BlackSheep Ventures Holds First Close of MadTech Fund, at €40M

BlackSheep Ventures

BlackSheep Ventures, a Milan, Italy-based investment firm, has launched a fund specialized in MadTech (Marketing and Advertising Technologies).

BlackSheep Fund has held the first closing at nearly €40m and will now go towards the target of €70m with a hard cap at €100m.

LPs include CDP Venture Capital SGR, which participated through its own fund of funds FoF VenturItaly, and the fund co-invested by the Italian Ministry of Economic Development (MiSE), managed by CDP Venture Capital SGR, as well as leading companies in Marketing in Italy and Europe.

The fund will invest in high potential SaaS (Software as a Service) companies operating in Identity Resolution, Big Data, Process Automation, and Artificial Intelligence applied to Marketing. It will mainly invests in companies at Series A and B round stage that are now in need of resources to boost growth and to reach full international scale. For a qualified minority stake, the fund provides portfolio companies with financial resources to develop a shared growth plan, as well as skills, management experience and business relations to help them grow further.

BlackSheep is managed by EUREKA! Venture SGR, with Sandro Moretti being co-opted in the Board of Directors of the asset management firm. An Investment Committee was also created with all members including Moretti, Umberto Bottesini, Marco Caradonna and Giovanni Strocchi.