Bending Spoons Makes Waves with $500 Million Acquisition of Eventbrite
In a bold move to breathe new life into struggling tech brands, Bending Spoons has officially announced its acquisition of Eventbrite for approximately $500 million. This transaction stands in stark contrast to Eventbrite’s peak valuation of $1.76 billion during its IPO in 2018.
Like many of its previous ventures—including well-known names such as Evernote, Meetup, Vimeo, and AOL—Bending Spoons recognizes the inherent value in Eventbrite’s established brand. However, as recent financial audits reveal, the ticketing and events marketplace has faced stagnation in growth.
Founded in 2006 by the dynamic duo Julia and Kevin Hartz along with Renaud Visage, Eventbrite enjoyed a flourishing run prior to its IPO. Over its first 12 years as a private entity, the platform secured approximately $330 million in venture capital from esteemed investors like Sequoia Capital and Tiger Global Management.
Unlike traditional private equity firms that focus on quick returns, Bending Spoons takes a long-term approach. The company aims to revitalize its acquisitions—turning them profitable by streamlining operations, adjusting pricing strategies, and innovating product features. In a display of its growth potential, Bending Spoons recently completed a massive funding round of $270 million, boosting its valuation to a staggering $11 billion.
Bending Spoons isn’t the only player in the space seeking to revive ‘venture zombie’ companies—those once-promising firms that have lost their momentum. Other prominent investors like Constellation Software, Curious, and Tiny embrace a similar strategy, acquiring and nurturing these businesses back to health.
Andrew Dumont, CEO of Curious, stated that their method involves purchasing “great companies” at lower prices and swiftly elevating them to achieve profit margins of 20% to 30%.
Eventbrite’s audited annual revenue has remained stagnant, hovering around $325 million for both fiscal years 2023 and 2024. The acquisition deal at 1.7 times Eventbrite’s trailing revenue of $295 million reflects a promising offer—stockholders will receive $4.50 per share in cash, marking an impressive 81% premium over its prior closing price of $2.48.
As the tech landscape evolves, Bending Spoons’ strategic acquisition of Eventbrite represents not just a financial transaction, but a commitment to reinvigorate a venerated brand with a rich legacy in the events industry.