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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![Hey Dave Filoni, Leslye Headland Is Still Down for ‘The Acolyte’ Season 2
No matter what you thought about The Acolyte season one, there is no denying that season two was going to be incredible. Creator Leslye Headland and her team ended that first season with the promise of exploring multiple Dark Side relationships, the reveal of potentially the ultimate Sith in Darth Plagueis, a deep dive into the corruption of the Jedi, and even Yoda’s complicity in it. But, of course, that didn’t happen. Instead, Disney decided not to move forward with more episodes of The Acolyte. A true disappointment to fans of the show, but not all that surprising. The show, of course, had invited all manner of vitriol, and it seems like viewership didn’t quite justify the cost of more episodes. However, in the years since, the show has endured. In fact, just recently, there were reports that it once again cracked the top 10 on Disney+. And, in a new interview, Headland said that she’d still be interested in returning to a galaxy far, far, away. “I would still want to do it! Absolutely,” she told Empire, via Fantha Tracks. “As more people discover it, I think people may want to see some form of the story come back. We did have a lot of stuff that we wanted to explore, including tying in lore to the sequels. Getting into who exactly Manny [Jacinto]’s character is, his connection with [Jedi Master] Vernestra, his connection with [Sith Lord] Plagueis, and then his connection with other sequel-established things.”
Headland went on to say that she’s also felt the show returning a bit in recent days. “I’m having a resurgence of The Acolyte in my real life,” she said. “I speak with people who are really big fans, and were disappointed in the cancellation. was like, I went to a play last night, and somebody ‘I just have to tell you that I loved it.’”
We loved it too and think a second season would be absolutely incredible. Who wouldn’t want to see The Stranger with his new apprentice, and how that works with his master, Plagueis? Or what lengths the Jedi will go to in order to cover it all up? Hey, Lucasfilm president Dave Filoni, take note! Want more io9 news? Check out when to expect the latest Marvel, Star Wars, and Star Trek releases, what’s next for the DC Universe on film and TV, and everything you need to know about the future of Doctor Who. #Hey #Dave #Filoni #Leslye #Headland #Acolyte #SeasonDave Filoni,Leslye Headland,Star Wars,The Acolyte](https://i1.wp.com/gizmodo.com/app/uploads/2026/06/Acolyte-star-wars-lightsabers-1280x853.jpg?ssl=1 "Hey Dave Filoni, Leslye Headland Is Still Down for ‘The Acolyte’ Season 2
No matter what you thought about The Acolyte season one, there is no denying that season two was going to be incredible. Creator Leslye Headland and her team ended that first season with the promise of exploring multiple Dark Side relationships, the reveal of potentially the ultimate Sith in Darth Plagueis, a deep dive into the corruption of the Jedi, and even Yoda’s complicity in it. But, of course, that didn’t happen. Instead, Disney decided not to move forward with more episodes of The Acolyte. A true disappointment to fans of the show, but not all that surprising. The show, of course, had invited all manner of vitriol, and it seems like viewership didn’t quite justify the cost of more episodes. However, in the years since, the show has endured. In fact, just recently, there were reports that it once again cracked the top 10 on Disney+. And, in a new interview, Headland said that she’d still be interested in returning to a galaxy far, far, away. “I would still want to do it! Absolutely,” she told Empire, via Fantha Tracks. “As more people discover it, I think people may want to see some form of the story come back. We did have a lot of stuff that we wanted to explore, including tying in lore to the sequels. Getting into who exactly Manny [Jacinto]’s character is, his connection with [Jedi Master] Vernestra, his connection with [Sith Lord] Plagueis, and then his connection with other sequel-established things.”
Headland went on to say that she’s also felt the show returning a bit in recent days. “I’m having a resurgence of The Acolyte in my real life,” she said. “I speak with people who are really big fans, and were disappointed in the cancellation. was like, I went to a play last night, and somebody ‘I just have to tell you that I loved it.’”
