Bending Spoons, the Italian app developer, has agreed to acquire Airtable for $2.25 billion in equity value, according to a definitive agreement signed by the two companies. The deal represents an 81 percent decline from Airtable's December 2021 Series F valuation of $11.7 billion.
Airtable, a no-code database platform that gained prominence during the pandemic, saw its valuation crater over the past five years as venture funding dried up and the startup proved unable to move toward profitability at scale. Bending Spoons, which has built a portfolio of consumer and productivity applications through acquisitions, is taking on the company as an already-profitable but smaller-revenue business than it was at its peak.
Airtable raised $735 million across multiple rounds between 2017 and 2021, with investors including Sequoia Capital, Andreessen Horowitz, and Greylock Partners. The company never went public and instead faced mounting pressure to find a buyer as late-stage private valuations across venture-backed software companies compressed in 2022 and 2023. The no-code movement, which promised to democratize software development without engineers, struggled to generate durable unit economics that justified venture-scale returns.
Bending Spoons has acquired over 100 apps since its founding, including weather application Weather Line and privacy app DiskSight. The Milan-based company focuses on acquiring mature software products with existing user bases and optimizing them for profitability rather than growth. Airtable had roughly 500,000 active users and a subscription base when the transaction was announced, though exact revenue figures were not disclosed.
The $2.25 billion price tag values Airtable at less than one-quarter of its 2021 peak, a compression consistent with broader venture capital markdowns across the software sector. Companies in the database and no-code categories saw particularly steep valuation resets between 2021 and 2025 as investors rewired funding priorities toward profitability and away from growth-at-all-costs models.
Bending Spoons paid one-fifth of Airtable's peak valuation for the company. The company that once commanded an $11.7 billion valuation and was pursued by larger acquirers now trades at a price that matches current-market fundamentals rather than venture expectations.
