Bending Spoons hits $18B valuation in Nasdaq debut

Key Takeaways

• Bending Spoons debuted on Nasdaq at $18B valuation, then surged 40% on day one
• The Milan-based company grows through acquiring underperforming apps like Evernote and WeTransfer
• CEO Luca Ferrari says profitability and lean operations set Bending Spoons apart from typical tech IPOs

Italian software company Bending Spoons went public on Nasdaq this week at an $18 billion valuation. The stock then jumped 40% on its first day of trading, marking one of the largest European tech IPOs in recent memory. CEO Luca Ferrari told Sifted he's not interested in a quick exit. "We're building a legendary institution," he said.

The Milan-based company has built its empire through a strategy that looks nothing like a typical Silicon Valley playbook. Bending Spoons acquires struggling consumer apps, cuts costs aggressively, and squeezes profitability out of products that previous owners couldn't monetize. Its portfolio includes Evernote, Remini, FilmicPro, Meetup, StreamYard, and WeTransfer.

How did Bending Spoons reach an $18B valuation?

The company's model inverts the typical tech growth story. Instead of burning cash to acquire users, Bending Spoons buys apps with established user bases and makes them profitable. Ferrari describes it as fixing "underperforming" companies. The approach has drawn comparisons to private equity, though Ferrari pushes back on that framing.

Revenue grew from $378 million in 2021 to $601 million in 2023, then reportedly hit $2.51 billion in 2024. That last figure, if accurate, represents a roughly 4x jump in a single year. The growth came largely from acquisitions, but the company claims strong profitability on each deal. Ferrari says roughly 85% of the company's work goes into operational turnarounds, fixing engineering and business fundamentals.

Scottish investment firm Baillie Gifford, known for early bets on Amazon and Tesla, backed Bending Spoons. A partner at Baillie Gifford told Sifted there's been "a dearth of exceptional software companies" going public in the past two decades, and that Bending Spoons represents a rare opportunity to invest in a profitable, founder-led business at scale.

What makes Bending Spoons different from other acquirers?

Most serial acquirers in consumer software focus on keeping products separate and extracting synergies slowly. Bending Spoons takes a more aggressive approach. When it bought Evernote in 2022, the company laid off most of the staff and rebuilt the product with a skeleton crew. Similar patterns followed with other acquisitions.

Ferrari's philosophy centers on efficiency. The company runs with roughly 500 employees despite managing a portfolio of apps reaching hundreds of millions of users. That's a fraction of the headcount you'd expect at a company this size. The model works because Bending Spoons targets apps with loyal user bases and recurring revenue, then cuts everything that doesn't directly serve retention or monetization.

Ferrari acknowledges the model is hard to replicate. "The more time you spend in this business, the more you realize there's just no easy answer," he told Sifted. The company has built internal systems for evaluating acquisition targets, onboarding new products, and executing turnarounds. That institutional knowledge took years to develop.

Why does this IPO matter for European tech?

Europe has struggled to produce large public tech companies. The continent's biggest successes often sell to American acquirers before reaching IPO scale. Spotify and Adyen are exceptions, but the list is short. Bending Spoons joining that group at an $18 billion valuation signals that European founders can build globally competitive companies without relocating to the US.

The company listed on Nasdaq rather than a European exchange. That choice reflects the deeper liquidity and higher valuations available in US markets. It also positions Bending Spoons to use its stock as currency for future acquisitions of American companies.

Ferrari said the IPO wasn't about raising capital. The company was already profitable and had access to debt financing for acquisitions. Going public gives employees liquidity, creates a currency for M&A, and establishes the kind of institutional credibility that helps in negotiations with larger acquisition targets.

What's next for Bending Spoons?

The company hasn't slowed its acquisition pace. With public market access, Bending Spoons can pursue larger targets than before. Ferrari hinted that enterprise software could be on the radar, though the company's track record is entirely in consumer apps.

The 40% first-day pop suggests investors are betting on continued growth. But the stock price also creates pressure. Bending Spoons needs to keep finding undervalued apps to acquire, and the bigger it gets, the harder that becomes. A $25 billion company can't move the needle with $50 million acquisitions.

Frequently Asked Questions

What apps does Bending Spoons own?

Bending Spoons owns Evernote, Remini, FilmicPro, Meetup, StreamYard, and WeTransfer, among others. The company acquires consumer apps with established user bases and focuses on improving profitability.

How did Bending Spoons grow so fast?

The company grows primarily through acquisitions rather than organic user growth. It buys underperforming apps, reduces costs aggressively, and improves monetization. Revenue reportedly jumped from $601 million in 2023 to $2.51 billion in 2024.

Who invested in Bending Spoons?

Scottish investment firm Baillie Gifford is a notable investor. The firm is known for backing Amazon and Tesla early. Bending Spoons was largely bootstrapped before taking outside capital.

Why did Bending Spoons list on Nasdaq instead of a European exchange?

US markets offer deeper liquidity and higher valuations for tech companies. Listing on Nasdaq also positions Bending Spoons to use its stock for acquiring American companies.

Source: Sifted