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The Venture Codex

BlackSheep MadTech Fund

Via Manfredo Camperio 4, Milano, Lombardia, 20123, Italy

Overview

Blacksheep Ventures is the first european venture capital firm with an entrepreneurial background that invests in MadTech, namely high potential technology-based companies focused on AI, Big Data, Automation and its b2b applications for the Marketing & Advertising industry, from seed to Round B and other early stages. We believe the marketing provider of the future is a software: automated, intelligent, easy. And led by humans.

Total investments
4
Lead investments
3
Investments · 12mo
0
Active investors
5

Sector focus

  • Advertising Platforms
  • Artificial Intelligence (AI)
  • Big Data
  • CRM
  • Digital Marketing
  • Marketing Automation
  • SaaS
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Investment portfolio

  • Spoki

    Led · Seed · Jan 2025

    Spoki develops a cloud platform that centralizes and automates organizational communications across channels, primarily integrating the official WhatsApp Business API and AI agents capable of text and voice interaction. Its platform offers virtual AI assistants, message management and segmentation, integrations with CRM/e-commerce/ERP/payment systems, and workflow automation to route and classify user interactions. Founded in 2021, the company participated in acceleration programs NextAI and Innovit, which helped introduce it to the Silicon Valley ecosystem. In 2024 Spoki planned a Series A and potential corporate acquisitions as part of its growth strategy. In January 2025 it completed a €5.5 million seed round to fund AI model development and international expansion, including its Barcelona office.

  • AdTonos

    Led · Seed · Aug 2022

    AdTonos develops interactive and targeted audio advertising products, monetizing audio streams through its YoursTruly platform and offering game and podcast/broadcast ad products called Sandstorm and Twilight. The company is best known for interactive ads that let listeners take actions via Google Assistant and Amazon Alexa, launching with an Audi commercial in the UK in late 2020. Its technology supports actionable smart‑speaker ads, noninterruptive in‑game ads, and targeted podcast/broadcast advertising. AdTonos says it has achieved significant organic growth since its preseed funding was spent years ago. The startup plans to use its new seed capital to pursue a larger Series A next year, expand in the U.S., and broaden services for podcasts and mobile games. CEO Michal Marcinik highlighted investor networks in Europe and the U.S. as part of the company’s growth strategy.

  • Roibox

    Led · Seed · Aug 2022

    Roibox is described as a competitive intelligence marketplace operating in online marketing and software services. The article lists its industry tags as Competitive Intelligence, Marketplace, Online marketing, and Software Services. On 06 June 2022 Roibox raised €2M in a financing reported by the source. The reported investor is BlackSheep MadTech Fund from Italy. The USD-equivalent round value is listed as $2.11M. No operating metrics, use of proceeds, or product details beyond the industry classification are provided in the article.

  • iGenius

    Participated · Series A · Jul 2022

    iGenius, founded in 2016 by Uljan Sharka and based in Milan, uses artificial intelligence to reimagine data interaction for businesses. The company develops products designed to simplify the relationship between people and data. In July 2022 it raised €10M in a Series A+ round, bringing total capital raised to €30M. The round was led by NovaCapital with participation from the Blacksheep MadTech Fund. iGenius plans to use the funds to expand market reach and accelerate sales and marketing in Europe and the US. The company is executing its go-to-market roadmap as it scales. iGenius is a Milan-based artificial intelligence company that develops software to simplify people and data relations. Its core product, Crystal, is a data-intelligence virtual advisor customizable to work with any data source — Marketing, CRM, Sales and IoT — to analyze, interpret and make insights available via natural language. Crystal was built in collaboration with Facebook, Google and Twitter. The company currently has a team of over 50 people across four offices in Italy, the USA, the UK and Switzerland, and serves more than 20,000 brands in 20 countries across Media & Advertising, Healthcare, Energy, Sport, Finance and ICT. iGenius plans to use the $7m in angel funding to expand R&D for proprietary technology and to grow the team with over 30 hires expected in Italy and Switzerland. The company was founded by Uljan Sharka.

Team

  • Sandro Moretti

    Co-Founder & Managing Partner

    LinkedIn
  • Giovanni Strocchi

    Co-founder and Venture Partner

    LinkedIn
  • Umberto Bottesini

    Co-Founder & Managing Partner

    LinkedIn
  • Marco Caradonna

    Co-Founder & Managing Partner

    LinkedIn