Italian Startup’s $11B Valuation Elevates Bending Spoons Cofounders to Billionaire Status
Italian startup Bending Spoons has gained a remarkable valuation of over $11 billion following a significant funding round. Founded by Luca Ferrari and his three cofounders, the company has evolved substantially since its inception in 2014.
Bending Spoons’ Growth Journey
The journey began in 2014 when Ferrari acquired his first app for $10,000. His vision was to transform the app marketplace, and a decade later, he stands as a key player in the tech industry.
Recent Funding and Valuation Milestone
Recently, Bending Spoons secured $270 million from investors, including T. Rowe Price and existing stakeholders such as Baillie Gifford and Fidelity. The funding led to an impressive valuation, elevating Ferrari’s stake to approximately $1.4 billion. His cofounders, Matteo Danieli, Luca Querella, and Francesco Patarnello, each hold stakes valued at $1.3 billion.
Strategic Acquisitions
Bending Spoons has become one of Italy’s leading private companies, notable for its strategic acquisitions. Some recent deals include:
- Acquisition of video hosting tool Brightcove.
- Purchase of the fitness app Komoot.
- $1.38 billion takeover of Nasdaq-listed Vimeo.
- Recent acquisition of AOL from Apollo.
These moves have significantly expanded the company’s portfolio and presence in the tech landscape.
Financial Growth and Revenue Projections
Bending Spoons has projected $1.2 billion in revenue for the year, showcasing its consistent financial growth. The company has adopted a strategy of acquiring apps and products with established revenue, even if their growth had stalled.
Bending Spoons’ Unique Business Model
The company differentiates itself by utilizing debt to empower acquisitions, combining elements from both traditional buyout firms and software consolidators. Early investor Peter Singlehurst praised their ability to effectively grow digital applications profitably.
Impact on the Italian Startup Ecosystem
This valuation positions Bending Spoons as a leader among Italy’s nascent startup ecosystem, where few companies have achieved similar accolades. Notable unicorns from Italy include:
- Satispay (payments provider)
- Scalapay (lender)
- Prima (insurance company)
If listed, Bending Spoons would rank among the most significant companies on the Milan Stock Exchange.
Future Prospects
The founders of Bending Spoons remain focused on their strategy while continuing to expand their investment in technology and artificial intelligence. As the landscape evolves, the startup’s innovative approach is set to lead to further growth and potential future successes.
