bsp

I wrote about Bending Spoons at the end of last year. We’ve been investing in the company since 2022 and have been doubling down ever since. Back then we tried to introduce the company to many (Silicon Valley) VCs but most didn’t bite. These VCs thought it was beneath them to be associated with the company. We’re probably the only ones who invested. In 2024 onwards they all clamored for an introduction to sell their portfolio companies.

Bending Spoons just filed for an IPO that would value the company at ~$20B. They violated every pattern-matching heuristic- Milan-based, acquirer/restructures dying brands like Evernote AOL Eventbrite etc, runs lean, profitable.

A dead brand is not the same thing as a dead user base. Millions of people still opened these apps every month and paid almost nothing for them. Bending Spoons bought them, cut the bloat and fixed it. These companies may have been unfashionable but not worthless.

Congratulations to the team for a well-deserved IPO! It’s our second one in less than a year and fourth in total!