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Why ‘hold forever’ investors are snapping up venture capital ‘zombies’ | TechCrunch

Why ‘hold forever’ investors are snapping up venture capital ‘zombies’ | TechCrunch

Italian company Bending Spoons flew largely under the radar — until last month. In a span of 48 hours, the company announced the acquisition of AOL and a massive $270 million raise, quadrupling its valuation to $11 billion, up from $2.55 billion set in early 2024.

Bending Spoons has grown rapidly by acquiring stagnating tech brands like Evernote, Meetup, and Vimeo, then turning them profitable through aggressive cost-cutting and price increases. While the company’s approach is similar to private equity, there is one key difference: Bending Spoons has no plans to sell these businesses.

Andrew Dumont, the founder and CEO of Curious, a firm that also acquires and revitalizes what he calls “venture zombies,” is convinced this “hold forever” strategy will become increasingly prominent in the coming years as AI-native startups make older VC-backed software businesses less relevant.

“Our belief is that the venture power law, in which 80% of companies ‘fail,’ produces many great businesses, even if they’re not unicorns,” Dumont told TechCrunch.  

Dumont defines a “great business” as one that can be purchased at a low price and quickly revived to generate substantial cash flows. This “buy, fix, and hold” strategy is the playbook for a growing number of investors, from the 30-year-old Constellation Software, which pioneered the model, to newer players, including Bending Spoons, Tiny, SaaS.group, Arising Ventures, and Calm Capital, according to Dumont.

“Our whole model is to buy these companies, make them profitable, and use those earnings to grow the business,” Dumont said.

In 2023, Curious raised $16 million in dedicated capital for buying software companies that have stalled and can no longer secure follow-on investment.

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Since then, the firm has bought five businesses, including UserVoice, a 17-year-old startup that raised $9 million in VC funding from Betaworks and SV Angel.

“It’s a great business, but the cap table wasn’t aligned with keeping it. These funds get old, and these companies just sit there,” Dumont said. “We provide liquidity and also reset these companies for profitability.”

Although Dumont didn’t disclose how much he paid for UserVoice, he said that stagnant companies sell for a fraction of the valuation commanded by healthy SaaS startups, which typically sell for 4x annual revenue or more. Based on our conversation, we estimate that “venture zombies” sometimes sell for as low as 1x yearly revenue.

By implementing cost-cutting and price increases, Curious can push these businesses to achieve 20% to 30% profit margins almost immediately. “If you have a million-dollar business, you’re kicking off $300,000 in earnings,” he offered as an example.

They achieve the turnarounds because, unlike the stand-alone companies, they can centralize functions like sales, marketing, finance, and other admin roles, across all of their portfolio companies. “We’re not trying to sell the businesses we acquire and don’t need VC-scale exits, so we can balance growth and profitability more sustainably,” Dumont said.

When asked why VCs don’t urge their startups to be profitable like Curious does, Dumont responded by saying: “Investors don’t care about earnings; they only care about growth. Without it, there’s no VC-scale exit, so there’s no incentive to operate with that level of profitability.”

The cash generated from Curious’ companies is then used to buy other startups, Dumont said.  

The firm plans to buy 50 to 75 startups like UserVoice over the next five years, and Dumont is certain he won’t have a shortage of targets to choose from. Curious is focused on acquiring startups that generate $1 million to $5 million in recurring revenue annually, a segment of the software market that, according to Dumont, private equity shops and secondary investors have historically ignored.

“We’ve been doing this for a little under two years now, and we’ve probably looked at at least 500 companies, and we bought five,” Dumont said.

While Bending Spoons’ big valuation hike may validate the “venture zombie” acquisition model, Dumont doesn’t expect a lot of new competition. Turning profits out of stagnation isn’t easy. “It’s a ton of work,” he said.

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Mere moments after Argentina lost to France in a Round of 16 match during the 2018 World Cup in Russia, commentators were already predicting it would be his final time on a World Cup pitch. “This was Lionel Messi’s final World Cup match, surely,” one stated, “and maybe his final game for his country.” Messi was 31 at the time, and many assumed they had just watched his last appearance on soccer’s biggest stage.

