Bending Spoons at $24B: revenue up 126% but organic growth just 3%
MartinGTobias · x · 2026-10-12
Jason Lemkin breaks down Bending Spoons' first 102 days as a public company: Q2 added $393M revenue almost entirely via six acquisitions (organic growth 3%), while EPS grew 167%. R&D is 8% of revenue and S&M 10% vs 70% at HubSpot/Datadog; under 700 core employees generate $4M+ revenue each, with Vimeo run by 60 people. It buys B2B companies at 2.3x-2.7x ARR (Miro, Airtable) while trading at 8x ARR, $24B market cap. Martin Tobias: selling to Bending Spoons means your own management failed to tell a better story.
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