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⚠ Harvest and the Fifteen Hundred PercentModerate threat

Bending Spoons (BSP) — threat to the moat

One Harvest customer's bill was reported to be going from about $211 to more than $2,500, and nothing Bending Spoons publishes would show whether such customers stayed.

Harvest, a time-tracking and invoicing service, was acquired on 31 July 2025 as part of the $701.0 million block with Loomly, komoot and MileIQ1. Bending Spoons then restructured its pricing from a flat per-seat model to a base rate supplemented by usage-based fees, which raised renewal costs sharply for some long-standing customers, in some cases up to 1500% more2. Bloomberg News reported in August 2026 that one freelance customer's annual subscription was set to rise roughly twelvefold at renewal, from around $211 to more than $2,5003.

The Harvest repricingAcquired31 July 2025, in a $701.0M blockPricing changed fromflat per seatPricing changed tobase rate plus usage-based feesReported worst caseup to 1500% moreOne freelance renewal, reportedabout $211 to more than $2,500Businesses with retention disclosed4, and Harvest is not oneWikipedia citing Bloomberg News, August 2026; Form 424B4 Note 5
A twelvefold renewal, and no disclosure.

Half the Evernote team was redeployed to Harvest in July 2025 to execute the transformation4, so this was not an afterthought; it was the Playbook aimed at a business whose customers were small and vocal.

The company's answer is that the base holds. Matteo Danieli attributed part of the scrutiny to several acquired products having devoted user bases before acquisition, and said customer retention across the portfolio had remained remarkably stable despite the changes5. The disclosed group figure supports him: net revenue retention was 95% in 2025 and 94% in the first quarter of 20266.

The transformation of Harvest was also a redeployment. Half the Evernote team was moved to Harvest in July 20257, the same month the business closed, which is why the repricing came so quickly after the purchase. A company that can move its best operators onto a new business within weeks will also apply its pricing conclusions within weeks.

Harvest was not on the October 2026 list of main businesses8, and Bending Spoons publishes no retention figure for it. That absence is the point: a repricing of this size is only visible in the group number, where a business this small cannot move it. The group retention figure is the only check there is, and if it slips below the 91% it reached in 20249 the pricing will have found its limit.

References
  1. ReportedHarvest, a time-tracking and invoicing service, was acquired on 31 July 2025 as part of the $701.0 million block with Loomly, komoot and MileIQ.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the audited consolidated financial statements, the Q1 2026 interim and the MD&A on results of operations and tax. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  2. Third-party estimateBending Spoons then restructured its pricing from a flat per-seat model to a base rate supplemented by usage-based fees, which raised renewal costs sharply for some long-standing customers, in some cases up to 1500% more.
    Wikipedia, Bending Spoons - third-party account of the sellers of the pre-2023 businesses, the Harvest repricing reported by Bloomberg News in August 2026, the Playond subscription controversy and the Immuni contact-tracing app. — 2018-2026 · publ. October 2026 · source ↗
  3. Third-party estimateBloomberg News reported in August 2026 that one freelance customer's annual subscription was set to rise roughly twelvefold at renewal, from around $211 to more than $2,500.
    Wikipedia, Bending Spoons - third-party account of the sellers of the pre-2023 businesses, the Harvest repricing reported by Bloomberg News in August 2026, the Playond subscription controversy and the Immuni contact-tracing app. — 2018-2026 · publ. October 2026 · source ↗
  4. ReportedHalf the Evernote team was redeployed to Harvest in July 2025 to execute the transformation, so this was not an afterthought; it was the Playbook aimed at a business whose customers were small and vocal.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the letter from the team and the Business section on the Playbook, return hurdles and acquisition criteria. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  5. Third-party estimateMatteo Danieli attributed part of the scrutiny to several acquired products having devoted user bases before acquisition, and said customer retention across the portfolio had remained remarkably stable despite the changes.
    Wikipedia, Bending Spoons - third-party account of the sellers of the pre-2023 businesses, the Harvest repricing reported by Bloomberg News in August 2026, the Playond subscription controversy and the Immuni contact-tracing app. — 2018-2026 · publ. October 2026 · source ↗
  6. ReportedThe disclosed group figure supports him: net revenue retention was 95% in 2025 and 94% in the first quarter of 2026.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business section on customer metrics: retention, tenure, users and acquisition channels. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  7. ReportedHalf the Evernote team was moved to Harvest in July 2025, the same month the business closed, which is why the repricing came so quickly after the purchase.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the audited consolidated financial statements, the Q1 2026 interim and the MD&A on results of operations and tax. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  8. ReportedHarvest was not on the October 2026 list of main businesses, and Bending Spoons publishes no retention figure for it.
    Bending Spoons press release, Form 6-K exhibit 99.1: Berkshire Hathaway invests a further $330 million following a $600 million investment at the July 2026 initial public offering, taking its ownership to 4%. — October 2026 · publ. 14 October 2026 · source ↗
  9. ReportedThe group retention figure is the only check there is, and if it slips below the 91% it reached in 2024 the pricing will have found its limit.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business section on customer metrics: retention, tenure, users and acquisition channels. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
Sources
Generated October 20, 2026