"The valuations come on the heels of Bending Spoons' latest funding round: $270 million from investors including T. Rowe Price and earlier backers Baillie Gifford, Cox Enterprises, Durable Capital Partners, and Fidelity, plus a $440 million secondary share sale by existing shareholders. It's unclear whether any of the cofounders sold stock in the secondary transaction. Bending Spoons has declined to comment on its cofounders' stakes."
"But Bending Spoons isn't a traditional private equity firm or a pure financial investment vehicle. Its focus is on acquiring underperforming but popular tech brands, then transforming them to serve millions of users more efficiently. The company tends to make news when it restructures these acquired companies, often through significant layoffs, or makes controversial changes to beloved products - or both in the case of Evernote and WeTransfer."
Bending Spoons' cofounders now hold stakes valued at about $1.3–$1.4 billion apiece following a financing event and a large secondary share sale. The company raised $270 million from investors including T. Rowe Price, Baillie Gifford, Cox Enterprises, Durable Capital Partners, and Fidelity, alongside a $440 million secondary transaction. The Milan-based firm acquires underperforming but popular tech brands and restructures them to improve efficiency, often implementing significant layoffs and product changes. The company has operated for 12 years, agreed to acquire AOL, and its products have reached over a billion people with 300 million monthly active users and 10 million paying customers.
Read at TechCrunch
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