Bending Spoons Raises $710M, Joins Europe’s Elite Startups at $11B Valuation
Bending Spoons, an Italian technology company, has successfully raised $710 million, significantly boosting its valuation to $11 billion. This financial milestone places it among Europe’s most valuable startups. The capital increase comprised $270 million in fresh funds, with additional stock sales amounting to $440 million sold to notable investors including T. Rowe Price and Durable Capital.
Key Investors and Participation
The recent fundraising round attracted several major U.S.-based investment firms:
- T. Rowe Price Investment Management
- Baillie Gifford
- Cox Enterprises
- Durable Capital Partners
- Fidelity Management & Research
- Foxhaven Asset Management
- Radcliff
Luca Ferrari, co-founder and CEO of Bending Spoons, expressed pride in this accomplishment, emphasizing it as a recognition of their decade of effort. He also highlighted their ambitious plans for growth and investment in artificial intelligence and further acquisitions.
Company Background and Strategy
Bending Spoons was founded in Milan in 2013. Initially focused on app development, the company has evolved into a major player in the app acquisition space, buying successful applications requiring revitalization. Over recent years, it acquired several notable apps, including Vimeo, Evernote, and AOL.
Growth Metrics
Currently, Bending Spoons serves over one billion users worldwide. It boasts more than 300 million monthly active users and around 10 million paying customers. This impressive user base has helped attract interest from various international investors.
Controversies and Challenges
Despite its successes, Bending Spoons has faced criticism relating to aggressive cost-cutting initiatives, including significant layoffs and price increases. These strategies have raised eyebrows within the tech community and among app developers.
As Bending Spoons continues its upward trajectory, its commitment to innovation and strategic acquisitions indicates that it remains a formidable entity in the competitive technology landscape of Europe.
