BlackSheep Ventures
Milan-based venture capital firm investing Seed to Series B in European AI-native and MadTech companies, managed by a Bank of Italy-supervised AIFM.
BlackSheep Ventures is a venture capital platform based in Milan that invests in European technology companies from Seed to Series B. Its investment focus is on founders building AI-native platforms that automate significant workflows in data-intensive industries - a category the firm describes as domain-specific or vertical AI, in which software embeds intelligence into defined industry processes rather than serving as general-purpose tooling. Related areas of interest include workflow automation, big data and analytics, sovereign AI, and digital infrastructure.
The platform operates two funds. BlackSheep I targeted MadTech - marketing technology, digital infrastructure, and data-driven marketing - and is now closed to new investments. BlackSheep II is focused on domain-specific and vertical AI. The funds are managed by BlackSheep SGR S.p.A., an Alternative Investment Fund Manager authorized and supervised by the Bank of Italy, which places the firm within Italy's regulated asset-management framework.
The team is founder-led, with members who have founded, scaled, and exited businesses themselves. That experience informs a hands-on model of portfolio support: active board participation, operational guidance, commercial introductions, and access to an entrepreneurial network. The firm positions itself as backing technology founders, combining capital with sector knowledge in MadTech and applied AI across the European market.