Copyright indiatimes
Bending Spoons has raised $710 million in a funding round which gave the company a pre-money valuation of $11 billion, the Italian tech group said in a statement on Thursday. Milan-based Bending Spoons has emerged as one of Europe's most prominent technology firms, with a strategy of purchasing struggling tech companies and revamping them. The valuation marks a steep increase on the figure of $2.55 billion after a capital raising in February 2024. On Wednesday, Bending Spoons announced a deal to buy AOL from Yahoo, the latest in a string of acquisitions, including video service platform Vimeo, file-sharing service WeTransfer, note-taking tool Evernote and photo editor Remini. The fresh equity, along with debt financing, will support its plans for further acquisitions and increased investment in proprietary technologies, artificial intelligence, and its existing product portfolio, the company said. It was led by accounts advised by T. Rowe Price Investment Management, Inc., and backed by investors including Baillie Gifford, Cox Enterprises and Durable Capital Partners. Goldman Sachs International acted as sole placement agent, while Clifford Chance served as legal adviser. Bankers see the firm as a candidate for an initial public offering (IPO) in the US.