They were wrong.

Instead, Messi came back four years later to lift the trophy in Qatar. Then he came back again this year at 39. However, Messi is not the exception any more.

Cristiano Ronaldo, 41, has said that this World Cup will be his last after Portugal’s Round of 16 exit following the team’s loss to Spain. Brazil’s Neymar, 34, too, announced his retirement from international football, as did Germany’s Manuel Neuer, 40. Meanwhile, Guillermo Ochoa, who turned 41 this month, is stepping away from professional football after becoming the first goalkeeper to make six World Cup squads.

Even as this World Cup has felt like one long farewell tour, for many of these players, the goodbye came years later than anyone expected.

While there isn’t a definitive global dataset comparing retirement ages across generations, the evidence points in one direction: football’s elite has been getting older for decades. A 2019 peer-reviewed study published in Frontiers of Psychology tracking nearly 30 seasons of UEFA Champions League football found the average age of players rose from 24.9 years in 1992-93 to 26.5 years by 2017-18. That trend is now on full display at the 2026 FIFA World Cup, which had eight players in their forties—more than every previous edition combined—including Cape Verde’s 40-year-old goalkeeper Vozinha, one of the tournament’s breakout stars.

What’s striking is that this celebration of more veteran players on the pitch is happening during an era of football that has produced teenage stars like Lamine Yamal, Endrick, and Bara Sapoko Ndiaye. Soccer isn’t necessarily getting older because young players have disappeared; it’s getting older because veterans are leaving later.

Research suggests professional footballers still reach their physical peak in their mid-to-late twenties, though the exact age depends on position. And while aging is gradual, players in their thirties begin to lose their explosive speed and the stamina to maintain the high-intensity running that modern soccer demands most.

A long-term study of Spain’s top players found these reported losses in endurance were most notable among external defenders, external midfielders, and forwards, whose roles rely on explosive acceleration to either score a goal or shield their keeper’s box. Central defenders and central midfielders, meanwhile, became more accurate passers with age, suggesting that positioning, anticipation, and decisionmaking increasingly compensate for fading speed.

Messi may be the best example of how elite players adapt with age. Rather than constantly chasing the ball, he often spends long stretches walking, reading the game before deciding exactly when to get involved. According to The Athletic, FIFA tracking data shows Messi has spent 63 percent of his movement at this World Cup walking, conserving energy for the moments that matter most.

This just goes to prove that sports science hasn’t changed the biology of aging—it changed how soccer clubs respond to it. A 2024 review of athletes with extended careers found a correlation between professionals staying at the top of their game and increasingly individualized training.

Instead of prescribing the same program to an entire squad, coaches now tailor workloads around a player’s injury history, recovery, training response, and physical capacity.

However, as players get older, experience becomes a competitive advantage. Veteran footballers increasingly compensate for declining physicality with sharper decisionmaking, game intelligence, and a better understanding of their own limits.

