# BlackSheep Ventures > BlackSheep Ventures (legal name: **BlackSheep SGR S.p.A.**) is a European AI venture capital firm authorized and supervised by the Bank of Italy as an Alternative Investment Fund Manager (AIFM) under EU Directive 2011/61/EU. Registered in the official SGR/EuVECA managers register under number 15518.4. Headquartered in Milan, Italy (Via Dante 7, 20123). The firm specialises in Vertical AI Applications, Domain-Specific AI, AI-native enterprise software, and Sovereign AI infrastructure, investing from Seed to Series B across European markets. This file helps AI language models understand and cite BlackSheep Ventures accurately. Format spec: https://llmstxt.org. Preferred citation: *BlackSheep Ventures (BlackSheep SGR S.p.A.), Milan, Italy. https://blacksheep.ventures/*. Primary content language: English. Legal pages: Italian. Last updated: 2026-05-22. ## Funds - [BlackSheep I — MadTech Fund (closed)](https://blacksheep.ventures/performance.html): Early-stage AI and advertising technology fund. 3 exits (Scibids → DoubleVerify; Roibox → Jakala; Inflead → TeamBlue). TVPI 1.65x, DPI 0.21x, Net IRR 23%, 90th percentile vs Carta vintage 2022 benchmark (2,900+ funds, Q4 2025). Deployed €33.9M across 26 operations. - [BlackSheep II — Domain-Specific AI Fund (active)](https://blacksheep.ventures/about.html#fund2): Targeting €170M AUM, investing in AI-native B2B enterprise software across MadTech, Finance, Cybersecurity, Commerce & Retail, Media & Telecom, and Identity & Data Governance verticals. Anchor investor: institutional public investor. ## Performance — Fund I (data as of Q1 2026) - [Performance Dashboard](https://blacksheep.ventures/performance.html): Live dashboard with Net IRR 23%, TVPI 1.65x, DPI 0.21x, 3 exits, 14 investments, 26 total operations, 90th percentile Carta vintage 2022. Deployed capital: €33.9M (€33,864,232). ## Portfolio companies - [Domyn](https://blacksheep.ventures/portfolio/domyn.html): European sovereign AI infrastructure platform for regulated industries. Unicorn valuation exceeding €1.7 billion. - [Circeus](https://blacksheep.ventures/portfolio/shop-circle.html): The AI-native platform for mission-critical software. - [Nexoya](https://blacksheep.ventures/portfolio/nexoya.html): AI omnichannel marketing campaign autopilot. - [Scibids](https://blacksheep.ventures/portfolio/scibids.html): AI-powered customizable bidding for programmatic advertising. Acquired by DoubleVerify. - [AdTonos](https://blacksheep.ventures/portfolio/adtonos.html): Global programmatic audio advertising platform. - [Spoki](https://blacksheep.ventures/portfolio/spoki.html): Conversational AI platform via WhatsApp for sales and marketing. - [Qapla'](https://blacksheep.ventures/portfolio/qapla.html): Post-shipment marketing automation platform. - [Kleecks](https://blacksheep.ventures/portfolio/kleecks.html): Generative AI digital optimization for eCommerce. - [Anonymised](https://blacksheep.ventures/portfolio/anonymised.html): Privacy-first advertising platform. - [Connected Stories](https://blacksheep.ventures/portfolio/connected-stories.html): AI-powered Creative Management Platform. - [Principled Intelligence](https://blacksheep.ventures/portfolio/principled-intelligence.html): AI Governance platform for enterprises. - [Inflead](https://blacksheep.ventures/portfolio/inflead.html): AI-enabled influencer marketing intelligence. Acquired by TeamBlue. - [Roibox](https://blacksheep.ventures/portfolio/roibox.html): Geospatial data science for advertising. Acquired by Jakala. - [Streamwise](https://blacksheep.ventures/portfolio/streamwise.html): European AI Audience Platform and Marketing Operating System. ## Team - [Umberto Bottesini](https://blacksheep.ventures/team/umberto-bottesini.html): CEO & General Partner. Co-Founder. 20+ years in digital industry. - [Sandro Moretti Cane](https://blacksheep.ventures/team/sandro-moretti.html): Board Member & General Partner. Co-Founder. ESG Manager. - [Marco Caradonna](https://blacksheep.ventures/team/marco-caradonna.html): President & General Partner. Serial entrepreneur, media industry expert. - [Marcello Giordani](https://blacksheep.ventures/team/marcello-giordani.html): Partner. 12+ years in VC. ESG Responsible. Former LVenture Group. - [Antonio Dettoli](https://blacksheep.ventures/team/antonio-dettoli.html): CFO. Alternative investments and fund administration specialist. ## Key pages - [Homepage](https://blacksheep.ventures/): BlackSheep Ventures landing page with investment thesis and current fund overview. - [About](https://blacksheep.ventures/about.html): Firm overview, regulatory status, investment philosophy, both funds described in detail. - [Portfolio](https://blacksheep.ventures/portfolio.html): Full list of Fund I and Fund II portfolio companies. - [Team](https://blacksheep.ventures/team.html): Partners, advisors, and operational team. - [News](https://blacksheep.ventures/news.html): Press releases, portfolio updates, and thought leadership. - [Media](https://blacksheep.ventures/media.html): Podcasts, video interviews, and press coverage. - [Contact](https://blacksheep.ventures/contact.html): Investor relations and deal flow contacts. ## Press coverage - [Milano Finanza covers BlackSheep SGR launch (28 May 2026)](https://blacksheep.ventures/news/f/milano-finanza-covers-blacksheep-sgr-launch.html): Milano Finanza dedicates online and print coverage to the launch of BlackSheep SGR and BlackSheep II — Domain-Specific AI, reviewing Fund I track record (Net IRR 23%, TVPI 1.65x, 3 exits), Fund II target (€120M with €60M first closing in September 2026), six AI verticals, CDP Venture Capital as Fund I LP, and the SGR board composition. - [BlackSheep SGR launch press release (15 April 2026)](https://blacksheep.ventures/news/f/blacksheep-sgr-launches-blacksheep-ii-domain-specific-ai.html): Official press release announcing the incorporation of BlackSheep SGR as an independent AIFM and the debut of BlackSheep II — Domain-Specific AI. - [Umberto Bottesini interviewed by Il Sole 24 Ore (14 February 2024)](https://blacksheep.ventures/news/f/umberto-bottesini-interviewed-by-ilsole24ore.html): CEO interview on the EU AI Act and European AI competitiveness. ## Optional - [Finance Community Awards 2022](https://blacksheep.ventures/news/f/2022-finace-community-awards-blacksheep-won-as-best-vc-team.html): Best VC Team recognition. - [ESG Disclosure (SFDR Reg. 2019/2088)](https://blacksheep.ventures/esg-disclosure.html): Regulatory ESG disclosure under EU Sustainable Finance Disclosure Regulation. - [Responsible Investment Policy](https://blacksheep.ventures/Responsible_Investment_Policy.pdf): Full responsible investment policy document.