- Evernote and Meetup raised $155 million at a $2.55 billion valuation.
- The company plans to optimize acquired brands under one roof.
- More acquisitions and potential staff reductions as Bendings Spoons pursues its consolidation strategy.
$155M raised at $2.55B valuation
Bending Spoons, the tech rollup behind apps like Evernote and Meetup, has secured $155 million in new equity funding at a $2.55 billion valuation.
The round comes from lead investor Durable Capital Partners and existing backers. Now armed with fresh capital, Bending Spoons plans to continue its recent acquisition spree.
Over the last year, the company has snapped up noted brands such as Evernote, Meetup, Splice, Remini, and more.
However, these deals have often been followed by major layoffs and restructuring efforts aimed at boosting monetization.
Consolidating to one roof
Just weeks after acquiring events firm Meetup in January, for example, Bending Spoons moved the team to Europe and cut U.S. staff.
The startup says its model is to consolidate popular apps and services under one roof and then optimize them financially using technology and shared resources.
But major workforce reductions post-close have been the norm so far.
Asset stripping?
Critics argue these are asset-stripping moves rather than attempts to nurture acquired brands.
Nearly $500 million in projected 2023 revenue, but questions around its acquisition strategy persisting, Bending Spoons just secured a $155 million war chest to continue its buying spree and tech stack consolidation plan.
More turnaround efforts and staff shakeups likely await in the year ahead.
