The four co-founders of Bending Spoons have recently entered the billionaire club. CEO Luca Ferrari’s share in the Milan-based tech conglomerate is now valued at $1.4 billion, while co-founders Matteo Danieli, Luca Querella, and Francesco Patarnello each hold stakes worth $1.3 billion, as per Forbes estimates based on shareholder data from the Italian Business Register.
Bending Spoons recently secured $270 million in its latest funding round from investors like T. Rowe Price and previous supporters Baillie Gifford, Cox Enterprises, Durable Capital Partners, and Fidelity. Additionally, there was a $440 million secondary share sale by existing shareholders. It remains uncertain whether any of the co-founders participated in the secondary transaction. The company has chosen not to comment on the stakes held by its co-founders.
Despite its intriguing name, Bending Spoons has managed to maintain a low profile. The company, established 12 years ago, usually garners attention only when it adds another well-known brand to its expanding portfolio. Most recently, Bending Spoons made headlines by agreeing to acquire AOL for an undisclosed sum.
However, Bending Spoons is not your typical private equity firm or financial investment entity. Its primary focus lies in acquiring underperforming yet popular tech brands and revamping them to better serve millions of users. The company often makes waves when it restructures these acquired businesses, frequently involving significant layoffs or making controversial alterations to beloved products, such as with Evernote and WeTransfer.
Despite its significant impact on the tech industry, Bending Spoons itself remains relatively unknown. Nevertheless, its range of products has catered to over a billion individuals, boasting more than 300 million monthly active users and 10 million paying customers. Let’s delve into the details of this company reshaping some of the internet’s most recognizable brands.
