Tech
Why ‘hold forever’ investors are snapping up venture capital ‘zombies’
Italian company Bending Spoons flew largely under the radar — until last month. In a span of 48 hours, the company announced the acquisition of AOL and a massive $270 million raise, quadrupling its valuation to $11 billion from $2.55 billion set in early 2024.
Bending Spoons has grown rapidly by acquiring stagnating tech brands like Evernote, Meetup, and Vimeo, then turning them profitable through aggressive cost-cutting and price increases. While the company’s approach is similar to private equity, there is one key difference: Bending Spoons has no plans to sell these businesses.
Andrew Dumont, the founder and CEO of Curious, a firm that also acquires and revitalizes what he calls “venture zombies,” is convinced this “hold forever” strategy will become increasingly prominent in the coming years as AI-native startups make older VC-backed software businesses less relevant.
“Our belief is that the venture power law, in which 80% of companies ‘fail’ produces many great businesses, even if they’re not unicorns,” Dumont told TechCrunch.
Dumont defines a “great business” as one that can be purchased at a low price and quickly revived to generate substantial cash flows. This “buy, fix and hold” strategy is the playbook for a growing number of investors, from the 30-year-old Constellation Software, which pioneered the model, to newer players including Bending Spoons, Tiny, SaaS.group, Arising Ventures, and Calm Capital, according to Dumont.
“Our whole model is to buy these companies, make them profitable and use those earnings to grow the business,” Dumont said.
In 2023, Curious has raised $16 million in dedicated capital for buying software companies that have stalled and can no longer secure follow-on investment.
Techcrunch event
San Francisco
|
October 13-15, 2026
Since then, the firm has bought five businesses, including UserVoice, a 17-year-old startup that raised $9 million in VC funding from Betaworks and SV Angel.
“It’s a great business, but the cap table wasn’t aligned with keeping it. These funds get old, and these companies just sit there.” Dumont said. “We provide liquidity and also reset these companies for profitability.”
Although Dumont didn’t disclose how much he paid for UserVoice, he said that stagnant companies sell for a fraction of the valuation commanded by healthy SaaS startups, which typically sell for 4x annual revenue or more. Based on our conversation, we estimate that “venture zombies” sometimes sell for as low as 1x yearly revenue.
By implementing cost-cutting and price increases, Curious can push these businesses to achieve 20% to 30% profit margins almost immediately. “If you have a million-dollar business, you’re kicking off $300,000 in earnings,” he offered as an example.
They achieve the turnarounds because, unlike the standalone companies, they can centralize functions like sales, marketing, finance, and other admin roles, across all of their portfolio companies. “We’re not trying to sell the businesses we acquire and don’t need VC-scale exits, so we can balance growth and profitability more sustainably,” Dumont said.
When asked why VCs don’t urge their startups to be profitable like Curious does, Dumont responded by saying: “Investors don’t care about earnings, they only care about growth. Without it, there’s no VC-scale exit, so there’s no incentive to operate with that level of profitability.”
The cash generated from Curious’s companies is then used to buy other startups, Dumont said.
The firm plans to buy 50 to 75 startups like UserVoice over the next five years, and Dumont is certain he won’t have a shortage of targets to choose from. Curious is focused on acquiring startups that generate $1 to $5 million in recurring revenue annually, a segment of the software market that, according to Dumont, private equity shops and secondary investors have historically ignored.
“We’ve been doing this for a little under two years now, and we’ve probably looked at at least 500 companies, and we bought five,” Dumont said.
While Bending Spoons’ big valuation hike may validate the “venture zombie” acquisition model, Dumont doesn’t expect a lot of new competition. Turning profits out of stagnation isn’t easy. “It’s a ton of work,” he said.
Tech
Waymo starts autonomous testing in Philadelphia
Waymo is adding another four cities to its growing list of robotaxi rollouts. The company announced Wednesday it has begun testing its autonomous vehicles (with a safety monitor) in Philadelphia, and that it will start manual driving to collect data in Baltimore, St. Louis, and Pittsburgh.
Waymo did not offer a timeline for when it plans to launch commercial services in those locations, nor do we know whether the Alphabet-owned company will partner with other companies to operate robotaxis in each one. That has been the move in cities like Atlanta and Austin, for example, where Waymo has partnered with Uber to advance its robotaxi rollout.
But the new locations join a list of over 20 cities where the company is either offering rides, prepping a commercial launch, or testing. Waymo is also now offering rides on freeways in Los Angeles, Phoenix, and the San Francisco Bay Area. The company plans to be doing one million rides per week by the end of 2026.
Waymo has done all this while claiming to be operating at a level five times safer than humans, according to data the company recently released.
But the expansion has not come without its issues. The National Highway Traffic Safety Administration is investigating how the company’s vehicles operate near school buses, after a Waymo was filmed driving around a stopped bus in Atlanta in September.
This week, Austin news outlet KXAN published a report showing Waymo’s vehicles have driven past school buses that were in the process of unloading or loading children multiple times — including after Waymo claims to have shipped software updates to address the problem.
Techcrunch event
San Francisco
|
October 13-15, 2026
Tech
Spotify Wrapped 2025 adds its first multiplayer feature with ‘Wrapped Party’
Spotify Wrapped is back. After last year’s widely criticized flop that included an AI podcast as its highlight, the streamer’s highly anticipated annual review feature has returned to its roots. This year, Spotify is doubling down on what it knows works best: deep dives into your streaming data, creative experiences, messages from favorite artists, and other social features.
The company claims that Wrapped 2025 is its biggest, as it’s introducing nearly a dozen new features in addition to its old standbys, like top songs and artists. Plus, it’s offering more visibility into users’ data than in years past. For the first time, Spotify Wrapped is adding a live multiplayer feature to compare your listening data with friends.
Wrapped Party, Wrapped’s first live interactive experience, allows you to invite up to nine friends to compare listening stats.

