How many investments has BlackSheep Ventures made?

BlackSheep Ventures has 15 tracked investments, 1 of which have exited, including 1 dated in the last 24 months.

What stage does BlackSheep Ventures invest at?

BlackSheep Ventures invests at the Seed, Series A, Series B stages.

What sectors does BlackSheep Ventures focus on?

BlackSheep Ventures focuses on AdTech, AI & Machine Learning, Enterprise Software, Marketing Tech, SaaS.

Where is BlackSheep Ventures located?

BlackSheep Ventures is headquartered in Milan, IT.

Who does BlackSheep Ventures co-invest with?

BlackSheep Ventures most often shares deals with EUREKA! Venture, 645 Ventures, CDP Venture Capital, among 20 tracked co-investors.

BlackSheep Ventures

Venture capitaloperating company · company profile

Milan · Seed–Series B · 7 people tracked

★ Follow + Add to CRM ⤳ Find an introduction

Find your way into BlackSheep Ventures

Paths you didn't know you had: your email and LinkedIn already hold routes to the BlackSheep Ventures team. We find them for you
2nd- and 3rd-degree connections: the friend-of-a-friend routes that take hours to manually find through your inbox or LinkedIn
Answers now, not in days: momentum is everything in a raise. Skip asking around whether someone knows someone

Days of research, done the moment you sign in, with every route ranked by how warm it is.

✨ Fox Verdict

Investment thesis

BlackSheep Ventures invests exclusively in artificial intelligence companies, spanning AI-native software, machine learning infrastructure, domain-specific AI, and AI-enabled platforms. The firm emphasizes vertical and domain-specific AI—systems built for particular industries or professional sectors such as retail, marketing, finance, healthcare, legal, and supply chain—arguing these deliver higher ROI, accuracy, compliance, and defensible moats compared with general-purpose models. It also backs companies advancing European AI sovereignty, supporting AI infrastructure under regional jurisdiction that ensures GDPR compliance and strategic autonomy from non-European providers. The fund describes itself as one of the leading dedicated AI VC funds in Southern Europe and is regulated as an AIFM by the Bank of Italy.

Invests inAdTech AI & Machine Learning Enterprise Software Marketing Tech SaaS Europe Milan

Source: firm website, verified Aug 16, 2026.

Leave your own feedback

Stage

Seed–Series B

Milan, IT

Instruments

Equity

Last 12 months

1 investment

Tracked investments

Acquisitions

Team · 7 people

from the firm's website

Marcello Giordani· Partner· Atlanta Metropolitan Areain

Marcello Giordani is a Junior Partner at BlackSheep Ventures, where he focuses on scouting, executing, and managing venture capital investments. His experience includes investment analysis, negotiation, and execution, having screened over 3,000 startups and worked on more than 100 investment and divestment operations representing over €40M in investment volume.

Marco Caradonna· President & General Partner· Milan, Lombardy, Italyin

Marco Caradonna is Co-Founder and General Partner at the BlackSheep MadTech Fund at BlackSheep Ventures, where he focuses on venture capital investments in European technology companies working in MadTech, AI, and digital infrastructure. His background spans the media and European digital industries, with work in advertising, digital marketing, ROI measurement, and go-to-market strategy, including adoption of technologies such as third-party ad serving, affiliate marketing, retargeting, video advertising, and real-time bidding. His current investment work includes initiatives centered on domain-specific AI and vertical artificial intelligence applications.

Sandro Moretti· Board Member & General Partner· Milan, Lombardy, Italyin

Sandro Moretti is Co-Founder and General Partner at BlackSheep Ventures, a venture capital firm focused on MadTech startups, where he has served for over three years. He has 20 years of experience in digital marketing and advertising, and previously founded and managed a digital marketing agency in Italy.

Umberto Bottesini· CEO & General Partner· Milan, Lombardy, Italyin

Umberto Bottesini is a technology entrepreneur and investor with more than 20 years in the digital industry, having founded and exited several companies. He began his career at consulting firms including IBM and Teradata, joined the Fullsix Group (WPP) in 2005, and in 2008 co-founded and led Simple Agency, which grew into a large Italian digital marketing agency before its acquisition by Dentsu; he later held data and digital leadership roles at Amnet and the wider group. He co-founded BlackSheep Ventures and is Founder and CEO of Qreative, an investment firm focused on emerging technologies and automation, and has taught digital communication at ALMA – Università Cattolica of Milan.

