Performance
Fund I
Dashboard
4 years of execution. 14 companies backed. 3 exits.
A track record placing BlackSheep I above the top global decile of VC funds of the same vintage year.
01
Key Figures
BlackSheep I — MadTech Fund · Data as of Q2 2026
Deployed Capital
€33.9M
€33,864,232 deployed
26 operations total
26 operations total
Investments
14
Portfolio companies
26 total operations
26 total operations
Avg Check
€2.4M
€2,418,874 per operation
across 26 transactions
across 26 transactions
IRR
21%
Internal Rate of Return
since first investment Jan 2022
since first investment Jan 2022
TVPI
1.67×
Total Value to Paid-In
realised + unrealised
realised + unrealised
DPI
0.21×
Capital returned to LPs
to date
to date
02
Benchmark Position
Carta · Vintage 2022 · 2,900+ funds · Q4 2025
90th percentile
Above the 90th percentile of VC funds of the same vintage year. Sample sourced from Carta VC Fund Performance benchmark, Q4 2025, covering over 2,900 funds globally.
PitchBook · Global VC Benchmarks
Top decile
Performance validated against PitchBook Global VC Benchmarks. Fund metrics place BlackSheep I in the top decile for the 2022 vintage cohort across European early-stage VC.
03
Deployment
Fund I · Quarterly deployment · n = 26 operations
Quarterly Deployment
| Q4 2021 | 1 op. | €532K | |
| Q1 2022 | 1 op. | €2.0M | |
| Q2 2022 | 1 op. | €1.2M | |
| Q3 2022 | 3 op. | €6.2M | |
| Q1 2023 | 1 op. | €1.6M | |
| Q2 2023 | 4 op. | €8.9M | |
| Q3 2023 | 2 op. | €3.0M | |
| Q1 2024 | 1 op. | €834K | |
| Q2 2024 | 2 op. | €1.5M | |
| Q3 2024 | 1 op. | €2.5M | |
| Q4 2024 | 1 op. | €750K | |
| Q1 2025 | 1 op. | €1.5M | |
| Q2 2025 | 2 op. | €1.3M | |
| Q3 2025 | 2 op. | €618K | |
| Q4 2025 | 1 op. | €750K | |
| Q1 2026 | 1 op. | €481K | |
| Q2 2026 | 1 op. | €225K |
Sector Allocation · Fund I
AI
7 50%
Data · Analytics
5 36%
Commerce
2 14%
Top Locations
57%
14%
7%
7%
7%
7%
04
Realised Exits
| Company | Sector | Acquirer | Year | Status |
|---|---|---|---|---|
Scibids AI-powered programmatic bidding |
AI · AdTech | DoubleVerify (Nasdaq: DV) | 2023 | Exit — Acquired |
Roibox Geospatial Media Intelligence |
AI · AdTech | Jakala | 2024 | Exit — Acquired |
Inflead Influencer marketing intelligence |
Automation · MarTech | team.blue | 2025 | Exit — Acquired |
Important notice. The information on this page is for informational purposes only and does not constitute an offer to sell or a solicitation to buy interests in any fund managed by BlackSheep SGR S.p.A. Past performance is not indicative of future results. IRR, TVPI and DPI figures are based on internal calculations as at Q1 2026 and have not been independently verified. Benchmark data sourced from Carta (Q4 2025, 2,900+ funds) and PitchBook Global VC Benchmarks. BlackSheep SGR S.p.A. is authorised and supervised by the Bank of Italy as an Alternative Investment Fund Manager (AIFM) pursuant to Directive 2011/61/EU, registered in the SGR Register no. 220 and EuVECA Managers Register no. 27.