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After $18B IPO, Bending Spoons founder says success comes from minimizing luck
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Bending Spoons, the Italian company known for resurrecting struggling internet brands, went public on the Nasdaq today at an opening valuation of over $18 billion, with shares surging 40% by market close. The 13-year-old firm, headquartered in Milan, has acquired beloved but ailing platforms like AOL, Meetup, Eventbrite, Vimeo, and WeTransfer, applying a private equity-inspired strategy focused on long-term transformation rather than quick flips. Co-founder Matteo Danieli told TechCrunch, 'We want to place ourselves as an operator that takes beloved brands and makes them much better.'
The company's philosophy centers on minimizing the role of luck in success, a lesson from its predecessor startup Evertale, which leveraged machine learning to create automated diaries but ultimately failed. Danieli explained, 'Luck is a very big component of that equation. So we developed an obsession for finding a strategy that would, as much as possible, reduce the role that luck plays in growth and success.' This mindset underpins Bending Spoons' operational focus, from pricing to hiring, and is explicitly referenced in its F-1 filing.
Bending Spoons has driven revenue growth through AI-powered improvements, with Danieli noting 'an incredible acceleration in the pace at which we were able to ship new features and create value for users' over the past year and a half. The company's F-1 includes a chapter titled 'AI before it was cool,' highlighting its early adoption of machine learning. However, its methods have sparked controversy, particularly around layoffs and price hikes that frustrated long-term subscribers.
Despite complaints, customer retention has remained 'remarkably stable,' Danieli said. The acquisition of Evernote, a product 'genuinely loved by users,' posed strict scrutiny, but the company won over many subscribers with its AI-heavy v11 update, earning praise from even Evernote co-founder Phil Libin. Bending Spoons' valuation stood at $11 billion in a private equity round before the IPO, with backers including prominent VC firms and tech and entertainment figures.
In its early years, VCs often dismissed Bending Spoons' approach. 'We’ve got a lot of “you’re crazy” reactions throughout the years,' Danieli recalled. The company's tagline, 'Impossible. Maybe,' captures that resilience. Co-founder Luca Ferrari invested heavily in culture and hiring processes, enabling the firm to spot talent early, especially among those without strong track records.
Looking ahead, Bending Spoons plans to continue its acquisition strategy, applying AI and operational excellence to revive beloved brands. With a public listing, the company faces increased scrutiny but also greater access to capital. Danieli's emphasis on minimizing luck suggests a disciplined approach to growth, even as market conditions shift toward valuing AI capabilities over aging SaaS businesses.