Antonio Dettoli· CFO· Milan, Lombardy, Italyin

Brian O'Kelley· Advisor· Brooklyn, New Yorkin 𝕏

Brian O'Kelley is the co-founder and CEO of Scope3, a company building infrastructure for agentic advertising, and the architect of the Ad Context Protocol. He previously co-founded and led AppNexus through its $1.6B sale to AT&T in 2018, served as CTO of Right Media through its $850M acquisition by Yahoo in 2007, co-founded Waybridge, and sat on the board of LiveRamp; he holds 17 patents and was the original author of the open source Prebid Server project. O'Kelley holds a B.S.E. in Computer Science from Princeton University and lives in Brooklyn.

Gustav Mellentin· Advisor· Copenhagen, Capital Region of Denmark, Denmarkin

Founder mafia

5 people who came through BlackSheep Ventures went on to found or lead other companies.

Brian O'KelleyAdvisorFounded Scope3 +1 Umberto BottesiniCEO & General PartnerFounded BlackSheep Ventures Sandro MorettiBoard Member & General PartnerFounded BlackSheep Ventures Marco CaradonnaPresident & General PartnerFounded BlackSheep Ventures Gustav MellentinAdvisorFounded Adform

What they invest in

from 12 of 15 portfolio companies

AI & Machine Learning ×9Marketing Tech ×8SaaS ×8AdTech ×5Enterprise Software ×3E-commerce ×2Cybersecurity ×1Data & Infrastructure ×1

HQs:United Kingdom×2Italy×2Switzerland×1Latvia×1United Kingdom×1United States×1

Who they back

founder profiles across 8 portfolio companies

50%

solo founders

4 of 8 mapped founding teams

40%

repeat founders

of 10 founders with career history

Founding team size:solo founder×42 founders×33 founders×1

Where their founders worked beforefrom 10 founders with career history

Cloud Foundry Foundation ×2

Investments · 15 tracked

founders shown can be your intro path

By year:2026 · 1 2022 · 12 dated

AdTonosadtonos.com in 𝕏Aug 2022 · $2M

AdTonos provides programmatic audio advertising solutions for monetizing podcasts, radio streams, music streams, and smart speaker content through real-time ad replacement and interactive voice-based ads.

AdTechMarketing TechMedia & EntertainmentLondon, UK

Michael Marcinik(Founder)in

Co-investorsCofounderZone Curious Capital GmbH & Co. KG

Circeuscirceus.com in

An AI-native holding company that acquires and develops B2B software businesses serving the everyday economy, operating as a permanent investor and operator that applies AI to help portfolio companies compound over time.

AI & Machine LearningEnterprise SoftwareSaaS

Gian Maria Gramondi(Founder)Luca Cartechini(Founder)

Co-investors645 Ventures Avonmore Developments CDP Venture Capital EBRD Venture Capital Investment Programme Founders Factory Founders Factory NY +4 more

Connected Storiesconnected-stories.com

Connected-Stories offers an AI-agent-based platform for advertising creative operations, covering strategy, creative production, campaign activation, and optimization.

AdTechAI & Machine LearningMarketing Tech

Co-investorsEUREKA! Venture

Domyndomyn.com in 𝕏Feb 2026

Domyn offers an integrated, chip-to-frontend AI framework that lets organizations run private, air-gapped AI infrastructure with full control over their data, models, and applications.

AI & Machine LearningCybersecurityEnterprise SoftwareMilan

Uljan Sharka(Executive Officer, Director)in

Co-investorsAngel Capital Management NovaCapital Rabo Corporate Venturing

Infleadinflead.com in

Kolsquare provides an influencer marketing platform that lets brands and agencies search millions of creators by niche, socio-demographic data and compliance score, then plan, manage and measure campaigns.

AI & Machine LearningMarketing TechSaaS

Kleeckskleecks.com in 𝕏

Kleecks is a reverse proxy-based SaaS platform that uses AI and automation to optimize ecommerce and digital properties, addressing SEO, performance, and conversion challenges without requiring code changes.

