Startup Flash Report

STARTUP FLASH - December 09, 2025

Bending Spoons’ €430M all-cash acquisition of Eventbrite signals a new wave of European product studios scaling into global tech platforms[7].

TOP 3 STORIES:
1. Bending Spoons to acquire Eventbrite for ~€430M in cash
Milan-based tech company Bending Spoons is acquiring global event platform Eventbrite in an all-cash deal valued at about €430 million, adding a large-scale SaaS/events asset to its growing portfolio of consumer and prosumer products[7]. For founders, this underscores how disciplined, product-focused acquirers in Europe can now offer meaningful exit paths outside of Big Tech, especially for mature but slower-growth platforms.
Sources: [7]

2. Meta buys AI wearable startup Limitless (formerly Rewind)
Meta has acquired Limitless, an AI device startup known for its “lifelogging” wearable and AI assistant, to bolster its AI-enabled wearables efforts inside Reality Labs[3]. For entrepreneurs, this highlights a strong M&A route for AI + hardware teams with proprietary data and UX, and reinforces that pairing differentiated devices with compelling AI use cases can be a strategic acquisition magnet rather than just a funding story[3].
Sources: [3]

3. Startup-on-startup M&A up 18% as founders buy growth instead of raising down rounds
In the first half of 2025, there were 427 reported M&A deals globally where startups acquired other startups, up 18% from 362 in the same period last year, as larger, well-funded companies use cash to buy tech, traction, or talent at more reasonable ARR multiples[2]. Founders should actively map potential buy-vs-build opportunities and be prepared for both sides of the table: either becoming an acquirer to accelerate roadmap and market entry, or positioning themselves as an attractive, focused asset in a consolidating category[2].
Sources: [2]

Flash Insight:
Strategic buyers—from Meta to product studios like Bending Spoons—are stepping in where late-stage growth equity has pulled back, turning M&A into the primary liquidity and scaling mechanism for many startups[2][3][7]. Consolidation is especially pronounced in AI, productivity, and vertical SaaS, rewarding teams with defensible tech, clear distribution, and clean IP over pure “hype” valuations[2][3]. Founders should build with optionality in mind: design products and cap tables that support both long-term independence and credible acquisition outcomes, while continuously scanning their market for partnership or roll-up plays.

URLs:
[2] https://news.crunchbase.com/ma/startup-acquisitions-acquihire-growing-ai-fintech-2025/
[3] https://techcrunch.com/2025/12/05/meta-acquires-ai-device-startup-limitless/
[7] https://www.eu-startups.com/2025/12/italys-trailblazer-bending-spoons-adds-eventbrite-to-portfolio-in-e430-million-all-cash-acquisition/