M&A Momentum Drives $4.9B Valuation

Scottish investment firm Baillie Gifford has marked up its stake in Italian app developer and acquirer Bending Spoons by 89%, implying a new valuation of around $4.9 billion for the Milan-based company. The revaluation reflects growing investor confidence in Bending Spoons’ aggressive growth and acquisition strategy.

In 2024, Bending Spoons completed six acquisitions, and in March 2025, it kicked off the new year by acquiring Komoot, Europe’s leading outdoor route-planning platform with 45 million users. The acquisition allows Bending Spoons to expand into the outdoor activity sector and apply its strengths in scaling consumer tech products. According to Komoot’s CEO, Markus Hallermann, the partnership will help accelerate Komoot’s growth, leveraging Bending Spoons’ operational expertise.

The higher valuation likely stems from this continued momentum — combining a proven M&A track record with the strategic move into new verticals — and signals confidence in Bending Spoons’ ability to integrate and grow leading digital platforms.

Source: Sifted