June 17, 2024
Evernote and Meetup owner Bending Spoons raises $155M in equity financing

Bending Spoons, the owner of popular apps and services like Evernote and Meetup, announced today that it has raised $155 million in a new equity financing round at a $2.55 billion post-money valuation.

Durable Capital Partners led the round with existing investors, such as Baillie Gifford, Cox Enterprises, NB Renaissance, NUO Capital and StarTIP (controlled by Tamburi Investment Partners) also participating. The company said that it will use the new cash infusion to acquire more brands.

Bending Spoons has already started its acquisition spree this year. In January, the company acquired events startup Meetup. Later that month, Bending Spoons CEO Luca Ferrari said that the company would invest $50 million in the coming years into Meetup. He also announced that there would be job cuts as part of a restructuring effort that included moving the team to Europe and reducing the U.S. staff. The company didn’t specify the exact number of people affected by that move.

At the same time, IAC sold Mosaic, which made a suit of popular mobile apps such as Clime, Robokiller, and iTranslate, to Bending Spoons. The company laid off all 330 employees from Mosaic.

In 2022, Bending Spoons acquired the note-taking app Evernote. In February 2023, it laid off 129 people from the note-taking startup’s staff. Last November, the company decided to restrict Evernote’s free plan to just 50 notes in a push for better monetization. In December, Bending Spoons also laid off the entire staff of Filmic, the popular photo and video editing app which it acquired in 2022.

Bending Spoons also owns brands like video editor Splice and AI-powered photo editor Remini. The company is said to be eyeing $500 million in sales this year.

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