Boom-Era Startups Acquired Without Recent Funding

Crunchbase data reveals a trend of large acquisitions involving startups that have not raised venture capital in four or more years. Uber acquired ezCater for $2.3 billion nearly five years after its last round, while Bending Spoons bought Airtable and Miro for $1.28 billion and $1.36 billion respectively. These valuations are significantly lower than their 2021 peaks, with Miro’s deal representing a fraction of its previous $17.5 billion valuation. The trend highlights that well-funded companies can sustain operations without new capital but face substantial write-downs upon exit.