Bending Spoons, a Milan-based tech conglomerate, has seen its four cofounders become billionaires following the latest funding round that raised $270 million. CEO Luca Ferrari’s stake is now reportedly worth $1.4 billion, with the other cofounders’ stakes each estimated at $1.3 billion. The company focuses on acquiring underperforming tech brands and transforming them to serve millions more efficiently, with a portfolio that has served over a billion people. Despite their success, Bending Spoons has managed to stay under the radar, making headlines only when acquiring recognizable brands like AOL.

Founded out of the remains of Evertale, Bending Spoons started by building their own apps before shifting focus to acquiring and transforming digital businesses. They have acquired several notable companies in recent years, including Evernote, Meetup, Vimeo, and most recently AOL. With a focus on efficiency and revenue, Bending Spoons aims to build a live portfolio and has never sold an acquired business. Their newest funding will support future acquisitions and investment in proprietary technology and AI capabilities, allowing them to pursue more prominent targets going forward.