The $11B Italian Giant Quietly Reshaping the Internet You Know

Over 1 billion people have used services owned by a company most have never heard of. Meet Bending Spoons, the Italian tech conglomerate quietly acquiring the internet's most recognizable brands.

If you've organized notes in Evernote, found events on Meetup, or shared files through WeTransfer, you've already interacted with their portfolio. The Milan-based company made headlines again in December with its $500 million acquisition of Eventbrite — just the latest addition to a growing empire of household digital names.

From Failed Startup to $11B Powerhouse

Bending Spoons' origin story reads like a tech phoenix tale. Born from the ashes of Evertale, a Copenhagen startup that pitched at TechCrunch Disrupt 2011 with photo-sharing app Wink, the company emerged when that venture failed despite raising seed funding.

The founders and a handful of employees didn't give up. Instead, they pivoted to what would become a $11 billion European decacorn. Last October's funding round brought in $270 million from investors including T. Rowe Price and Fidelity, plus a $440 million secondary share sale that catapulted the company's valuation from $2.8 billion to $11 billion. All four co-founders joined the billionaire club overnight.

The Acquisition-and-Optimization Playbook

Bending Spoons has perfected a controversial formula: identify popular but stagnant digital products, acquire them from owners who've hit their limits, then transform everything — user experience, monetization, team structure, and often headcount.

The results are mixed, depending on who you ask. Evernote users saw their beloved note-taking app streamlined but with reduced free features and significant layoffs. WeTransfer faced similar treatment, prompting co-founder Nalden to publicly criticize the company and announce plans for a competing service in December 2024.

Some acquisitions faced even harsher treatment. Filmic, known for professional video editing apps, saw its entire staff laid off in December 2023. Vimeo, recently acquired for $1.38 billion, is already experiencing workforce reductions according to Business Insider.

The Shopping Spree Continues

With $2.8 billion in debt financing and fresh equity capital, Bending Spoons isn't slowing down. This year alone, they've acquired route planner Komoot and management software Harvest. The pending AOL acquisition (amount undisclosed) and completed Vimeo deal signal bigger ambitions.

AOL might seem like a relic, but Bending Spoons claims it remains among the world's top 10 email providers with 8 million daily users and 30 million monthly users. That's still a substantial digital footprint worth optimizing.

The company now employs 400-500 people (called "Spooners") across Milan, London, Madrid, and Warsaw, with active hiring to support continued acquisitions.

More Than Private Equity?

Bending Spoons insists it's different from traditional private equity. "We aim to hold forever, and have never sold an acquired business," the company states. They're building a live portfolio, not presiding over a tech graveyard.

The numbers suggest some success. Their combined properties serve 300 million monthly active users and 10 million paying customers. By focusing on efficiency over innovation, they've created sustainable revenue streams from products others couldn't monetize effectively.

But sustainability comes at a cost. Beloved free features disappear, workforces shrink, and longtime users watch their favorite services transform into leaner, more commercial versions. The Eventbrite deal even sparked shareholder litigation over voting rights, suggesting not everyone approves of the transformation approach.

The Efficiency vs. Innovation Debate

Bending Spoons represents a fascinating experiment in tech consolidation. While Silicon Valley obsesses over the next big thing, this Italian company profits by perfecting what already exists. Their portfolio includes recognizable names that millions rely on daily, from productivity tools to social platforms.

The model works financially — $11 billion valuations don't lie. But it raises deeper questions about the internet's evolution. As beloved brands get "optimized," are we trading innovation and user delight for efficiency and profit margins?

The company's celebrity investor roster — including Andre Agassi, Bradley Cooper, Eric Schmidt, and The Weeknd — suggests confidence in the approach. Yet user complaints and workforce reductions hint at hidden costs.