Bending Spoons Buys Miro for $1.355 Billion, Below Its 2022 Peak

Bending Spoons agreed on Sept. 10 to acquire Miro at an enterprise value of $1.355 billion, or about $1.79 billion once Miro's net cash is added in, the Italian software holding company said. Some Miro shareholders are reinvesting $295 million of their proceeds into new Bending Spoons stock rather than cashing out entirely.

The price is the story. In January 2022, Miro raised $400 million at a $17.5 billion post-money valuation. The company now generates roughly $600 million in annual recurring revenue, nearly four times what it had when investors priced it at $17.5 billion, and Bending Spoons is still paying about 90% less for the whole company than that round implied it was worth.

What Bending Spoons is paying for Miro

Miro serves more than 250,000 organizations and counts nearly 4 million paying users, with more than 750 customers each generating over $100,000 in annual recurring revenue, according to the acquisition announcement. Close to 90% of that revenue comes from business and enterprise accounts. The deal is structured as an all-cash purchase of 100% of Miro's shares and is expected to close in the fourth quarter of 2026, subject to regulatory approval.

Miro co-founder and chief executive Andrey Khusid said "the best version of Miro is still ahead of us," and Bending Spoons chief executive Luca Ferrari said the company plans to "invest substantially" in Miro's performance and reliability after closing. Both are attributed statements from the companies, not independent confirmation of what changes for Miro's roughly 4 million users first.

How far that is from Miro's $17.5 billion peak

Miro's Series C, announced Jan. 5, 2022, was led by ICONIQ Growth and Accel, with Atlassian, Dragoneer, GIC, Salesforce Ventures and TCV also participating, plus individual investors including Airtable co-founder Howie Liu and Snowflake chairman Frank Slootman, according to Miro's own announcement at the time. The company had 30 million users then, a figure that mixes free and paid accounts and is not directly comparable to the 4 million paying users cited in this week's deal.

1. Miro, 2022 peak17.5 $ billion
2. Miro, 2026 sale1.79 $ billion
3. Airtable, 2021 peak11.7 $ billion
4. Airtable, 2026 sale2.25 $ billion

Source: Miro, Airtable and Bending Spoons newsroom pages, accessed 2026-09-15

Airtable, bought the same month, tells the same story

Bending Spoons announced its purchase of Airtable on Aug. 4 and completed it Sept. 4, its first deal since listing on Nasdaq on July 1, 2026. That deal valued Airtable at a $1.285 billion enterprise value, about $2.25 billion including net cash, versus the $11.7 billion post-money valuation Airtable reached in a $735 million Series F in December 2021. TechCrunch reported Airtable had already been trading on secondary markets earlier in 2026 at around $4 billion, a full round below its 2021 peak before this deal cut the price further.

Company	Peak private valuation	2026 equity value	Change
Miro	$17.5 billion (Jan. 2022)	$1.79 billion (Sept. 2026)	down about 90%
Airtable	$11.7 billion (Dec. 2021)	$2.25 billion (Sept. 2026)	down about 81%

Airtable's own revenue grew too, to about $480 million, up more than 20% year over year as of June 2026. Neither company was shrinking. Both sold for a fraction of what growth-stage investors paid for them at the peak of 2021 and 2022 fundraising.

What Bending Spoons' playbook means for what comes next

TechCrunch, in its reporting on the Airtable deal, described Bending Spoons' pattern as buying companies trading well below their private valuations, cutting staff, simplifying the product line and pushing them toward profitability. The company already owns Vimeo, Evernote and WeTransfer, among other consumer and productivity brands, bought using the same approach.

Bending Spoons itself went public on Nasdaq on July 1 at $29 a share, above a marketed range that implied a valuation of up to $19 billion. Its market capitalization has since risen to about $25.3 billion as of Sept. 15, according to StockTitan, even as the two companies it just bought sold for a combined equity value under $4.1 billion. Bending Spoons' own stock is rising while the private valuations of the companies it buys are falling. Neither the Miro nor the Airtable announcement addressed staffing plans directly, a contrast with how Gimlet Labs framed its own funding news the same week, when a rising valuation was the entire point of the announcement rather than something to explain away.

Miro's deal still needs regulatory clearance and is not expected to close before the fourth quarter of 2026, a longer gap than the roughly one month between Airtable's Aug. 4 announcement and its Sept. 4 close. Whether that reflects Miro's larger size, a more complex shareholder base or simply a different regulatory queue is not addressed in either company's statement. Bending Spoons is not the only buyer moving this fast in September: Yardi Systems closed its purchase of Talos Linux maker Sidero Labs the same week. If Miro follows Airtable's pace, the next confirming date is a Bending Spoons or Miro statement naming a closing day, not the Sept. 10 announcement that started the clock.