Bending Spoons has announced the completion of a $710m equity funding round, bringing the pre-money valuation of the Italian technology conglomerate to $11bn.
The financing was led by accounts advised by T. Rowe Price Investment Management. Other participants in the round include Baillie Gifford, Durable Capital Partners, Cox Enterprises, Fidelity Management & Research Company, Radcliff, and Foxhaven Asset Management.
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Goldman Sachs International served as the sole placement agent for the transaction, with Clifford Chance providing legal advice and ZNR Notai offering notarial services.
Bending Spoons stated that the fresh capital will be allocated towards advancing its proprietary technology stack, scaling its AI infrastructure, and executing acquisitions to expand its range of consumer and enterprise digital solutions.
Of the total funds raised, $270m is primary capital while $440m is secondary.
This equity round follows Bending Spoons’ recent agreement on a $2.8bn debt facility arranged through global banks.
Bending Spoons co-founder and CEO Luca Ferrari said: “This moment is a validation of a decade’s worth of work and it serves as an important recognition of what we’ve accomplished at Bending Spoons so far. We remain early in our journey and have ambitious plans for continued investment and growth
“We’re proud to bring on some of the world’s finest investors who believe in our approach to value creation and future opportunity set.”
Bending Spoons has recently signed agreements to acquire AOL and Vimeo. Both transactions remain subject to customary closing conditions and regulatory clearance.
The Vimeo acquisition also requires approval from its shareholders.
Bending Spoons’ portfolio includes Brightcove, Evernote, komoot, Meetup, Remini, StreamYard, and WeTransfer.
Its digital products currently serve over one billion individuals globally, with more than 300 million monthly active users and ten million paying customers.
