Bending Spoons, the parent company of well-known apps and services like Evernote and Meetup, has successfully secured $155 million in a recent equity financing round, bringing its post-money valuation to $2.55 billion. Durable Capital Partners led the funding, with participation from existing investors including Baillie Gifford, Cox Enterprises, NB Renaissance, NUO Capital, and StarTIP (controlled by Tamburi Investment Partners).
Key Takeaway
Bending Spoons has raised
55 million in equity financing to support its expansion and acquisition efforts, aiming to grow its brand portfolio and strengthen its position in the market.
Acquisition Plans and Recent Activities
The company has outlined its intention to utilize the newly acquired funds to further expand its brand portfolio through strategic acquisitions. Earlier this year, Bending Spoons made significant moves in this direction, acquiring the events startup Meetup and announcing a substantial investment of $50 million into the platform. However, this expansion also involved a restructuring effort, leading to job cuts and a shift of the Meetup team to Europe, resulting in a reduction of the U.S. staff.
Recent Acquisitions and Impact
In addition to the Meetup acquisition, Bending Spoons also completed the purchase of Mosaic from IAC, which encompassed popular mobile apps like Clime, Robokiller, and iTranslate. Unfortunately, this acquisition led to the layoff of all 330 employees from Mosaic, signaling significant changes within the company.
Expansion and Restructuring Efforts
Furthermore, the company’s acquisition of the note-taking app Evernote in 2022 was followed by a restructuring that resulted in the dismissal of 129 employees from Evernote’s staff in February 2023. Notably, Bending Spoons also made the decision to limit Evernote’s free plan to just 50 notes, aiming to enhance its monetization efforts. Additionally, the company terminated the entire staff of Filmic, a popular photo and video editing app acquired in 2022, further reflecting its strategic restructuring initiatives.
Brand Portfolio and Revenue Projections
Bending Spoons, which also owns brands like video editor Splice and AI-powered photo editor Remini, is reportedly targeting $500 million in sales for the current year. With its recent funding and acquisition activities, the company is poised to strengthen its brand portfolio and expand its market presence, setting the stage for further growth and development in the competitive app and services industry.