#Lionel #Messis #Final #World #Cupand #Death #Early #Retirementworld cup 2026,sports,soccer,health,longevity">Lionel Messi’s Final World Cup—and the Death of Early RetirementMere moments after Argentina lost to France in a Round of 16 match during the 2018 World Cup in Russia, commentators were already predicting it would be his final time on a World Cup pitch. “This was Lionel Messi’s final World Cup match, surely,” one stated, “and maybe his final game for his country.” Messi was 31 at the time, and many assumed they had just watched his last appearance on soccer’s biggest stage.They were wrong.Instead, Messi came back four years later to lift the trophy in Qatar. Then he came back again this year at 39. However, Messi is not the exception any more.Cristiano Ronaldo, 41, has said that this World Cup will be his last after Portugal’s Round of 16 exit following the team’s loss to Spain. Brazil’s Neymar, 34, too, announced his retirement from international football, as did Germany’s Manuel Neuer, 40. Meanwhile, Guillermo Ochoa, who turned 41 this month, is stepping away from professional football after becoming the first goalkeeper to make six World Cup squads.Even as this World Cup has felt like one long farewell tour, for many of these players, the goodbye came years later than anyone expected.While there isn’t a definitive global dataset comparing retirement ages across generations, the evidence points in one direction: football’s elite has been getting older for decades. A 2019 peer-reviewed study published in Frontiers of Psychology tracking nearly 30 seasons of UEFA Champions League football found the average age of players rose from 24.9 years in 1992-93 to 26.5 years by 2017-18. That trend is now on full display at the 2026 FIFA World Cup, which had eight players in their forties—more than every previous edition combined—including Cape Verde’s 40-year-old goalkeeper Vozinha, one of the tournament’s breakout stars.What’s striking is that this celebration of more veteran players on the pitch is happening during an era of football that has produced teenage stars like Lamine Yamal, Endrick, and Bara Sapoko Ndiaye. Soccer isn’t necessarily getting older because young players have disappeared; it’s getting older because veterans are leaving later.Research suggests professional footballers still reach their physical peak in their mid-to-late twenties, though the exact age depends on position. And while aging is gradual, players in their thirties begin to lose their explosive speed and the stamina to maintain the high-intensity running that modern soccer demands most.A long-term study of Spain’s top players found these reported losses in endurance were most notable among external defenders, external midfielders, and forwards, whose roles rely on explosive acceleration to either score a goal or shield their keeper’s box. Central defenders and central midfielders, meanwhile, became more accurate passers with age, suggesting that positioning, anticipation, and decisionmaking increasingly compensate for fading speed.Messi may be the best example of how elite players adapt with age. Rather than constantly chasing the ball, he often spends long stretches walking, reading the game before deciding exactly when to get involved. According to The Athletic, FIFA tracking data shows Messi has spent 63 percent of his movement at this World Cup walking, conserving energy for the moments that matter most.This just goes to prove that sports science hasn’t changed the biology of aging—it changed how soccer clubs respond to it. A 2024 review of athletes with extended careers found a correlation between professionals staying at the top of their game and increasingly individualized training.Instead of prescribing the same program to an entire squad, coaches now tailor workloads around a player’s injury history, recovery, training response, and physical capacity.However, as players get older, experience becomes a competitive advantage. Veteran footballers increasingly compensate for declining physicality with sharper decisionmaking, game intelligence, and a better understanding of their own limits.#Lionel #Messis #Final #World #Cupand #Death #Early #Retirementworld cup 2026,sports,soccer,health,longevity

World Cup pitch. “This was Lionel Messi’s final World Cup match, surely,” one stated, “and maybe his final game for his country.” Messi was 31 at the time, and many assumed they had just watched his last appearance on soccer’s biggest stage.

They were wrong.

Instead, Messi came back four years later to lift the trophy in Qatar. Then he came back again this year at 39. However, Messi is not the exception any more.

Cristiano Ronaldo, 41, has said that this World Cup will be his last after Portugal’s Round of 16 exit following the team’s loss to Spain. Brazil’s Neymar, 34, too, announced his retirement from international football, as did Germany’s Manuel Neuer, 40. Meanwhile, Guillermo Ochoa, who turned 41 this month, is stepping away from professional football after becoming the first goalkeeper to make six World Cup squads.

Even as this World Cup has felt like one long farewell tour, for many of these players, the goodbye came years later than anyone expected.

While there isn’t a definitive global dataset comparing retirement ages across generations, the evidence points in one direction: football’s elite has been getting older for decades. A 2019 peer-reviewed study published in Frontiers of Psychology tracking nearly 30 seasons of UEFA Champions League football found the average age of players rose from 24.9 years in 1992-93 to 26.5 years by 2017-18. That trend is now on full display at the 2026 FIFA World Cup, which had eight players in their forties—more than every previous edition combined—including Cape Verde’s 40-year-old goalkeeper Vozinha, one of the tournament’s breakout stars.

