Bangbite raises 1,5 M euros from Principia SGR

Pubblicato il 16 Apr 2013

Bangbite, benchmark start-up in the field of soccermanager games, announces the entry into the company of Principia Fund II, managed by Principia SGR, which has signed a capital increase of €1.5 million. The operation objective is to support the development process of OFootball, the free social factory for aspiring coaches able to concentrate online more than 800,000 players, united by their passion for football and motivated by a healthy competitive spirit.

The holding company of the Gruppo Kiver, 2Music, Paolo Barberis, Gianpaolo Cattenari, as
members of Bangbite, and Principia Principia SGR SGR signed with an agreement that foresee
for the entry of Principia SGR – through the Fund “Principia II” – by means of a capital increase
1.5 million euro. The new funds will be specifically allocated to develop the activities of the startup with offices in Milan and Sassari, supporting the international expansion and consolidates its leadership in its sector.
Bangbite is supported by some of the leading national players in both industrial and the financial aspect of Italian ICT: in addition to 2Music, the holding company of the Gruppo Kiver (controlled by Angel Investor iDooo), and Principia SGR, the Company may rely on the contribution of Nana Bianca, newborn Florentine business accelerator founded by Paolo Barberis.

“This agreement allows us to expand the range of our activities,” – said Gianpaolo Cattenari,
Founder & CEO of Bangbite: “The partecipation of Principia” – he added – “is inserted in the
development path we undertook together with 2Music Kiver two years ago. OFootball has the
necessary resources to face the challenge with its main international competitors, proving its
capabilities in the design and management of complex social gaming platforms, with high
innovative content. The modifications made to enlarge the technological offer and to implement
the systems will be supported by an ambitious communication and marketing plan that will be
completed by the end of May. I am sure that this will help the ambitious targets growth we had
set to ourselves. “

Satisfaction and enthusiasm also come from the Co-founder & CEO of the Group Kiver Gianluca
Perrelli who has personally followed the maturation process of Bangbite and he believed – from
the start – in the potential development of this soccer manager game: “I'm happy to personally
experience such a crucial in the life of this start up. Now, thanks to the excellent work of the
people who followed the project and the confidence demonstrated by Principia SGR, Bangbite
has the autonomy to compare and establish itself at the highest level. Two years ago, when
2Music and the Gruppo Kiver, decided to focus on OFootball, the platform counted on about
200,000 players, after 20 months, with a tight budget, the number of users had increased four
times. I believe that the numbers – most of the time – provide us with a true and clear picture
of the obtained results.
“The Bangbite transaction is part of our ample and diversified investment plan that led Principia
SGR to be recognized as a benchmark operator for investments in expansion capital and start
up” – said Roberto Mazzei, CEO of Principia SGR. “The intervention in Bangbite” – said
Alessandro Damiano, Fund Manager of Principia SGR-“it is an example of our Fund core
business that aims to assist young people with the right requirements to develop their business
successfully.”

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