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 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 th

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