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深度 | 万字访谈操盘Remini、印象笔记众多爆款、年收入3.6亿美金的APP工厂创始人，估值25.5亿美金
Z Potentials·2024-05-27 03:01

Company Overview - Bending Spoons is an Italian tech company founded in 2013, known as one of the largest "APP factories" with over 500 million downloads and 100 million monthly active users [2] - The company is projected to achieve 360millioninsalesfor2023[2]−BendingSpoonshasacquiredseveralwell−knownproductsincludingSplice,Remini,Filmic,andEvernote,leveragingtheirestablisheduserbasesandmarketpresence[2]AcquisitionStrategy−BendingSpoonsfocusesonacquiringproductswithmaturebrands,userbases,andmarketpositions,thendeeplyrestructurestheirsoftwareanduserinterfaces[3][13]−Thecompanyevaluatesacquisitionsbasedonfreecashflowandfuturecashflowprojections,withuseracquisitionratebeingthemostsignificantriskfactor[3][17]−BendingSpoonstypicallyofferscompetitivebidsclosetotheirupperlimit,ensuringtheyhaveneverlostabiddingprocesshistorically[18]TeamandTalent−Thecompanyhasateamof400,withatleast300beingproductdevelopers,programmers,andscientists[3]−BendingSpoonsevaluatestalentbasedonthreefactors:talent,experience,andmotivation,withmotivationbeingamultiplierfactor[30]−Thecompanyemploysrigoroustestingandpracticalassessmentsduringrecruitment,focusingonproblem−solvingabilitiesratherthanspecificdomainknowledge[31]FinancialandOperationalModel−BendingSpoonsoperateswithahybridmodel,combiningproductdevelopmentwithcapitalallocationstrategiessimilartoprivateequity[13]−Thecompanyhasmaintainedpositivecashflowandstablegrowth,avoidingearlyequitydilutionbynotraisingexternalfundsuntilnecessary[11][20]−BendingSpoonsrecentlyraised360 million in sales for 2023 [2] - Bending Spoons has acquired several well-known products including Splice, Remini, Filmic, and Evernote, leveraging their established user bases and market presence [2] Acquisition Strategy - Bending Spoons focuses on acquiring products with mature brands, user bases, and market positions, then deeply restructures their software and user interfaces [3][13] - The company evaluates acquisitions based on free cash flow and future cash flow projections, with user acquisition rate being the most significant risk factor [3][17] - Bending Spoons typically offers competitive bids close to their upper limit, ensuring they have never lost a bidding process historically [18] Team and Talent - The company has a team of 400, with at least 300 being product developers, programmers, and scientists [3] - Bending Spoons evaluates talent based on three factors: talent, experience, and motivation, with motivation being a multiplier factor [30] - The company employs rigorous testing and practical assessments during recruitment, focusing on problem-solving abilities rather than specific domain knowledge [31] Financial and Operational Model - Bending Spoons operates with a hybrid model, combining product development with capital allocation strategies similar to private equity [13] - The company has maintained positive cash flow and stable growth, avoiding early equity dilution by not raising external funds until necessary [11][20] - Bending Spoons recently raised 200 million, primarily through internal cash flow and debt, to support its acquisition strategy [20] Challenges and Lessons - The company has faced challenges in accurately predicting user acquisition rates, which are influenced by multiple uncontrollable factors [21][22] - Bending Spoons emphasizes the importance of building safety margins and diversifying product lines to mitigate risks associated with user acquisition [23][24] - The company regularly reviews past decisions and learns from mistakes, particularly in capital allocation and risk assessment [25][26] Future Outlook - Bending Spoons aims to continue scaling its operations, leveraging its resources to create positive impacts in the tech industry [46] - The company aspires to achieve a level of capability and resource accumulation that allows it to address significant global challenges, inspired by initiatives like the Gates Foundation [46]