What’s striking is that this celebration of more veteran players on the pitch is happening during an era of football that has produced teenage stars like Lamine Yamal, Endrick, and Bara Sapoko Ndiaye. Soccer isn’t necessarily getting older because young players have disappeared; it’s getting older because veterans are leaving later.

Research suggests professional footballers still reach their physical peak in their mid-to-late twenties, though the exact age depends on position. And while aging is gradual, players in their thirties begin to lose their explosive speed and the stamina to maintain the high-intensity running that modern soccer demands most.

A long-term study of Spain’s top players found these reported losses in endurance were most notable among external defenders, external midfielders, and forwards, whose roles rely on explosive acceleration to either score a goal or shield their keeper’s box. Central defenders and central midfielders, meanwhile, became more accurate passers with age, suggesting that positioning, anticipation, and decisionmaking increasingly compensate for fading speed.

Messi may be the best example of how elite players adapt with age. Rather than constantly chasing the ball, he often spends long stretches walking, reading the game before deciding exactly when to get involved. According to The Athletic, FIFA tracking data shows Messi has spent 63 percent of his movement at this World Cup walking, conserving energy for the moments that matter most.

This just goes to prove that sports science hasn’t changed the biology of aging—it changed how soccer clubs respond to it. A 2024 review of athletes with extended careers found a correlation between professionals staying at the top of their game and increasingly individualized training.

Instead of prescribing the same program to an entire squad, coaches now tailor workloads around a player’s injury history, recovery, training response, and physical capacity.

However, as players get older, experience becomes a competitive advantage. Veteran footballers increasingly compensate for declining physicality with sharper decisionmaking, game intelligence, and a better understanding of their own limits.

#Lionel #Messis #Final #World #Cupand #Death #Early #Retirementworld cup 2026,sports,soccer,health,longevity">Lionel Messi’s Final World Cup—and the Death of Early Retirement

Mere moments after Argentina lost to France in a Round of 16 match during the 2018 World Cup in Russia, commentators were already predicting it would be his final time on a World Cup pitch. “This was Lionel Messi’s final World Cup match, surely,” one stated, “and maybe his final game for his country.” Messi was 31 at the time, and many assumed they had just watched his last appearance on soccer’s biggest stage.

They were wrong.

Instead, Messi came back four years later to lift the trophy in Qatar. Then he came back again this year at 39. However, Messi is not the exception any more.

Cristiano Ronaldo, 41, has said that this World Cup will be his last after Portugal’s Round of 16 exit following the team’s loss to Spain. Brazil’s Neymar, 34, too, announced his retirement from international football, as did Germany’s Manuel Neuer, 40. Meanwhile, Guillermo Ochoa, who turned 41 this month, is stepping away from professional football after becoming the first goalkeeper to make six World Cup squads.

Even as this World Cup has felt like one long farewell tour, for many of these players, the goodbye came years later than anyone expected.

While there isn’t a definitive global dataset comparing retirement ages across generations, the evidence points in one direction: football’s elite has been getting older for decades. A 2019 peer-reviewed study published in Frontiers of Psychology tracking nearly 30 seasons of UEFA Champions League football found the average age of players rose from 24.9 years in 1992-93 to 26.5 years by 2017-18. That trend is now on full display at the 2026 FIFA World Cup, which had eight players in their forties—more than every previous edition combined—including Cape Verde’s 40-year-old goalkeeper Vozinha, one of the tournament’s breakout stars.

What’s striking is that this celebration of more veteran players on the pitch is happening during an era of football that has produced teenage stars like Lamine Yamal, Endrick, and Bara Sapoko Ndiaye. Soccer isn’t necessarily getting older because young players have disappeared; it’s getting older because veterans are leaving later.

Research suggests professional footballers still reach their physical peak in their mid-to-late twenties, though the exact age depends on position. And while aging is gradual, players in their thirties begin to lose their explosive speed and the stamina to maintain the high-intensity running that modern soccer demands most.