Also new this year, your Top Songs Playlist will include the play counts for each of the top songs, so you can actually see how much time you spent with your favorite tracks.
Other standout features this year include an interactive Top Song Quiz, a Listening Age feature, and Wrapped Clubs, which match you to one of six unique listening styles.
The company believes these additions will not only bring back the personalized, engaging experience that users have long expected from Wrapped, but will take it a step further by making it more interactive than before.
In the Top Song Quiz, for instance, you can try to guess which top song soundtracked your year before seeing the results.
Techcrunch event
San Francisco
|
October 13-15, 2026

The new interactive Wrapped Party feature isn’t just about comparing the personal streaming data you’ve already received to your friends’ data, as that’s something people already do on social media. Instead, the feature presents unique data stories for your group, like who’s the “most obsessed fan,” the “early bird,” the most “picky listener,” or even something as nice as the “dinner table explainer,” meaning the person who listens to the most news podcasts.

Spotify says these awards update dynamically every time you join a Wrapped Party, so no two sessions are ever the same — even if you run through them again with the same group of friends.
The new Wrapped Clubs, meanwhile, will group you into one of half a dozen listening styles, like the “Soft Hearts Club,” the “Club Serotonin,” the “Full Charge Crew,” the “Cosmic Stereo Club,” and others. You’ll also receive a role in the club based on your listening data. You might be a club leader if your listening choices strongly matches the club’s values, a scout if you’re always seeking out new releases, or an archivist if you listen to music from past eras.

Another feature, Listening Age, compares your 2025 music listening to others in your age group. To calculate your age, the feature considers the release years of the tracks you listen to most. From there, it identifies the five-year span of music that you engaged with more than other listeners your age.

As in prior years, you’ll see your top songs, top artists, top genres, and, for the first time, top albums. If you engaged with audiobooks and podcasts, you’ll see metrics for those as well. Artists, writers, and podcasters will have their own version of Wrapped as before. And top fans will again receive video messages from their favorite artists, podcasters, and, now, authors.
You’ll also receive a playlist of your top songs of the year, as before.

