competitors and assessment
Company assessmentMarket position
Competitive moat5 records
Key highlights7 records
Customer concentration
BlackSheep Ventures social profiles
Digital presenceBlackSheep Ventures compliance and trust
Trust signalCompliance2 records
BlackSheep Ventures financial estimates
Financial estimateRevenue estimate
Valuation estimate
BlackSheep Ventures leadership team
Management profileNumber of profiles
Profiles6 records
BlackSheep Ventures funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
BlackSheep Ventures M&A and investment
M&A and investmentM&A
Investments16 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about BlackSheep Ventures
What does BlackSheep Ventures do?
BlackSheep Ventures is a Milan-based venture capital firm (BlackSheep SGR S.p.A.) operating a two-fund investment platform that provides equity capital, operational support, and board participation to European AI-native B2B software companies from Seed to Series B. Fund I — MadTech Fund (€50M, closed) targets marketing technology and digital infrastructure, while Fund II — Domain-Specific AI (€120M target) invests in vertical AI platforms across six data-intensive industries including Finance, Cybersecurity, Identity/Privacy/Data Governance, Commerce/Retail, Media/Telco, and MadTech.
Is BlackSheep Ventures a public or private company?
BlackSheep Ventures is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was BlackSheep Ventures founded?
BlackSheep Ventures was founded in 2021. It employs 11 to 50 people.
Where is BlackSheep Ventures based?
BlackSheep Ventures is headquartered in Milano, Italy, in the Europe region.
How does BlackSheep Ventures make money?
Two revenue lines are on record. Management Fees are the primary driver. The others are carried Interest.
Does BlackSheep Ventures have an API?
No public API is recorded for BlackSheep Ventures.
What industry is BlackSheep Ventures in?
BlackSheep Ventures's product category is Venture Capital & Private Equity. Its primary akta.pro industry code is FSANAAAD, Sector-Focused Venture Capital (Vertical Specialists). Its NAICS code is 523940 and its SIC code is 6282.