A long-term study of Spain’s top players found these reported losses in endurance were most notable among external defenders, external midfielders, and forwards, whose roles rely on explosive acceleration to either score a goal or shield their keeper’s box. Central defenders and central midfielders, meanwhile, became more accurate passers with age, suggesting that positioning, anticipation, and decisionmaking increasingly compensate for fading speed.

Messi may be the best example of how elite players adapt with age. Rather than constantly chasing the ball, he often spends long stretches walking, reading the game before deciding exactly when to get involved. According to The Athletic, FIFA tracking data shows Messi has spent 63 percent of his movement at this World Cup walking, conserving energy for the moments that matter most.

This just goes to prove that sports science hasn’t changed the biology of aging—it changed how soccer clubs respond to it. A 2024 review of athletes with extended careers found a correlation between professionals staying at the top of their game and increasingly individualized training.

Instead of prescribing the same program to an entire squad, coaches now tailor workloads around a player’s injury history, recovery, training response, and physical capacity.

However, as players get older, experience becomes a competitive advantage. Veteran footballers increasingly compensate for declining physicality with sharper decisionmaking, game intelligence, and a better understanding of their own limits.

#Lionel #Messis #Final #World #Cupand #Death #Early #Retirementworld cup 2026,sports,soccer,health,longevity

SAVE $400: The 27-inch OLED LG Ultragear gaming monitor is on sale for $499.99 at Amazon, down from the standard price of $899.99. That’s a 44% discount that matches the best price we’ve seen at Amazon.


$499.99 at Amazon
$899.99 Save $400

 

Summer is the perfect season to make home gaming upgrades. Even if you love the summer heat, gaming provides an occasional indoor reprieve. If you’ve been getting by with a less-than-ideal gaming setup, check out this gaming monitor deal.

As of July 15, the 27-inch OLED LG Ultragear gaming monitor is on sale for $499.99 at Amazon, down from the standard price of $899.99. That’s a 44% discount that matches the best price we’ve seen at Amazon.

Once you go OLED, you won’t go back. The 27-inch LG Ultragear is perfect for smooth gameplay, getting a 240Hz refresh rate and a 0.03 millisecond response time. Your days of dealing with lag and ghosting will be long gone with this fresh upgrade. Plus, it comes with VESA DisplayHDR True Back 400 certification.

LG equipped the monitor with an anti-glare screen that helps minimize bothersome reflections that could spell a distraction. The 27-inch display means it’ll fit well on most desks without taking over the space.

The included stand can tilt and pivot to your desired position, and you can adjust the height. In addition, the monitor has a borderless design. Since not everyday can be filled with gaming, the monitor will also be great for work tasks or streaming a movie.

While it’s sitting at the record-low price from Amazon, make the upgrade to the 27-inch OLED LG Ultragear gaming monitor. It’s currently under $500 which is close to a 50% discount.

#monitor #deal #Ultragear #OLED #gaming #monitor">Best monitor deal: Take 44% off the LG Ultragear OLED gaming monitor
                                                            SAVE 0: The 27-inch OLED LG Ultragear gaming monitor is on sale for 9.99 at Amazon, down from the standard price of 9.99. That’s a 44% discount that matches the best price we’ve seen at Amazon.
    
    
    
        
                                        
                                        
                    
                                                    9.99
                                                             at Amazon
                                                        9.99
                                                                                         Save 0
                                                                        
                
                                         
                    
        
    

Summer is the perfect season to make home gaming upgrades. Even if you love the summer heat, gaming provides an occasional indoor reprieve. If you’ve been getting by with a less-than-ideal gaming setup, check out this gaming monitor deal.As of July 15, the 27-inch OLED LG Ultragear gaming monitor is on sale for 9.99 at Amazon, down from the standard price of 9.99. That’s a 44% discount that matches the best price we’ve seen at Amazon.Once you go OLED, you won’t go back. The 27-inch LG Ultragear is perfect for smooth gameplay, getting a 240Hz refresh rate and a 0.03 millisecond response time. Your days of dealing with lag and ghosting will be long gone with this fresh upgrade. Plus, it comes with VESA DisplayHDR True Back 400 certification.
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LG equipped the monitor with an anti-glare screen that helps minimize bothersome reflections that could spell a distraction. The 27-inch display means it’ll fit well on most desks without taking over the space. 

