Bending Spoons is buying Miro for $1.355B in enterprise value, all cash, roughly 90% below Miro's $17.5B valuation from January 2022, and some Miro shareholders are reinvesting $295M of their payout into newly issued Bending Spoons shares. Giacomo reads that as a hedge on Bending Spoons' operations; Niccolò Sanarico suggests it may simply have been a condition to close the deal. On paper Miro is a stellar business: about $600M in ARR, 250,000 organizations, around 90% of revenue from businesses and more than 750 customers paying over $100K a year, sold at roughly 2.3x ARR. We look at why Miro breaks Bending Spoons' nostalgia-brand pattern and how AI restructuring, with acquired products running on a shared stack for auth, payments, A/B testing, analytics and AI inference, makes the model work. The counterforce is that AI also shrinks the seats enterprise clients buy, and Niccolò argues these are times for building, not dismantling. Then the bigger question for European venture: is Europe's software edge consolidation rather than invention? We also cover Exein's $270M round at a $1.7B valuation as the EU Cyber Resilience Act's reporting obligations begin, and Cato's €6M seed for AI on public tenders.Niccolò's newsletter: http://dealflowit.niccolosanarico.com/Watch on Youtube: https://www.youtube.com/@giacomomolloListen to all episodes on audio:Spotify: https://spoti.fi/3fVynsQGoogle Podcast: https://bit.ly/3thf9RCApple Podcast: https://apple.co/3ElhykqAmazon Music: https://shorturl.at/9Dtd9Get in touch:Instagram: https://www.instagram.com/giacxxxTwitter: https://twitter.com/giacomomolloEmail: [email protected]#venturecapital #italy #startup

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