BENDING SPOONS RAISES US$710 MLN IN FRESH FUNDING

KUALA LUMPUR, Nov 3 (Bernama) -- Bending Spoons, one of Europe’s leading technology companies, has raised US$710 million in equity at a pre-money valuation of US$11 billion. (US$1=RM4.17)

The funding round was led by accounts advised by T. Rowe Price Investment Management Inc, with participation from Baillie Gifford, Cox Enterprises, Durable Capital Partners, Fidelity Management & Research Company, Foxhaven Asset Management and Radcliff, among others.

Bending Spoons co-founder and chief executive officer, Luca Ferrari said the milestone reflected a decade of effort and marked an important recognition of the company’s progress.

“This moment is a validation of a decade’s worth of work and recognition of what we have accomplished so far. We remain early in our journey and have ambitious plans for continued investment and growth,” he said in a statement.

Ferrari added that the company is proud to welcome some of the world’s most respected investors who share its long-term vision for value creation and growth opportunities.

The round comprises US$270 million in primary capital and US$440 million in secondary capital. In addition, Bending Spoons recently secured a US$2.8 billion debt package from a consortium of global banks.

The company plans to use the funds to enhance its proprietary technologies and artificial intelligence capabilities, as well as to pursue acquisitions that expand its portfolio of consumer and enterprise digital products.

In the past two months, Bending Spoons has entered into agreements to acquire AOL and Vimeo, subject to customary closing conditions and regulatory approvals, including approval by Vimeo stockholders.

Goldman Sachs International acted as the sole placement agent, while Clifford Chance served as legal advisor and ZNR Notai provided notarial advisory services for the transaction.

-- BERNAMA