BlackSheep Ventures

BlackSheep Ventures is a Milan, Italy-based European venture capital fund founded in 2020, dedicated exclusively to Vertical AI, Sovereign AI, and AI-native software. The firm is a regulated Alternative Investment Fund Manager (AIFM) and backs outlier founders building domain-specific AI companies that bring artificial intelligence capabilities into defined industry verticals rather than competing as horizontal AI platforms. BlackSheep leads rounds at Series A and B stages, writing checks typically between $3 million and $20 million. Across two funds, BlackSheep has made 12 investments, achieving 3 exits and backing 1 unicorn. The portfolio reflects the firm's conviction that the most durable AI companies will be those that own a specific vertical with deep workflow integration and proprietary data advantages — rather than those building general-purpose models or broad platforms. The firm's Sovereign AI thesis also reflects a distinctly European perspective on the need for AI capabilities that operate within regional data sovereignty and regulatory frameworks. BlackSheep Ventures represents the growing maturity of European AI investment, moving beyond early-stage seed bets into the growth capital required to scale vertical AI companies into enterprise customers. By positioning as a specialist in domain-specific and sovereignty-aligned AI, the firm differentiates from generalist European technology funds and US-focused AI investors. Its Milan base and AIFM registration make it well positioned to engage with the broader European institutional investor community while sourcing deals across the continent's emerging AI founder ecosystem.