BlackSheep SGR
BlackSheep SGR is a Milan-based, Bank of Italy-authorized venture capital manager specialized in vertical AI, AI-marketing and MadTech; founders Umberto Bottesini, Sandro Moretti and Marco Caradonna spun the manager out of Eureka! Venture SGR in December 2025, taking over the BlackSheep MadTech Fund they had run since 2019.
Key facts
Coverage notes
1 fund tracked, 14 portfolio companies (11 active · 3 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
14 companiesFunds & portfolio
Every fund BlackSheep SGR has raised, with its portfolio companies. Hand-checked from public filings.
BlackSheep MadTech FundVCHarvesting2019 · 7yr€50M11 active · 3 realized
Unrealized
11 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| AdTech |  United Kingdom | 2022 | |
| AdTech | United Kingdom | 2022 | |
| Software | United Kingdom | 2023 | |
| AdTech |  United States | 2022 | |
| AI/ML |  Italy | 2022 | |
| SaaS | United Kingdom | 2024 | |
| AdTech |  Switzerland | 2023 | |
| AI/ML | Italy | 2025 | |
| Logistics | Italy | 2023 | |
| SaaS | Italy | 2025 | |
| AdTech | Italy | 2023 |
United Kingdom· Entry 2022United Kingdom· Entry 2022United Kingdom· Entry 2023United States· Entry 2022Italy· Entry 2022United Kingdom· Entry 2024Switzerland· Entry 2023Italy· Entry 2025Italy· Entry 2023Italy· Entry 2025Italy· Entry 2023Realized
3 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| AdTech | Italy | 2023 | 2025 | Trade Sale | – | ||
| AdTech | Latvia | 2022 | 2023 | Trade Sale | – | ||
| AdTech |  France | 2022 | 2023 | Trade Sale | – |
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