Paul Bonnet (20VC)

Paul Bonnet on the Airtable Sale & Bending Spoons' Playbook

Paul Bonnet (20VC) continues breaking down the Airtable acquisition by Bending Spoons, explaining how liquidation preferences meant only Series B and earlier investors made money and what the mark-down from $11B to ~$2.25B means for VC funds and LPs. He argues the deal is rational since public markets overlook $500M ARR SaaS growing 20-30%, predicts more such acquisitions, and discusses the Hyperagent spinoff, Monday.com as a possible target, and whether founders should take acquisition offers more seriously.

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