Evernote to raise $100 million at a $1B valuation?

Conflicting reports over just how money was raised and when the round will be closed

Financial trends and news by Steven Loeb
April 19, 2012
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Could we be seeing the next $1 billion dollar company? 

Evernote, a note taking and storage app, has closed a $100 million Series E fundraising round led by Meritech, it was reported by Business Insider earlier today. It was also being reported that the funding would bring Evernote up to a $1 billion valuation. 

But there is a contradicting report coming from TechCrunch, which says that the round is still open and that nothing is finalized yet.

According to the new report, the fundraising number will be somewhere between $50 and $100 million. The story still has unnamed sources saying that the valuation will top $1 billion, but that it could be weeks before the round is finalized, if it is approved at all.

Evernote has so far raised $95.5 million in financing. Most recently it raised $50 in Series D funding from Sequoia Capital and Morgenthaler Ventures in July 2011. Before that, it raised $20 million in October 2010 in Series C funding, also from Sequoia Capital.

Mountain View, Ca-based Evernote, whose slogan is Remember Everything, launched in June 2008, and was founded by CEO Phil Libin and Stepan Pachikov. By April 2011, the company was making $1 million a month in sales and by July 2011 the company was already profitable. In August, it purchased Skitch, an app that allows users to added sketches or notes to their photo, though the terms of the deal were not disclosed.

In July 2011, the app had 11 million users, with that number growing to 20 million by December, which was double what it was a year before.

Despite its large userbase, Evernote has strong competition from other note taking apps, such as CatchNotational Velocity,Simplenote and Springpad

VatorNews contacted Evernote for clarification on the conflicting reports, but they could not be reached for comment.

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