        
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The included stand can tilt and pivot to your desired position, and you can adjust the height. In addition, the monitor has a borderless design. Since not everyday can be filled with gaming, the monitor will also be great for work tasks or streaming a movie.While it’s sitting at the record-low price from Amazon, make the upgrade to the 27-inch OLED LG Ultragear gaming monitor. It’s currently under 0 which is close to a 50% discount.

                    
                                            
                            
    
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                                    #monitor #deal #Ultragear #OLED #gaming #monitor

27-inch OLED LG Ultragear gaming monitor is on sale for $499.99 at Amazon, down from the standard price of $899.99. That’s a 44% discount that matches the best price we’ve seen at Amazon.


$499.99 at Amazon
$899.99 Save $400

 

Summer is the perfect season to make home gaming upgrades. Even if you love the summer heat, gaming provides an occasional indoor reprieve. If you’ve been getting by with a less-than-ideal gaming setup, check out this gaming monitor deal.

As of July 15, the 27-inch OLED LG Ultragear gaming monitor is on sale for $499.99 at Amazon, down from the standard price of $899.99. That’s a 44% discount that matches the best price we’ve seen at Amazon.

Once you go OLED, you won’t go back. The 27-inch LG Ultragear is perfect for smooth gameplay, getting a 240Hz refresh rate and a 0.03 millisecond response time. Your days of dealing with lag and ghosting will be long gone with this fresh upgrade. Plus, it comes with VESA DisplayHDR True Back 400 certification.

LG equipped the monitor with an anti-glare screen that helps minimize bothersome reflections that could spell a distraction. The 27-inch display means it’ll fit well on most desks without taking over the space.

The included stand can tilt and pivot to your desired position, and you can adjust the height. In addition, the monitor has a borderless design. Since not everyday can be filled with gaming, the monitor will also be great for work tasks or streaming a movie.

While it’s sitting at the record-low price from Amazon, make the upgrade to the 27-inch OLED LG Ultragear gaming monitor. It’s currently under $500 which is close to a 50% discount.

#monitor #deal #Ultragear #OLED #gaming #monitor">Best monitor deal: Take 44% off the LG Ultragear OLED gaming monitor

SAVE $400: The 27-inch OLED LG Ultragear gaming monitor is on sale for $499.99 at Amazon, down from the standard price of $899.99. That’s a 44% discount that matches the best price we’ve seen at Amazon.


$499.99 at Amazon
$899.99 Save $400

 

Summer is the perfect season to make home gaming upgrades. Even if you love the summer heat, gaming provides an occasional indoor reprieve. If you’ve been getting by with a less-than-ideal gaming setup, check out this gaming monitor deal.

As of July 15, the 27-inch OLED LG Ultragear gaming monitor is on sale for $499.99 at Amazon, down from the standard price of $899.99. That’s a 44% discount that matches the best price we’ve seen at Amazon.

Once you go OLED, you won’t go back. The 27-inch LG Ultragear is perfect for smooth gameplay, getting a 240Hz refresh rate and a 0.03 millisecond response time. Your days of dealing with lag and ghosting will be long gone with this fresh upgrade. Plus, it comes with VESA DisplayHDR True Back 400 certification.

LG equipped the monitor with an anti-glare screen that helps minimize bothersome reflections that could spell a distraction. The 27-inch display means it’ll fit well on most desks without taking over the space.

The included stand can tilt and pivot to your desired position, and you can adjust the height. In addition, the monitor has a borderless design. Since not everyday can be filled with gaming, the monitor will also be great for work tasks or streaming a movie.

While it’s sitting at the record-low price from Amazon, make the upgrade to the 27-inch OLED LG Ultragear gaming monitor. It’s currently under $500 which is close to a 50% discount.

#monitor #deal #Ultragear #OLED #gaming #monitor

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