Summary
On stage at the All-In Podcast, Bending Spoons CEO Luca Ferrari traces how the Milan-based company grew from a $40,000 seed, left over from a failed 2010 AI startup, to more than $1 billion in annual revenue in roughly a decade. The conversation comes as the company announces its purchase of ticketing platform Eventbrite, following earlier deals including AOL.
Ferrari describes the core strategy: rather than searching for product-market fit, Bending Spoons buys products that already have users and brand strength, then applies its own strengths in engineering, design, monetization and marketing. Its first acquisition, a roughly $10,000 iPhone keyboard-customization app, set the pattern. He explains how the approach scales to much larger targets and why the company says it has never lost a bid.
The discussion also covers financing and risk. Ferrari says the company’s blended debt cost is around 9%, fully hedged, maturing in 2031, at about 2.5 times leverage, with unlevered returns historically above 25%. He argues that rising rates would likely help a serial acquirer by lowering asset valuations, and that competitors from private equity cannot easily replicate the technology, culture and roughly 800-person team built over 13 years.
📺 Source: All-In Podcast · Published September 23, 2026
🏷️ Format: Interview
