Bending Spoons IPO Valued at Over $18 Billion as Founder Emphasizes Reducing Luck in Growth
Italian tech group Bending Spoons debuted on Nasdaq with a market value above $18 billion, highlighting its acquisition strategy and a focus on operational excellence over luck.
Italian software firm Bending Spoons listed on Nasdaq, opening at a valuation exceeding $18 billion and closing the day with shares up about 40%. The Milan-based company has spent the past decade acquiring and revitalising internet brands such as Meetup, Eventbrite, Vimeo and WeTransfer, aiming to improve them with its technology rather than resell them.
Co-founder and chief product officer Matteo Danieli told TechCrunch that the firm wants to act as an operator that takes "beloved brands and makes them much better." He said the company’s recent AI-driven feature rollout has accelerated, adding value for users.
In its filing for the U.S. offering, Bending Spoons highlighted a philosophy that seeks to minimise the role of luck in product success, noting that "luck is irrelevant when pursuing operational excellence." The firm attributes its growth to data-driven pricing, extensive analytics and experimentation, which sometimes results in free feature releases and occasional price hikes that have drawn subscriber complaints, though Danieli said customer retention remains stable.
The acquisition of Evernote, described by Danieli as the first genuinely loved product the company bought, received particular attention. He said the AI-focused version 11 update eventually won over users and was praised by Evernote co-founder Phil Libin.
Bending Spoons, previously valued at $11 billion in a private-equity round, has attracted investment from venture firms and high-profile individuals in technology and entertainment. The founders recall receiving many "you're crazy" reactions to their approach in earlier years.
Talent acquisition and culture building were also identified as key lessons from the founders’ earlier failed startup, Evertale. Co-founder Luca Ferrari spent the first few years developing hiring processes and claims the company now excels at spotting young talent.
SEC data show revenue per full-time employee rising from $1.12 million in 2023 to $2.57 million projected for 2025, with Q1 2026 figures at $0.97 million, partly driven by AI progress. To mark the listing, the company gathered its staff in New York, a move Danieli said was both a liquidity tool and a chance to celebrate with employees.
Looking ahead, Bending Spoons plans to continue its acquisition drive, viewing the current dip in SaaS valuations as an opportunity to deploy capital.
