Bending Spoons, an Italian technology company, has successfully closed a capital increase of $710 million, enhancing its valuation to an impressive $11 billion. This achievement secures its position among Europe’s most valuable startups.
Significant Investment and Acquisitions
The latest capital raise included $270 million in fresh funds, targeted at the development of artificial intelligence solutions and further acquisitions. Bending Spoons, which has previously acquired well-known brands such as Vimeo and AOL, is adapting a private equity strategy within the app industry.
During this funding round, existing shareholders sold shares totaling $440 million. Notably, Tamburi Investment Partners sold shares worth $27 million, realizing a profit of $25 million. Despite selling some shares, Tamburi remains one of the top shareholders.
Key Investors
Prominent investors in this capital increase include:
- T. Rowe Price Investment Management
- Baillie Gifford
- Cox Enterprises
- Durable Capital Partners
- Fidelity Management & Research Company
- Foxhaven Asset Management
- Radcliff
Luca Ferrari, co-founder and CEO of Bending Spoons, emphasized that this milestone is a testament to a decade of hard work. He expressed a commitment to ambitious growth plans moving forward.
Company History and Transformation
Founded in 2013 in Milan, Bending Spoons started as an app developer and quickly became a significant partner for the Apple Store. Over time, it transitioned from an in-house developer to a serial acquirer of successful apps needing revitalization, effectively positioning itself as a private equity player in the app market.
User Base and Market Reach
Today, Bending Spoons serves over one billion people, boasting more than 300 million active monthly users and approximately 10 million paying customers. These impressive figures have attracted substantial international investor interest.
Challenges Faced
Despite its successes, Bending Spoons has faced criticism for aggressive cost-cutting measures, which included significant layoffs and price increases within its services. This has raised concerns in the tech community.
As Bending Spoons moves forward, the company aims to leverage its substantial funding to innovate further and expand its portfolio in the competitive tech landscape.
