Bending Spoons raises $155M in funding, valuing the Italian app development startup at $2.55 billion

Italian mobile app developer Bending Spoons said on Thursday that it has secured $155 million in its latest capital increase, thereby elevating the company’s valuation to a substantial $2.55 billion. The latest funding boost brings the company’s overall valuation now stands at a noteworthy $2.55 billion.

Bending Spoons will use the fresh influx of capital to support upcoming acquisitions, the company said on Thursday. Notable backers in this funding round encompass the likes of new investor Durable Capital Partners LP, along with participation from established investors such as Baillie Gifford, Cox Enterprises, NB Renaissance, NUO Capital, and Tamburi Investment Partner unit StarTIP, according to a report from Reuters.

This news of the funding arrives on the heels of Bending Spoons’ recent acquisition of Meetup, a prominent social event platform headquartered in New York City, boasting a vast network of 60 million members worldwide who engage in both physical gatherings and virtual events. Additionally, the company finalized the acquisition of the digital assets of Mosaic Group, a subsidiary of IAC and Meetup, in January this year.

The momentum builds upon Bending Spoons’ earlier equity investment secured in August 2023 from Baillie Gifford, Cox Enterprises, and NB Renaissance. While the exact financial details of the transaction remain undisclosed, it marks the company’s primary equity financing since its establishment a decade ago, setting the stage for potential future endeavors such as an initial public offering (IPO).

Founded in 2013 by Luca Ferrari, Francesco Patarnello, Matteo Danieli, Luca Querella, and Tomasz Greber, Bending Spoons has left a notable footprint globally, boasting an impressive track record of 500 million downloads and maintaining 100 million active users each month. Its suite of digital technology products, including Evernote, Remini, and Splice, has catered to over half a billion individuals worldwide. The recent developments promise exciting prospects for the Meetup community under its new ownership.

Over the past decade, Bending Spoons has garnered considerable attention from both institutional and private investors, counting Italian bank Intesa Sanpaolo and Hollywood actor Ryan Reynolds among its supporters. The company continues to enjoy steadfast backing from existing institutional investors such as NUO Capital and StarTIP, which falls under the umbrella of Tamburi Investment Partners.