AdTechAI & Machine LearningE-commerceMarketing TechSaaSLondon, GB

Marco Bezzi(Founder & CPO)Marco Baricevic(Founder & CTO)in Alex Giorgi(Founder & CIO)in

Co-investorsAxon Partners Group EUREKA! Venture

Nexoyanexoya.com in 𝕏

nexoya builds an AI and machine learning platform for marketers that aggregates and normalizes marketing data to surface insights, predict how KPIs and campaigns will evolve, and recommend ways to improve campaign performance and ROI.

AI & Machine LearningMarketing TechSaaSZürich, CH

Manuel Dietrich(Founder)in Marco Hochstrasser(Founder)in

Co-investorsEUREKA! Venture SICTIC

Qapla'qapla.it

Qapla' provides shipment tracking and post-shipping communication tools for eCommerce businesses, covering delivery monitoring across multiple couriers and related logistics data.

E-commerceLogistics & Supply ChainSaaS

Roberto Fumarola(Founder)in

Co-investorsCDP Venture Capital

Roiboxroibox.com in 𝕏Acquired

Roibox is a PPC analytics platform that enables advertisers to analyze campaign performance at granular geographic levels to improve return on ad spend.

AdTechData & InfrastructureMarketing TechSaaS

Edvarts Gaigals(Founder)in Krisjanis Berzs(Founder)in

Co-investorsEUREKA! Venture

SCIBIDSscibids.com in 𝕏

Scibids offers AI-powered optimization for programmatic advertising campaigns, enabling brands to automate bidding strategies and achieve custom performance metrics.

AdTechAI & Machine LearningMarketing Tech

Co-investorsEUREKA! Venture Iris Capital

Shop Circleshopcircle.co in 𝕏

Shop Circle is a holding company that acquires and modernizes B2B enterprise software businesses, applying AI to operate and grow the companies it owns.

AI & Machine LearningEnterprise SoftwareSaaSLondon, GB

Gian Maria Gramondi(Founder)in

Co-investors3VC 645 Ventures CDP Venture Capital EUREKA! Venture First Check Ventures Primo Ventures +4 more

SPOKIspoki.com in 𝕏

Spoki is an Italian Customer Experience Management platform built on Meta's official WhatsApp Business API, unifying AI chatbots, marketing automation, broadcasts, conversational CRM and Voice AI in one inbox across WhatsApp, Voice, SMS and email.

AI & Machine LearningMarketing TechSaaS

Co-investorsEUREKA! Venture CDP Venture Capital

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

AnonymisedPrincipled IntelligenceStreamwise

Portfolio news

latest coverage across their companies

Circeus extends acquisition spree with Dondy, scaling AI agents to turn conversations into revenue — TFN

Circeus · techfundingnews.com · Jul 22, 2026

Frequently asked questions

How many investments has BlackSheep Ventures made?: BlackSheep Ventures has 15 tracked investments, 1 of which have exited, including 1 dated in the last 24 months.
What stage does BlackSheep Ventures invest at?: BlackSheep Ventures invests at the Seed, Series A, Series B stages.
What sectors does BlackSheep Ventures focus on?: BlackSheep Ventures focuses on AdTech, AI & Machine Learning, Enterprise Software, Marketing Tech, SaaS.
Where is BlackSheep Ventures located?: BlackSheep Ventures is headquartered in Milan, IT.
Who does BlackSheep Ventures co-invest with?: BlackSheep Ventures most often shares deals with EUREKA! Venture, 645 Ventures, CDP Venture Capital, among 20 tracked co-investors.

Images

Similar investors

Norwest Venture Partners

Norwest is a venture capital and growth equity investment firm that has backed over 700 companies across technology, consumer, and healthcare over its 65-year history.

$10M – $30M

Sozo Ventures

Sozo Ventures is a venture capital firm that invests in technology-enabled companies and supports their global expansion, particularly into markets such as Japan.

Adelie

Adelie is a multi-stage technology investment firm based in Paris and London, backing fast-growing European tech companies since 2008.

$2.2M – $10.8M

BDev Ventures

BDev Ventures is a venture capital firm that partners with capital-efficient B2B software companies across the US and Latin America, providing capital alongside go-to-market tools and a proprietary lead generation platform (WinDifferent).

$200K – $500K

Lakson Venture Capital (LVC)

Lakson Venture Capital Fund (LVCF) is a Pakistan-focused fund that invests in early and growth-stage technology companies across most economic sectors, backed by Lakson Investments and the Lakson Group.