This episode dives into Bending Spoons, venture capital, startup financing, and crypto infrastructure. The hosts analyze Bending Spoons’ massive $270 million growth round and $2.8 billion debt package, which push its valuation to $11 billion. They unpack how the mix of primary and secondary capital offers liquidity to early shareholders while fueling global expansion and M&A — including the acquisition of AOL. The discussion compares Bending Spoons to Canada’s Constellation Software, highlighting key differences in consumer vs B2B roll-up models and integration strategies. The conversation then shifts to Hercle, a crypto infrastructure startup that raised $10 million equity and a $50 million credit facility from F-Prime Capital, Fidelity’s venture arm. The hosts note how both Bending Spoons and Hercle blend equity with debt to scale faster and attract institutional investors. They close by discussing Italy’s emerging role in tech and how global funds are finally recognizing its innovation ecosystem.

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