We loved it too and think a second season would be absolutely incredible. Who wouldn’t want to see The Stranger with his new apprentice, and how that works with his master, Plagueis? Or what lengths the Jedi will go to in order to cover it all up? Hey, Lucasfilm president Dave Filoni, take note! Want more io9 news? Check out when to expect the latest Marvel, Star Wars, and Star Trek releases, what’s next for the DC Universe on film and TV, and everything you need to know about the future of Doctor Who. #Hey #Dave #Filoni #Leslye #Headland #Acolyte #SeasonDave Filoni,Leslye Headland,Star Wars,The Acolyte")
![Hey Dave Filoni, Leslye Headland Is Still Down for ‘The Acolyte’ Season 2
No matter what you thought about The Acolyte season one, there is no denying that season two was going to be incredible. Creator Leslye Headland and her team ended that first season with the promise of exploring multiple Dark Side relationships, the reveal of potentially the ultimate Sith in Darth Plagueis, a deep dive into the corruption of the Jedi, and even Yoda’s complicity in it. But, of course, that didn’t happen. Instead, Disney decided not to move forward with more episodes of The Acolyte. A true disappointment to fans of the show, but not all that surprising. The show, of course, had invited all manner of vitriol, and it seems like viewership didn’t quite justify the cost of more episodes. However, in the years since, the show has endured. In fact, just recently, there were reports that it once again cracked the top 10 on Disney+. And, in a new interview, Headland said that she’d still be interested in returning to a galaxy far, far, away. “I would still want to do it! Absolutely,” she told Empire, via Fantha Tracks. “As more people discover it, I think people may want to see some form of the story come back. We did have a lot of stuff that we wanted to explore, including tying in lore to the sequels. Getting into who exactly Manny [Jacinto]’s character is, his connection with [Jedi Master] Vernestra, his connection with [Sith Lord] Plagueis, and then his connection with other sequel-established things.”
Headland went on to say that she’s also felt the show returning a bit in recent days. “I’m having a resurgence of The Acolyte in my real life,” she said. “I speak with people who are really big fans, and were disappointed in the cancellation. was like, I went to a play last night, and somebody ‘I just have to tell you that I loved it.’”
We loved it too and think a second season would be absolutely incredible. Who wouldn’t want to see The Stranger with his new apprentice, and how that works with his master, Plagueis? Or what lengths the Jedi will go to in order to cover it all up? Hey, Lucasfilm president Dave Filoni, take note! Want more io9 news? Check out when to expect the latest Marvel, Star Wars, and Star Trek releases, what’s next for the DC Universe on film and TV, and everything you need to know about the future of Doctor Who. #Hey #Dave #Filoni #Leslye #Headland #Acolyte #SeasonDave Filoni,Leslye Headland,Star Wars,The Acolyte](https://gizmodo.com/app/uploads/2026/06/Acolyte-star-wars-lightsabers-1280x853.jpg "Hey Dave Filoni, Leslye Headland Is Still Down for ‘The Acolyte’ Season 2
No matter what you thought about The Acolyte season one, there is no denying that season two was going to be incredible. Creator Leslye Headland and her team ended that first season with the promise of exploring multiple Dark Side relationships, the reveal of potentially the ultimate Sith in Darth Plagueis, a deep dive into the corruption of the Jedi, and even Yoda’s complicity in it. But, of course, that didn’t happen. Instead, Disney decided not to move forward with more episodes of The Acolyte. A true disappointment to fans of the show, but not all that surprising. The show, of course, had invited all manner of vitriol, and it seems like viewership didn’t quite justify the cost of more episodes. However, in the years since, the show has endured. In fact, just recently, there were reports that it once again cracked the top 10 on Disney+. And, in a new interview, Headland said that she’d still be interested in returning to a galaxy far, far, away. “I would still want to do it! Absolutely,” she told Empire, via Fantha Tracks. “As more people discover it, I think people may want to see some form of the story come back. We did have a lot of stuff that we wanted to explore, including tying in lore to the sequels. Getting into who exactly Manny [Jacinto]’s character is, his connection with [Jedi Master] Vernestra, his connection with [Sith Lord] Plagueis, and then his connection with other sequel-established things.”
Headland went on to say that she’s also felt the show returning a bit in recent days. “I’m having a resurgence of The Acolyte in my real life,” she said. “I speak with people who are really big fans, and were disappointed in the cancellation. was like, I went to a play last night, and somebody ‘I just have to tell you that I loved it.’”
We loved it too and think a second season would be absolutely incredible. Who wouldn’t want to see The Stranger with his new apprentice, and how that works with his master, Plagueis? Or what lengths the Jedi will go to in order to cover it all up? Hey, Lucasfilm president Dave Filoni, take note! Want more io9 news? Check out when to expect the latest Marvel, Star Wars, and Star Trek releases, what’s next for the DC Universe on film and TV, and everything you need to know about the future of Doctor Who. #Hey #Dave #Filoni #Leslye #Headland #Acolyte #SeasonDave Filoni,Leslye Headland,Star Wars,The Acolyte")
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