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โ† Value Add PulseIPO$25.7B close, ~40% pop, fresh EU fund formation

Europe's IPO Pipeline Fills Up After Bending Spoons

Bending Spoons' 40% Nasdaq debut pop to a near-$26 billion valuation, alongside fresh European mega-funds like Kembara's, is reviving confidence that Europe can produce IPO-ready tech companies again.

~$25.7 billion
Bending Spoons Close
~40%
Day-1 Pop
$1.31 billion
2025 Revenue
~750M EUR
Kembara Fund First Close
TC
Trace Cohen
Early-stage VC & angel ยท Founder, New York Venture Partners
July 7, 2026
1 min read
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THE RUNDOWN
1

Milan-based Bending Spoons debuted on the Nasdaq at $29 a share and closed its first day near $40.50, a nearly 40% pop that valued the 13-year-old company at roughly $25.7 billion

2

The company, known for owning AOL, Vimeo, Evernote and WeTransfer, reported $1.31 billion in 2025 revenue and serves more than 500 million monthly active users across its portfolio

3

Barcelona-based Kembara secured a reported 750 million first close toward a 1 billion euro deep-tech fund targeting growth-stage European companies

4

The combination of a strong European-founded IPO debut and fresh growth-stage capital formation suggests Europe's tech pipeline is deepening at both the funding and exit ends simultaneously

TC
The VC Read ยท Trace's TakeTrace Cohen

A European-founded company choosing a direct Nasdaq listing over a quiet US acquisition, and getting rewarded with a 40% pop, is the signal European founders have been waiting years for. Pair that with fresh growth-stage funds like Kembara's forming behind it, and you have both ends of the pipeline -- capital in, exits out -- moving in the same direction for the first time in a while. The founders who benefit most are the ones building real revenue now, since Bending Spoons got rewarded for $1.31B in actual revenue, not a growth story.

Bending Spoons' Nasdaq debut has become the clearest proof point that a European-founded technology company can still command a genuinely large US public-market valuation. The Milan-based company, which applies a private-equity-style playbook of acquiring and operating subscription apps including AOL, Vimeo, Evernote and WeTransfer, priced its IPO at $29 a share and closed its first trading day near $40.50 -- a nearly 40% pop that valued the 13-year-old company at roughly $25.7 billion and raised $1.68 billion in the offering.

The underlying business supports the reaction: Bending Spoons reported $1.31 billion in 2025 revenue, up sharply from prior years, serving more than 500 million monthly active users and over 9 million paying customers across its acquired-app portfolio, with four founders retaining more than 80% of voting power even after going public.

The debut is landing alongside fresh capital formation further up the European pipeline: Barcelona-based Kembara secured a reported 750 million euro first close toward a 1 billion euro deep-tech fund aimed at growth-stage European companies, part of a broader wave of sizable new European vehicles this year.

Compared to the more cautious European tech-IPO environment of recent years, when the largest European exits routinely happened through US acquisition rather than an independent public listing, Bending Spoons choosing -- and succeeding at -- a direct Nasdaq listing is a meaningfully different signal about where European-founded companies believe they can get the best price for scale.

For European growth-stage investors, the combination of a strong local IPO debut and fresh mega-fund formation is the kind of two-sided signal (proof of exit demand, plus fresh capital to fund the next cohort toward that exit) that a market needs to sustain real momentum rather than a single lucky outlier.

What to watch: whether Bending Spoons' post-IPO stock holds its debut gains through its first full quarter as a public company, and whether other European-founded tech companies follow with their own direct US or European listings rather than defaulting to an acquisition exit.

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Originally reported by Value Add Pulse. Analysis and editorial commentary by Value Add Pulse.

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@Trace_Cohenยทt@nyvp.com