Bending Spoons -

• Syndicate size

  Healthy syndicate of 5 investors.

• Insider conviction

  All-new money, no prior investors re-upped.

• Investor track record

  Mostly newer or unproven managers.

• Valuation step-up

  Aggressive 1176.5× valuation step-up, hard to grow into.

Heuristic read of round size vs peers, syndicate size, insider conviction, and investor track record. Not investment advice.