Friday, April 19, 2013

Bangbite grows with Principia: €1.5 Million for oFootball

SASSARI (Italy), April 16, 2013 Bangbite, benchmark start-up in the field of soccer manager games, announced 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's 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, who share the passion for soccer and are motivated by a healthy competitive spirit.

The holding company of the KIVER Group, 2Music, Paolo Barberis and Gianpaolo Cattenari, shareholders of Bangbite, and Principia SGR signed an agreement which foresees the entry of Principia SGR - through its "Principia Fund II " - with a capital increase of €1.5 million. The new financial resources will be specifically allocated to develop the activity of the startup with offices in Sassari and Milan, supporting the international expansion consolidating establishing its in its benchmark sector. 

Bangbite, is supprted by some of leading national players in both industrial and financial aspect of Italian ICT: in addition to 2Music, the holding company of  KIVER Group (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 participation of Principia" - he added - "is inserted in the development path we undertook together with 2Music Kiver two years ago.    OFootball has the necessary resorces to face the challenge with its main international competitors, providing 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 for this operation also came from the Co-founder and & CEO of the KIVER Group Gianluca Perrelli who has personally followed the maturation process of Bangbite and he believed - since the start - in the potential development of this soccer manager game: "I'm happy to personally experience such a crucial moment in the life of this startup. From today on, thanks to the great job of the people which follow the project as well as the confidence shown by Principia SGRBangbite has the necessary autonomy to compare and establish itself at the highest level. Two years ago, when 2Music and the Kiver Group decided to focus on OFootball, the platform counted on about 200,000 players, after 20 months, with a tight budget, the numer 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 resutls."

The Bangbite transaction is part of our wide and diversified investment plan that led Principia SGR to be recognized as a benchmark operator for investments in startups and expansion capital" said Roberto Mazzei, CEO of Principia SGR. "The investment 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."

Bangbite is a Startup of the Kiver Group specialized in social games. Founded in Italy in 2009 the company has, since then, quickly established itself in the domestic market, conquering the national leadership in the field of browser soccer games and laying the foundations for a rapid global development. With offices in Milan and Sassari - respectively dedicated to the development and management of the project OFootball – Bangbite is the main player in the Italian industry. With a young and motivated multidisciplinary team consisting of approximately 10 employees, Bangbite combines ideas, talent and professionalism, capable of offering users a multimedia experience unique and inimitable, and a company committed to innovation and future growth of the business.

Principia SGR is today the market leader in the Italian venture capital space. The firm manages two closed-end funds, known as "Principia Fund" and "Principia II", with a focus on innovative technologies applied to the specific Italian market in terms of skills and creativity. The know-how acquired in the field of business innovation and the "digital world", along with the synergies developed in the field of research und university as well as the experiences gathered in the business and finance world, are defining elements of the managing formula of Principia funds. The shareholding structure of the SGR combines talented professionals of the venture capital industry and two major institutional shareholders: the CNR - National Research Council - and the Foundation BNC. The fund Principia II has already invested over 53 million Euros in 29 companies, including 21 start-ups.

2Music is the operating holding company of KIVER Group. Founded by the current CEO Gianluca Perrelli, since June 2012, the company is controlled by Idooo. 2Music takes an active part in kiver, kiver Digital and Bangbite.

  • Kiver is a marketing agency specialized in the development of promotional digital ventures, branding and interactive advertisement. In the field of corporate marketing services, kiver stands out for the achievement of efficient and original solutions of inbound marketing based on the use of digital contents, entertainment models typical of social web and of instruments of performance-based advertisement.
  • Kiver Digital is a leading italian company in the field of multichannel distribution of music digital contents, by offering to major music companies a personalised service of digital distribution, promotion and marketing fo high added value.