I think Bending Spoons buys companies that are profitable with a good customer base but have perhaps lost growth - it provides investors an off ramp when a successful IPO isn't likely, or revenues/profits/share price of a listed company is dropping.
2026: Airtable, Miro
2025: Eventbrite, AOL, Vimeo, Brightcove, Komoot
2024: WeTransfer, Issuu, Hopin, Meetup, Mosaic Group
2023: Evernote
2022: Filmic Pro
2021: Remini
2018: Splice
And where you haven't got open source, get some.