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Introduction to Bending Spoons
Bending Spoons, a Milan-based tech conglomerate, has recently made headlines with its acquisition of AOL, a deal that has sparked interest in the company’s background and operations. The company’s four cofounders, Luca Ferrari, Matteo Danieli, Luca Querella, and Francesco Patarnello, have joined the billionaire ranks, with CEO Luca Ferrari’s stake valued at $1.4 billion and the other cofounders’ stakes valued at $1.3 billion each, according to Forbes estimates.
Bending Spoons has stayed relatively under the radar despite its significant portfolio of popular tech brands, which have served over a billion people and boast 300 million monthly active users and 10 million paying customers. The company’s focus on acquiring underperforming but popular tech brands and transforming them to serve users more efficiently has led to significant changes, including layoffs and controversies, in the companies it has acquired.
What is Bending Spoons?
Bending Spoons describes itself as a company that acquires and transforms digital businesses, with a focus on making improvements to products and services created by others. The company was born out of the remains of Evertale, a Copenhagen-based startup that failed after participating in Disrupt SF 2011’s Startup Alley and raising seed funding for its photo-sharing app, Wink.
The company’s founders, including CEO Luca Ferrari, initially worked on in-house apps before shifting their focus to acquiring and transforming other companies. Bending Spoons made an exception in 2020 when it created and donated Immuni, Italy’s official COVID-19 contact tracing app. Since then, the company has honed its formula of identifying popular products it can improve and acquiring them from owners who have reached their limits.
Acquisitions and Portfolio
Bending Spoons has acquired several notable companies, including Filmic, Evernote, Meetup, Mosaic Group, Hopin’s StreamYard, Issuu, WeTransfer, and Brightcove. The company has also announced its intention to acquire Vimeo in a $1.38 billion all-cash deal and AOL from Yahoo. These acquisitions have expanded Bending Spoons’ portfolio of consumer and enterprise digital products, with a focus on efficiency and revenue growth.
While Bending Spoons’ acquisition targets have not necessarily been failing businesses, they have tended to be stagnant, neglected, or had owners looking to exit. The company’s approach to acquiring and transforming these businesses has led to significant changes, including layoffs and controversies, in the companies it has acquired.
Valuation and Funding
Bending Spoons is one of Europe’s rare tech decacorns, with a valuation of over $10 billion. The company last raised funding at a $2.8 billion valuation in 2024, with its newest round being a significant step up. Bending Spoons has also raised equity financing several times, including in September 2022 and early 2024, and has VIPs on its cap table, including tennis and entertainment stars and tech industry bigs.
The company’s new funding will support future acquisitions and investment in its proprietary technology and AI capabilities, in addition to the $2.8 billion in debt financing disclosed as it announced its intention to acquire AOL. This debt will fund the AOL deal and future acquisitions.
What’s Next for Bending Spoons?
Bending Spoons intends to continue pursuing new acquisitions that expand its portfolio of consumer and enterprise digital products, with a focus on efficiency and revenue growth. The company’s recent deals, including the acquisition of AOL and Vimeo, have generated significant attention and are expected to close by the end of the year, subject to standard closing conditions and regulatory approvals.
As Bending Spoons continues to grow and expand its portfolio, it is likely to face increased scrutiny and attention from the public and the tech industry. With its focus on acquiring and transforming underperforming but popular tech brands, the company is poised to play a significant role in shaping the future of the tech industry.
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