Bending Spoons Buys Miro for $1.79B, an 89.8% Haircut From Its Last Round
MartinGTobias · x · 2026-09-11
Bending Spoons is acquiring Miro for roughly $1.79 billion, in what looks like a classic "down round acquisition."
- The price is 89.8% below Miro's last round and implies less than 3x EV/ARR.
- Even so, investors are making about $370 million in profit on a company once valued at $17.5 billion — a 1.78x blended multiple on $473 million invested.
- Three parties do well here: founders and team, @altairvc, and @Accel.
- Most capital came in at the top, and liquidation preferences sheltered investors from a 90% haircut — "better 1.0x than 0.1x," though not a great return after five years of equity cost of capital.
- Founders, team, and common shareholders will share nearly $1 billion.
- The reposter's takeaway: another down-round acquisition where late-stage investors got 1x and early investors got 100x — invest early.
Related event: Bending Spoons to Acquire Miro for $1.355B, a ~90% Markdown from Peak(6 posts)→
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