What you won’t find in this year’s Wrapped is any feature that advertises it was made with AI.
In a press briefing on Tuesday, Spotify’s Senior Director of Global Marketing, Matt Luhks, admitted the company received a “lot of feedback” about its 2024 AI-focused Wrapped experience, saying it was a “mix of positive and ‘more constructive feedback,’” despite the feature driving more engagement than prior years.
“We take all of that in. We use that as information, insights, [and] inspiration for how we approached Wrapped this year,” he said in a press event ahead of today’s launch.
“What our users tell us about Wrapped means a lot to us, so it was really informative in how we approached Wrapped this year. And what we tried to build was the most creative, most innovative, most engaging Wrapped ever,” he added, setting a high bar for the 2025 edition of the now 11-year-old annual year-in-review feature.
“We’re the original and, we believe, still the best,” Luhks said.

Still, AI was a part of the Wrapped experience. Though the company claims the overall experience was not made with AI, it does leverage a LLM (large language model) to add a storytelling layer to Wrapped’s facts and figures, and natural language summaries in other parts of its experience, looking back on your data.
Spotify’s attempt to fix Wrapped after a notable stumble comes as the streamer faces increased competition from Apple, Amazon, YouTube, and others, which have all launched their own annual review features, inspired by Wrapped.
“Everyone seems to have their own version of Wrapped. Now, there’s a lot of reviews and replays and rewinds out there, but we believe that Wrapped still sets the bar for these year-end recaps,” Luhks said.
Along with the consumer experience, Spotify shared its top artists, songs, albums, podcasts, and audiobooks for the year, with top winners that included, respectively, Bad Bunny (top song and album), Joe Rogan (“The Joe Rogan Experience” podcast), and Rebeca Yarros (author of “Fourth Wing”).
Tech
Nothing looks to its community to raise $5M, wants to be ‘IPO-ready’ in 3 years
Hardware maker Nothing is letting its user base buy its stock as part of a new community investment round of $5 million. The new round, which opens on December 10, will enable consumers to buy the company’s shares at its Series C valuation of $1.3 billion.
The company said it has so far raised $8 million in total from over 8,000 people across two previous community investment rounds. It held its first community funding event in 2021, aiming to raise $1.5 million.
“This isn’t about raising capital, it’s about giving our community/fans a chance to invest while we’re private and join us on the journey,” a spokesperson for Nothing told TechCrunch.
Community investors have a rotating seat on the company’s board, but it is unclear what else they get for investing in the company through such rounds.
Nothing raised $200 million in its Series C back in September from investors including Tiger Global, GV, Highland Europe, EQT, Latitude, I2BF and Tapestry. The company has raised $450 million to date.
The community round comes as Nothing makes changes to its corporate structure as it tries to increase its share of a smartphone market dominated by giants like Samsung and Apple. The company is spinning off its budget CMF brand, and plans to explore AI-centric devices while it keeps building smartphones and audio products. And Nothing claims it crossed $1 billion in cumulative revenue this year, up 150% from 2024.
The startup is working to be “IPO-ready” in three years, CEO Carl Pei told TechCrunch in an email. “The timing will depend on market conditions and what makes sense for the business at that point in time,” he said.
Techcrunch event
San Francisco
|
October 13-15, 2026
“What’s important is that we’re already operating with that discipline now. We’re building the systems, the governance, the financial discipline that a public company needs. It forces us to think longer-term and make smarter decisions that prioritise sustainable growth,” Pei added.
It’s not clear if Nothing aims to raise another round before an IPO. When asked about its fundraising plans, a Nothing spokesperson said the company is not thinking about raising capital immediately, but it wouldn’t be averse to those conversations.
Those interested in investing in the community round can use platforms like Wefunder and Crowdcube to participate.
-
Sports1 day agoJoao Neves Causes Stir With Cristiano Ronaldo Comments After Portugal 1-1 DR Congo
-
Sports1 day agoITV Blasted After ‘Outrageous’ Emma Hayes Clip During England v Croatia
-
Sports2 days agoJulen Lopetegui and Jesse Marsch 2026 World Cup Clash Explained
-
Sports1 day agoDana White Brutally Cuts 3 Fighters From the UFC Roster
-
Politics14 hours agoEkiti Decides: Live Updates, Results from governorship election
-
Sports12 hours agoFIFA to Pay Compensation After Ismael Kone’s Horrific Injury For Canada
-
Sports22 hours agoAlgeria Lodge Official Complaint to FIFA Over Lionel Messi
-
Sports1 day agoLyrics to All Scotland Songs and Chants (Complete Guide)
